Paints and coatings maker Akzo Nobel India Ltd on Tuesday reported a 16.83 per cent increase in its consolidated net profit to Rs 113.8 crore in the December quarter, helped by a double-digit growth in volumes and raw material deflation.
The company posted a net profit of Rs 97.4 crore during the October-December quarter a year ago, according to a regulatory filing.
Its revenue from operations grew 4.65 per cent to Rs 1,032.7 crore during the quarter under review. It was Rs 986.8 crore in the corresponding period of the previous fiscal.
Total expenses of Akzo Nobel, maker of Dulux paints, rose 2.53 per cent to Rs 889.6 crore in the December quarter.
Akzo Nobel's total income in the third quarter was Rs 1,041.1 crore, up 4.19 per cent.
"For the first time, our quarterly topline has surpassed the milestone of Rs 1,000 crore mark, led by double-digit growth in volumes. Our Coatings business and B2B segments sustained their robust growth trajectory," its Chairman and Managing Director Rajiv Rajgopal said.
In the decorative paints business, retail saw a strong volume growth in the quarter and witnessed margin improvements, he said.
"While we continued to invest in our business and brands, our profitability was further strengthened due to raw material deflation and favourable mix coupled with operating leverage," Rajgopal added.
Meanwhile, in a separate filing, Akzo Nobel informed that its board, in a meeting held on Tuesday, has recommended an interim dividend of Rs 50 per equity share for the financial year 2023-24.
Shares of the company settled 7.62 per cent higher at Rs 2,936.95 apiece on the BSE.