Akzo Nobel India announces Q1 results for 2023-24
Telugu super news,August 3,2023:Today, the Board of Directors of Akzo Nobel India Limited, a leading Paints and Coatings company and maker of Dulux Paints, approved the financial results for the quarter ended 30 June, 2023.
|Q1 FY24 versus Q1 FY23 · Revenue from operations up 7% to ₹ 999 crore· EBIT from operations up 40% to ₹ 143 crore, sustained double digit EBIT margin · Profit After Tax (PAT) up 43% to ₹ 110 crore
Sharing an overview on the quarter’s performance, Rajiv Rajgopal, Managing Director, Akzo Nobel India said,
“Building on our profitable growth momentum, we delivered a record performance across absolute Revenue, EBIT and PAT in the first quarter of FY24. Demand uptick seen across infrastructure, automotive, marine and oil and gas sectors aided Coatings, conducive real estate drove projects; while semi-urban, rural geographies supported retail growth during the quarter.
Sequential softening in raw material costs and gains of earlier pricing actions translated to an improvement in gross margins. Favourable operating leverage drove continued double-digit profitability. Operating profit after tax crossed ₹ 100 crore mark per quarter for the first time.”
Managing Director re-appointment:
“The Board of Directors of Akzo Nobel India has recommended the re-appointment of Mr. Rajiv Rajgopal as Managing Director of the Company for a further period of five years, with effect from November 1, 2023, subject to shareholder approval,” said Oscar Wezenbeek, Chairman, Akzo Nobel India.
Three launches across categories in Decorative Paints
Creating excitement in the retail market ahead of festive season, Akzo Nobel India further invigorated its product portfolio in decorative paints with the introduction of:
· Dulux PU Enamel 12-in-1: An industry first 12-in-1 value proposition, this high-gloss enamel interior and exterior paint gives a luxurious, ultra-rich gloss finish to metal and wooden surfaces. It’s PU (Polyurethane) reinforced Dura-Tough technology delivers superior anti-rust, anti-yellowing, anti-fungal, anti-bacterial benefits with enhanced durability due to longer lasting colours, high gloss retention, smooth finish, superior opacity, superior coverage, and superior adhesion of paint film.
· Dulux Aquatech Interior Waterproof Basecoat Advance: The high-performance premium water-proofing basecoat from Dulux now comes with the boost of HydroBreathe Technology, resulting in durable protection against dampness, hairline cracks and alkali build-up and enhanced life of topcoat in home interiors.
· Five new readymade shades in Weathershield Protect: While continuing to protect homes from damaging effects of all forms of weather, especially rain, homeowners can now also enjoy the convenience of five readymade shades – PO Red, Signal Red, Teracotta, Electric Blue and Sunrise – in Weathershield Protect, the high-performance premium exterior offering from Dulux.
New Interpon D3020 powder coatings introduced in India
AkzoNobel’s latest hyper durable powder coating is ideal for architectural aluminum in the most challenging environments and in extremes of hold and cold. Interpon D3020’s fluoropolymer chemistry delivers required film thickness in a single coat compared to three-coat liquid paints, has minimal product waste and eliminates the need for a primer. Matching the levels of warranty on coating performance prevalent in the market, is the fabulous array of colours and finishes, from matts to metallics.
Upgraded Dulux Professional Weathershield Flexx launched for projects
This popular ultra-premium exterior emulsion is now upgraded with PU-MA (Polyurethane Modified Acrylic) and Silicon Technology. The Triple Defense technology provides excellent protection from the damaging effects of weather (dirt, durst, hairline cracks, extreme heat, water resistance and UV rays) while Advanced Bio pack system counters alkali, fungal and algae formation, resulting in walls looking fresh and staying protected for a longer period.