Akzo Nobel India Ltd on Tuesday posted fiscal fourth quarter profit at Rs 95.40 crore, up 27.7 per cent from Rs 74.70 crore in the same quarter last year. It posted revenue at Rs 951.40 crore, up 9.7 per cent as against Rs 867.10 crore in the fourth quarter of FY22. The company’s EBITDA stood at Rs 154 crore, up 29 per cent on-year. Akzo Nobel posted a total income of Rs 957.50 crore for the fiscal fourth quarter while the total expense for the time period was Rs 824.90 crore.
The Board also recommended a final dividend of Rs 40 per equity share for the financial year 2022-23. “The total dividend for the financial year aggregates to Rs 65 per share, including interim dividend of Rs 25 per share, approved by the Board on 9 February 2023 and paid subsequently,” the company said in a regulatory filing. The paints and coatings company also announced the reappointment of Hemant Sahai as an independent director for a team of three years, with effect from August 3, 2023.
“In Q4, increased salience of new launches in premium category and network expansion in tier 3, 4 and 5 geographies led to growth in retail. Benefit of prior pricing actions and softening raw material prices, supported by cost management initiatives drove improved profitability – both sequentially and on a year-on-year basis,” said Rajiv Rajgopal, Managing Director, Akzo Nobel India.
Talking about the full year performance, Rajiv Rajgopal said, “In FY23 we delivered a record performance in absolute terms across revenue, gross margins and EBIT while continuing to build on our double-digit profitable journey while gaining market share.”