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ICICI Securities Report
While Akzo Nobel Ltd. reported strong Q1 FY24 led by strong growth across segments, we are enthused by board recommendation to re-appointment Mr. Rajiv Rajgopal as Managing Director for five years.
Rajiv had turned around Akzo Nobel India and initiated multiple investments such as increase in distribution and portfolio expansion.
While some benefits are already visible, we model re-appointment of Rajiv augurs well for business continuity. Highlights from Q1 FY24 are-
healthy growth in projects business and
higher revenues from rural and semi-urban markets.
While we continue like Akzo fundamentally, Grasim's entry from Q4 FY24 is likely to hurt industry profit pool. Retain 'Reduce'. A classic case of business view versus stock view, at a point in time.
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