Akzo Nobel Q1 net slides 18% to Rs 45 crore

NEW DELHI: Paints and coatings maker Akzo Nobel India today reported a 17.88 per cent drop in net profit at Rs 45.31 crore for the first quarter ended June 30 due to lower other income.

It had posted net profit of Rs 55.18 crore in the same quarter a year ago, Akzo Nobel said in a BSE filing.

The company's net sales for the quarter under review increased 2.65 per cent to Rs 644.58 crore, from Rs 627.93 crore in Q1 of the previous fiscal.

Akzo Nobel India Managing Director Jayakumar Krishnaswamy said, "Owing to continuous efforts towards improving efficiency and optimum utilisation of existing assets, the company has been able to consistently deliver and add value to the stakeholders. A healthy upswing in the operating profit is reflective of our constant pursuit of excellence and quality."

Akzo Nobel reported other income of Rs 7.51 crore during the quarter under review as against other income of Rs 29.17 crore in the year-ago period.

The stock was trading at Rs 1,393 on BSE, down 2.93 per cent.