Paints manufacturer AkzoNobel India has crossed the Rs 3,000 crore mark in revenue. For the year ending 31 March 2017, the company’s total revenue grew to Rs 3,134 crore as compared to Rs 2,935 crore in the previous fiscal, representing a growth of 7%; while PAT stood at Rs 247 crore as compared to previous fiscal’s Rs 214 crore, up by 15% .
As far as Q4 FY17 is concerned, the total revenue stood at Rs 782 crore as compared to Rs 711 crore of the corresponding quarter of the previous year; representing Q-o-Q growth of 10%. PAT stood at Rs 73 crore as compared to Rs 61 crore of the corresponding quarter of the previous year, a growth of 18%.
Commenting on the results, Jayakumar Krishnaswamy, managing director of the company said, “We have sprung back after demonetisation with both coatings and chemicals segments recording strong volume growth, which is reflected in the full year’s revenue growth and underlying business profitability. In line with our commitment to our shareholders, we have been able to deliver sustained profit growth during the year through investment in innovation, operational excellence programs and continued focus on sustainability and contribution to the society.”
Krishnaswamy added that as part of the company’s ‘Human Cities’ initiative, AkzoNobel is committed to making a difference in the communities it operates in. “We have been focussing on education of underprivileged children and skill development of youth. Incidentally, this is also a thrust area of the Government of India under the Skill India initiative.” Last year, the AkzoNobel Paint Academy reached a significant milestone of training over 500 youth, he said. “The first batch of trainees in VR (Vehicle Refinshes) has been placed with various body shops across Mumbai,” he added.
“It has been a record for AkzoNobel India with the company crossing the Rs 3,000 crore mark in revenue and achieving Rs 342 crore as PBT from operations,” said Nihal Kaviratne CBE, chairman, AkzoNobel India. He announced that in line with the company performance and its dividend policy, the Board has recommended an enhanced dividend of Rs 22 per share.