Paints and coatings maker Akzo Nobel India Ltd on Monday reported a 20.6% decline in consolidated net profit to Rs 91 crore in the June quarter, impacted by lower sales amid tepid consumer demand. It had posted a consolidated net profit of Rs 114.6 crore in the corresponding period last fiscal, Akzo Nobel India said in a regulatory filing.
Consolidated revenue from operations in the quarter under review stood at Rs 995.1 crore as compared to Rs 1,036.3 crore in the year-ago period, it added.
Total expenses in the April-June quarter were marginally lower at Rs 881.6 crore against Rs 891.7 crore in the same period a year ago, the company said.
The company, in which JSW Paints had agreed to buy a 74.76% stake for Rs 8,986 crore last month, followed by an open offer to buy another 25% from the open market for up to Rs 3,929.06 crore, said its board has approved a one-time special interim dividend of Rs 156 per share.
Akzo Nobel India Chairman and Managing Director Rajiv Rajgopal said, "In Q1 of FY2025-26, our B2B segment continued its growth trajectory, while retail was subdued due to tepid consumer demand and heightened competition.
Despite margin pressure, we sustained double-digit profitability and maintained investments in growth initiatives."
On the special interim dividend, he said, "Expressing gratitude to all our shareholders, the board is delighted to announce a one-time special interim dividend of Rs 156 per share, inter alia, based on income on slump sale as previously approved by shareholders."
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