AkzoNobel Q2 net profit up 14% to Rs 40.98 crore

NEW DELHI: Paints and coatings maker AkzoNobel India today reported a 14.62 per cent increase in its net profit at Rs 40.98 crore for the second quarter ended September 30, riding on increase in demand.

It had posted net profit of Rs 35.75 crore in the same quarter a year ago, AkzoNobel said in a statement.

The company's total income from operation for the quarter under review increased 8.20 per cent to Rs 656.51 crore, from Rs 606.71 crore in Q1 of the previous fiscal.

Commenting on the results, AkzoNobel India MD Jayakumar Krishnaswamy said: "In line with the company's strategy of achieving profitable growth, all business segments have continued their focus in strengthening their products through innovation, brands and distribution."

He further added:"This is reflected in an increase in demand for the company's products despite the scarce monsoon, driving healthy growth in revenue and profit in this quarter."

However, during the first half of the financial year 2015-16, AkzoNobel India profit declined 5.10 per cent to Rs 86.29 crore as against Rs 90.93 crore of the same period (April-September) a year ago.

Company's total income from operation in H1 was up 5.37 per cent to Rs 1,314.91 crore as against Rs 1,247.81 crore of the same period last fiscal.

Shares of AkzoNobel India today settled at Rs 1,389.80 on BSE, up 0.31 per cent from previous close.