Kolkata, July 22, 2010: Akzo Nobel India Limited (formerly ICI India Limited), the maker of Dulux paints, announced its financial results for the quarter ended 30 June 2010 after its Board of Directors meeting today. Sales for the quarter at Rs 2827 m grew by 18% over the corresponding quarter of the previous year on higher volumes. This, together with improved mix, resulted in a higher Segment Profit from Businesses at Rs 421 m, a growth of 86% over the previous year. The quarter’s profit performance had the advantage of once off benefit of inventory and input prices.
Investment Income during the quarter was significantly lower compared to the previous year’s corresponding quarter, due to drop in interest rates and phasing of maturity/ redemption of the Company’s investments in mutual funds. Consequently, Profit after Tax at Rs 439 m was lower than Rs 692 m registered in the corresponding period of previous year.
Speaking on the results, Mr Amit Jain - Managing Director Akzo Nobel India said, “We will continue to accelerate our investments in building capability and brands and strengthen our distribution across the country. Our top-line performance this quarter reflects the impact of some of the early initiatives in these areas.”
Strengthening its product portfolio, Akzo Nobel recently introduced new distinct products in the market, namely Dulux Weathershield Sun Reflect and Dulux Velvet Touch ‘Colours of the World’. These reflect the technological innovation and consumer focus that AkzoNobel has invested in. In line with its global agenda of sustainability, Weathershield Sun Reflect is an exterior paint, which reduces the temperature of the exterior wall surface by up to 5 degrees. Certified by Centre of Energy Studies and Research (CESR), this is a unique paint in the exterior paints category to offer heat reduction through innovative application of technology.
AkzoNobel is the largest global paints and coatings company and a major producer of specialty chemicals. We supply industries and consumers worldwide with innovative products and are passionate about developing sustainable answers for our customers. Our portfolio includes well known brands such as Dulux, Sikkens, International and Eka. Headquartered in Amsterdam, the Netherlands, we are a Global Fortune 500 company and are consistently ranked as one of the leaders on the Dow Jones Sustainability Indexes. With operations in more than 80 countries, our 55,000 people around the world are committed to excellence and delivering Tomorrow’s Answers Today™.
About Akzo Nobel India Ltd.(formerly ICI India Ltd)
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 Ltd., by virtue of which the Company became a member of the AkzoNobel Group. Akzo Nobel India manufactures and markets paints and specialty chemicals. With employee strength of about 900, Akzo Nobel India has manufacturing sites, offices and distribution network spread across the country. Its commitment to Health, Safety, Environment & Security (HSE&S) has been amongst the best in class globally, with due care being taken to protect the people and the environment.
For more information please visit our website www.akzonobel.co.in
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