AkzoNobel India registered 13 per cent growth in net profit at ₹87 crore for the quarter ended December 31, 2020, as against ₹77 crore registered in the same period last year, backed by a revival in festival demand.
Revenue from operations grew by over 6 per cent at ₹774 crore during the quarter under review, compared with ₹727 crore in the same period last year.
According to Rajiv Rajgopal, Managing Director, Akzo Nobel India, the revival in the Indian economy as well as the festival demand helped drive revenue growth in paints, powder, marine and packaging coatings businesses, leading to a strong double-digit volume growth.
“Segments such as power and oil & gas were impacted, while real estate has started to see an up-tick. We have augmented our portfolio with new launches, which will help us sustain revenue growth.
“This, coupled with tight operating expense (opex) management, enabled us in achieving the highest EBIT,” Rajgopal said in a press statement.
The industry is seeing inflationary pressure due to rising raw material costs and the company will evaluate as the situation evolves over a period of time, he said.