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Akzo Nobel India Q4FY24 PAT grows 14% to Rs 109 cr
Image Credit: akzonobel.com

Akzo Nobel India Q4FY24 PAT grows 14% to Rs 109 cr

| @indiablooms | 20 May 2024, 02:10 pm

Mumbai: Akzo Nobel India reported a 14% year-on-year increase in its fourth-quarter net profit, reaching Rs 108.8 crore.

Revenue from operations increased by 2% year-on-year to Rs 973.4 crore, driven by strong double-digit volume growth. Earnings before interest and tax (EBIT) from operations rose by 6% to Rs140 crore.

For the full fiscal year 2024, revenue from operations grew by 4% year-on-year to Rs 3,961.6 crore, supported by significant volume growth.

The company reported EBIT from operations at Rs 549.8 crore, a 24% increase year-on-year.

Net profit for the year reached Rs 426.7 crore, up 27% year-on-year.

The board announced a final dividend of Rs 25 per share, bringing the total recommended dividend for FY24 to Rs 75 per share.

During the quarter, the firm launched Dulux Professional Interior A100, an affordable acrylic distemper, as part of its professional product range. It expanded its international range of marine and protective coatings with the introduction of RELEST Wind WB Topcoat LI.

Rajiv Rajgopal, chairman and managing director, stated that Akzo Nobel India closed FY24 with record highs in absolute performance across revenue, gross margin, EBIT from operations, and net profit.

Akzo Nobel India Limited Chairman and Managing Director, Rajiv Rajgopal, commented: “Building on our record growth trajectory for the third straight year, Akzo Nobel India closed FY24 with new highs in absolute performance across revenue, gross margin, EBIT from operations and PAT. While doing so, our double-digit profitable momentum of five years gained further traction.

“In the fourth quarter, double-digit volume gains were made in our operating segments and saw an expected moderation on account of the industry-wide price corrections with demand being driven by value and B2B business. Sustained raw material deflation and favourable mix allowed us to invest in brand awareness and growth, while delivering further margin and profit expansion.”

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