Akzo Nobel India on Friday said its consolidated net profit remained flat at Rs 74.7 crore for fourth quarter ended March 2022. The company had logged a net profit of Rs 74.2 crore in January-March period a year ago, Akzo Nobel said in a regulatory filing.
Revenue from operations was higher at Rs 867.1 crore during the quarter under review as against Rs 781.4 crore in the year-ago period.
Total expenses were at Rs 772.7 crore as against Rs 688 crore earlier.
For fiscal year ended March 2022, net profit was up 39.73 per cent at Rs 290.1 crore as compared with Rs 207.6 crore in 2020-21.
Revenue from operations was at Rs 3,148.6 crore in 2021-22 as against Rs 2,421.4 crore in previous year.
“Akzo Nobel India continued to report double-digit topline growth for five consecutive quarters. Demand buoyancy in infrastructure, power, mining and packaging sectors propelled the coatings business. Calibrated pricing initiatives offset the increase of raw material and other variables cost and resulted in sequential improvement in margins,” Akzo Nobel India Managing Director Rajiv Rajgopal said.
The company’s board in a meeting held on Friday recommended a final dividend of Rs 35 per equity share for 2021-22.
“The total dividend for the financial year aggregates to Rs 75 per share, including the interim dividend of Rs 40 per share, approved by the board on February 11, 2022,” it said.
The board has also recommended the reappointment of Smriti Rekha Vijay as an independent director, for another term of three years, with effect from August 16, 2022, subject to the approval of shareholders.
“In the year ended March 31, 2022, Akzo Nobel India made strong progress on its Grow & Deliver ambitions and registered highest-ever revenue and highest-ever profit from operations. In a challenging business environment, we continue to post double-digit profitability for three straight years,” he said.
Shares of Akzo Nobel India settled at Rs 1,721 apiece on Friday, down 0.64 per cent from its previous close.