Akzo Nobel India witnessed a substantial uptick in its shares, trading 3 percent higher on the afternoon of November 2. The surge came on the heels of the company’s impressive financial performance, marked by a 44 percent year-on-year increase in net profit, totaling Rs 94.2 crore for the September quarter of the current fiscal year.
According to an exchange filing, the company reported a 3 percent YoY growth in revenue, reaching Rs 956.3 crore. Additionally, Akzo Nobel India’s earnings before interest, tax, and depreciation (Ebitda) experienced a remarkable uptick, rising by 39 percent YoY to Rs 120.9 crore.
Rajiv Rajgopal, the managing director, attributed the improvement in gross margins to the easing of raw material costs and a favorable mix. He highlighted that operating leverage and productivity gains played pivotal roles in achieving double-digit profitability for the company.
While the coatings business and the B2B segment showed robust growth, retail sales faced challenges due to softening demand and erratic rains.
