The company had posted a net profit of Rs 70.34 crore during the January-March quarter of the previous fiscal, AkzoNobel said in a regulatory filing.
Paints and coatings maker AkzoNobel India Ltd on Saturday reported a 23.11 percent decline in consolidated net profit at Rs 54.08 crore for the fourth quarter ended March 2020.
The company had posted a net profit of Rs 70.34 crore during the January-March quarter of the previous fiscal, AkzoNobel said in a regulatory filing.
Its revenue from operations was down 17.61 percent to Rs 581.27 crore during the quarter under review as against Rs 705.58 crore in the corresponding period of the previous fiscal.
Commenting on the results AkzoNobel India Managing Director Rajiv Rajgopal said: “The revenue and profitability were impacted during the quarter due to the outbreak of COVID-19. “
AkzoNobel total expenses were at Rs 514.42 crore in the March quarter, down 17.20 percent as against Rs 621.34 crore.
For the fiscal year 2019-20, AkzoNobel India net profit was up 12.54 percent to Rs 237.46 crore. It was Rs 211 crore in the previous year.
“In the full year, the business profitability has improved 180 bps (basis points) due to structural portfolio and cost actions,” said Rajgopal.
However, its revenue from operations in fiscal was Rs 2,661.81 crore, down 8.79 percent. It was Rs 2,918.35 crore in 2018-19.
Meanwhile, the company also informed that its board in a meeting held on Saturday has recommended a dividend of Rs 14/ per equity share for the financial year 2019-20.WEBINAR: Tune in to find out how term insurance can provide risk protection during tough times. Register Now!
