NEW DELHI: Paints and coatings maker AkzoNobel India today reported 5.42 per cent increase in standalone net profit at Rs 43.51 crore for the April-June quarter. It had posted a net profit of Rs 41.27 crore in the year-ago period. Total income during the reported quarter stood at Rs 724.83 crore. It was Rs 728.61 crore during April-June, 2017-18, AkzoNobel said in a BSE filing.
The company said revenue for June quarter 2017-18 is reported inclusive of excise duty while revenue for April-June of the current fiscal is reported net of GST.
"Reduction in GST rate for paints from 28 per cent to 18 per cent is expected to drive demand. Benefits arising from rate reduction are being passed on to the customers," AkzoNobel India Managing Director Jayakumar Krishnaswamy said.
Shares of AkzoNobel India were trading at Rs 1,860 apiece on BSE, up 0.24 per cent from the previous close.