AkzoNobel India’s Q4FY21 net profit up 37% YoY

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Mumbai, May 24 (IANS) Paint major AkzoNobel India on Monday reported a rise of 37 per cent in its net profit for Q4FY21 on a year-on-year basis.

The company’s net profit for the quarter under review rose to Rs 74.2 crore.

Besides, revenue from operations increased by 34 per cent to Rs 781.4 crore.

Furthermore, the company’s Board recommended a dividend of Rs 30 per share, bringing the total dividend per share for 2020-21 to Rs 50 per share.

“The trend of recovery was sustained, with the quarter bringing a strong finish to a challenging year,” Managing Director Rajiv Rajgopal said.

According to Rajgopal, paints, powder, and automotive and specialty coatings saw strong growth, although headwinds were faced in the oil and gas segment.

“While the businesses reported strong double-digit volume growth during the quarter, demand for the same period last year was impacted by Covid-19 (impacting the year-on-year comparison).”

“In terms of our full-year performance, revenue was 9 per cent lower during 2020-21, with the second half partially offsetting the adverse impact of the first half.”

In addition, he said although the industry outlook remains positive, the second wave of Covid-19 infections presents a challenging environment in the short-term.