Gurgaon, May 14, 2010: Akzo Nobel India Limited (erstwhile ICI India Limited), the maker of Dulux paints, announced its financial results for the year ended 31 March 2010 after its Board of Directors meeting today. Sales for the year at Rs 939 cr grew by 4% and Profit from operations grew by 12%. PAT for the year was however lower at Rs 159 cr, which is not comparable with that in the previous year on account of exceptional income in the previous year.
The name of the Company has been changed from ICI India Limited to Akzo Nobel India Limited.
Speaking on the results, Mr Amit Jain - Managing Director Akzo Nobel India said, “The Paints Business has demonstrated consistent financial growth in a challenging macro economic environment. With the conclusion of Akzo Nobel India transition, we are looking forward to a transformation in our company’s culture, processes and business practices aligned with AkzoNobel, the world’s leading paints and coatings company.”
Keeping in view the current year’s performance, the Company’s Dividend policy and other relevant factors, the Board has recommended a dividend of Rs 16 per share (previous year Rs 16.00 per share). This dividend will be paid after the approval of the shareholders at the forthcoming Annual General Meeting.
About AkzoNobel
We’re the largest global paints and coatings company and a major producer of specialty chemicals. We supply industries worldwide with quality ingredients for life’s essentials. We think about the future, but act in the present. We’re passionate about developing sustainable answers for our customers. Based in Amsterdam, the Netherlands, we are a Fortune 500 company and are consistently ranked as one of the leaders on the Dow Jones Sustainability Index. We have operations in more than 80 countries, and employ more than 50,000 people, who are committed to excellence and delivering Tomorrow’s Answers Today™.
About Akzo Nobel India Limited (erstwhile ICI India Limited)
Present in India for 100 years and a significant player in the Paints industry, the Company has primarily operated under the ‘Dulux’ brand name. Over the years, it witnessed sustained expansion, growth and transformation. In 2008, Akzo Nobel N.V. became owner of the entire equity share capital of Imperial Chemical Industries Limited, by virtue of which the Company became a member of the AkzoNobel Group. Akzo Nobel India manufactures and markets a wide range of paints and specialty chemicals. With an employee strength of about 900, the Company has manufacturing sites, offices and distribution network spread across the country. Akzo Nobel India is listed in the Indian Stock Exchanges and has a clean record on corporate governance. Its commitment to Health, Safety, Environment & Security (HSE&S) has been amongst the best in class, with due care being taken to protect the people and the environment.
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