Paints and coatings maker Akzo Nobel India Ltd on Thursday reported a 13.9% increase in consolidated net profit to Rs 108.7 crore in the fourth quarter ended March 2024, driven by volume growth. The company had posted a consolidated net profit of Rs 95.4 crore in the same quarter previous fiscal, Akzo Nobel India Ltd said in a regulatory filing.
Consolidated revenue from operations in the fourth quarter was Rs 973.4 crore as compared to Rs 951.4 crore in the year-ago period. The increase in revenue was driven by strong double-digit volume growth, the company said. Total expenses were higher at Rs 836.7 crore over Rs 824.9 crore a year ago.
Akzo Nobel India said its board has recommended a final dividend of Rs 25 per equity share for the financial year 2023-24 subject to shareholders' approval in the forthcoming annual general meeting.
The total dividend for FY24 aggregates to Rs 75 per share, including an interim dividend of Rs 50 declared earlier.
For the fiscal ended on March 31, 2024, the consolidated net profit was Rs 426.6 crore compared to Rs 335.1 crore in the preceding year.
In FY24, consolidated revenue from operations was Rs 3,961.6 crore as against Rs 3,802.1 crore in FY23.
Akzo Nobel India Chairman and MD Rajiv Rajgopal said the company closed FY24 with 'new highs in absolute performance across revenue, gross margin, EBIT from operations and PAT' building on its record growth trajectory for the third straight year.
'While doing so, our double-digit profitable momentum of five years gained further traction,' he said.
In the fourth quarter, while double-digit volume gains were made in the company's operating segments, there was 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,' Rajgopal said.
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