Gurgaon, October 21, 2010: Akzo Nobel India Limited (formerly ICI India Limited), the maker of Dulux paints, announced its financial results for the quarter ended 30 September 2010 after its Board of Directors meeting today.
Sales for the quarter were Rs 2393m, representing a marginal growth over the corresponding quarter of the previous year. The Business faced strong pressure on Raw material prices during the quarter, resulting in a slight decline in operating profit. However, Profit after Tax at Rs 365m for the quarter was about the same level as the corresponding quarter of the previous year on a comparable basis, i.e. after adjusting for the tax write-back in the previous year.
For the half year ended 30 September 2010, sales and PBIT from operations at Rs 5219m and Rs 655m respectively, have grown by 10% and 38% over the corresponding period of the previous year. However, profit after tax for the period was Rs 805m, lower compared to previous year’s Rs 1110m, mainly due to lower investment income arising from drop in interest rates and phasing of maturity/ redemption of the Company’s investments in mutual funds.
Speaking on the results, Mr Amit Jain - Managing Director Akzo Nobel India said, “The abnormally high rainfall during the quarter led to a general contraction of painting activity and market demand. It is however gratifying to note the resurgence and growth of the automotive Paints Business during the past few quarters. With the onset of the festive season we will be concentrating on growing the revenues aggressively on the back of innovative products and promotions.”
“We are strengthening the organization and building capability to sustain our position in the growing market. As a step in this direction, the Board at its meeting today appointed Mr Partha Sarathi Basu as the Chief Financial Officer and Wholetime Director with effect from 01 November 2010, subject to shareholder approval. We are delighted to have him in our team”, he further added.
Mr Basu has over 20 years of work experience with leading corporates like Tata Group, Spicejet and Whirlpool Corporation, where he had held leadership positions in Finance, Supply Chain, Marketing and Sales.
About AkzoNobel
AkzoNobel is the largest global paints and coatings company and a major producer of specialty chemicals. It supplies industries and consumers worldwide with innovative products and is passionate about developing sustainable answers for its customers. Its portfolio includes well known brands such as Dulux, Sikkens, International and Eka. Headquartered in Amsterdam, the Netherlands, it is a Global Fortune 500 company and has been declared as the leader in the Dow Jones Sustainability Index 2010. 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
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 950, 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, with due care being taken to protect the people and the environment.
For further information, please contact:
For investor enquiries:
R Guha
Company Secretary
Akzo Nobel India Limited
10th Floor, DLF Plaza Tower
DLF Phase I, Gurgaon –122002
Tel: +91 (0) 124 2540400
Email: investor.india@akzonobel.com
For media enquiries:
Aanchal Chachra/ Maitreyee Goswami
Genesis B-M
Mobile: 98730 83212/ 98738 18405
Email: aanchal.chachra@bm.com / maitreyee.goswami@bm.com