Akzo Nobel India announces Q3 and 9M financial results for 2023-24

Today, the Board of Directors of Akzo Nobel India Limited, a leading paints and coatings company and maker of Dulux Paints, approved the financial results for the quarter and nine months ended 31 December 2023.

Highlights:

Record performance across all metrics in absolute terms in Q3 and 9M of FY24

Q3 FY24 versus Q3 FY23:

Revenue from operations at ₹1,032.7 crore, up by 5%
EBIT from operations at ₹146.3 crore, up by 20%
PAT at ₹113.8 crore up by 17%

9M FY24 versus 9M FY23:

Revenue from operations at ₹2,988.2 crore, up by 5%
EBIT from operations at ₹409.8 crore, up by 32%
PAT at ₹317.9 crore up by 33%

Commenting on the performance, Rajiv Rajgopal, Chairman and Managing Director, Akzo Nobel India said, “We continued to build on profitable growth in Q3 and nine months of FY’24.

For the first time, our quarterly topline has surpassed the milestone of ₹1,000 crore mark, led by double digit growth in volumes. Our Coatings business and B2B segments sustained their robust growth trajectory. In the decorative paints business, retail saw a strong volume growth in the quarter and saw margin improvements. While we continued to invest in our business and brands, our profitability was further strengthened due to raw material deflation and favourable mix coupled with operating leverage.”

Dividend proposal:

“The Board of Akzo Nobel India remains committed to enhancing value for it’s shareholders. Hence, based on the performance in the nine months ended 31 December 2023, the Board is delighted to announce an interim dividend of ₹50 per share for FY’24” said Mr. Rajiv Rajgopal, Chairman and Managing Director, Akzo Nobel India.

Recent highlights:

Slew of product upgrades across categories in Decorative Paints:

§ In the mass market, Dulux Promise Interior and Exterior range’s new formulation now delivers higher coverage with good opacity, resulting in more saving for consumers.

§ In premium interior emulsion segment, Dulux SuperCover is upgraded to Dulux SuperCover Ultra. Boosted with the new Silicon technology, the latest upgrade delivers longer lasting colour with superior whiteness and comes with a 4-year warranty.

§ In the waterproofing solutions segment, the performance of Dulux Aquatech Flexible range of waterproofing basecoats has been enhanced resulting in an upgraded warranty of nine years (on Dulux Aquatech Flexible Neo) and 12 years (on Dulux Aquatech Flexible Advance) with the topcoat.

§ In professional segment, Dulux Professional Weathershield Prima E900 – the entry level premium exterior offering now comes powered with the advanced Silicon technology to offer a longer 6-year all weather protection to project exteriors.

Award & Recognition:

§ Akzo Nobel India has been honoured to jointly win the Gold Award for ‘Excellence in Business Responsibility and Sustainable Reporting – Mid Cap (Manufacturing Sector)’ in the third edition of Institute of Chartered Accountants of India’s Sustainability Reporting Awards 2022-23. This recognition underscores our continued commitment towards business responsibility and sustainability initiatives in India.

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