The Board of Directors of Akzo Nobel India Limited has approved the unaudited financial results for the quarter ended June 30, 2021.
Q1 FY22 versus Q1 FY21
§ Revenue from operations at ₹626.4 crore, up by 142%, albeit on a lower base (due to the pandemic led disruption last year)
§ EBIT at ₹72.6 crore, compared to a loss of ₹30.1 crore in the same period last year
§ Profit after tax (PAT) at ₹75.9 crore (supported by ₹16.8 crore tax provision reversal) versus a loss of ₹20.3 crore in the previous year
Commenting on the quarter performance, Rajiv Rajgopal, Managing Director, AkzoNobel India said, “While the quarter started on a positive demand trajectory, May was impacted by COVID-19 related disruptions. As India started unlocking, AkzoNobel delivered a robust recovery in June. Certain segments – such as marine, industrial and powder coatings – were more resilient; while retail and vehicle refinishes were subjected to a higher impact from the pandemic.”
“The impact on margins due to the second COVID-19 wave, together with continued raw material inflation, was partially offset by pricing initiatives and cost discipline. Overall, we continued to navigate profitability in a tough operating environment and delivered double-digit return on sales.”
AkzoNobel India launches Dulux Better Living Air Clean Biobased
Putting health and wellness first, AkzoNobel India has launched its most exclusive, super-premium interior emulsion, Dulux Better Living Air Clean Biobased. The innovative product is India’s first USDA (United States Department of Agriculture) certified bio-based paint. Featuring Pure Air Technology, it’s made with natural ingredients such as active bamboo charcoal and tea tree oil, which work together to help remove harmful air pollution from inside people’s homes.
AkzoNobel India sponsors vaccination and quality healthcare for its painter community
Driven by the People. Planet. Paint approach to sustainable business, AkzoNobel India continues to lead the industry by empowering people and local communities. Recognizing that many painters could not get a COVID-19 vaccine due to technological reasons or non-availability at nearby facilities, AkzoNobel India partnered with Ekincare to sponsor the vaccination of around 2,000 painters across several major cities. In addition, the company’s COVID-19 helpline is continuing to support nearly 20,000 painters to get registered and receive free vaccinations at designated locations close by. The initiative is providing impetus to AkzoNobel India’s ongoing efforts to connect blue collar communities with healthcare.