Akzo Nobel gains 3% on strong Q2 profit growth

The pain manufacturer’s revenue was up 3 percent YoY at Rs 956.3 crore

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Akzo Nobel India was trading 3 percent higher on the November 2 afternoon after the paint company reported a 44 percent year-on-year (YoY) increase in net profit at Rs 94.2 crore for the September quarter of the current financial year.

Revenue was up 3 percent YoY at Rs 956.3 crore, Akzo Nobel India said in an exchange filing. Its earnings before interest tax depreciation (Ebitda) increased 39 percent YoY to Rs 120.9 crore.

“Improvement in gross margins was mainly attributed to easing of raw material costs coupled with favourable mix,” managing director Rajiv Rajgopal said. Operating leverage and productivity gains further contributed to double-digit profitability, he said.

The coatings business and the B2B segment, too, registered a strong growth but retail sales were muted on softening demand and erratic rains.

The company a “dulux weathershield protect rainproof’ paint”, which has been developed for high humidity and rainfall areas, the company said. It provides protection against rainfall, dust, sunlight, fungus and algae.

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It also launched over 2000 colour options in wood finishes in matte and gloss finish in three palettes, namely neutral, warm, and cool during the quarter, the company said.

At 2.31 pm, Akzo Nobel was trading at Rs 2,457.50 on the National Stock Exchange, up 3.24 percent from the previous close.

The stock has gained 14 percent over the last year and 1.82 percent in the last six months.

AkzoNobel is a coatings company which produces products like automotive coatings, specialised equipment for car repair, transportation market, and marine coatings.

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