Akzo Nobel India, a paints and coatings company, has reported a growth of 44.04 per cent in its net consolidated profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 94.2 crore in Q2 FY24 as against Rs 65.4 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 965.2 crore in Q2 FY24, a growth of 3.67 per cent from Rs 931 crore it recorded in the similar quarter last year.Rajiv Rajgopal, managing director of the company said, “In Q2 FY24, we continued building on margin improvement and topline growth. Coatings business and B2B segment registered strong growth. In retail, softening demand and erratic rains muted sales.
Improvement in gross margins was mainly attributed to easing of raw material costs coupled with favourable mix. Operating leverage and productivity gains further contributed to our double-digit profitability.”