Akzo Nobel India’s Q1 standalone net profit up 6%

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Mumbai, Aug 2 (IANS) Paints and coatings maker Akzo Nobel India on Thursday posted a standalone net profit of Rs 43.51 crore, up 5.86 per cent year-on-year, for the quarter ended June 30.

The company had posted a net profit of Rs 41.1 crore in the April-June quarter previous fiscal, it said in a BSE filing.

According to the filing, the firm’s total income from continuing operations stood at Rs 724.83 crore for the quarter ended June 30 while it was Rs 728.61 crore in the corresponding quarter last year.

AkzoNobel India Managing Director Jayakumar Krishnaswamy said business continued to progress well during the quarter, despite significant raw material headwinds.

“Reduction in GST rate for paints from 28 per cent to 18 per cent is expected to drive demand. Benefits arising from rate reduction are being passed on to the customers,” he said in a statement.

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–IANS

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