Akzo Nobel Q3 Net up 88 per cent at Rs 50.74 crore

NEW DELHI: Paints and coatings maker Akzo Nobel India today reported a 87.85 per cent jump in net profit at Rs 50.74 crore for the quarter ended December 31, 2014 helped by lower expenses.

The company had posted a net profit of Rs 27.01 crore for the corresponding period previous fiscal, Akzo Nobel India said in a filing to BSE.

Net sales of the company stood at Rs 671.41 crore for the third quarter of this fiscal, up 4.26 per cent as against Rs 643.93 crore for the same period ended December 31, 2013.

Akzo Nobel India Managing Director Jayakumar Krishnaswamy said: "Akzo Nobel India''s improved business performance is led by both, a robust growth in sales of high-performance products as well as a continued focus on cost management, supplemented by soft input prices, especially the crude-linked ones."

He further said: "In line with the company's growth plans, we have also introduced some new products in the market, including water-based enamel."

Overall expenses during the quarter stood at Rs 619.5 crore as against Rs 626.29 crore in the corresponding period a year ago.

Shares of Akzo Nobel India today closed at Rs 1,456.40 per scrip on BSE, down 1.23 per cent from its previous close.