Mumbai, January 21, 2011: Akzo Nobel India Limited (formerly ICI India Limited), the maker of Dulux paints, announced its financial results for the quarter ended 31 December 2010 after its Board of Directors meeting today.
Sales for the quarter were Rs 2991 m, representing a 22% growth over the corresponding quarter of the previous year. The Business continued to face strong pressure on raw material costs which has adversely impacted margins. For the nine months ended 31 December 2010, sales have grown 14%, while PBIT from operations grew 13% over the corresponding period of the previous year.
The quarter also saw the divestment of Company’s National Starch Business, which had a turnover of Rs 98 m in the year 2009-10. Consequently, Profit after Tax at Rs 384 m for the quarter is 27% ahead of the corresponding quarter of the previous year, which however is not comparable due to exceptional income in the current quarter.
Speaking on the results, Mr Amit Jain - Managing Director, said, “We are glad to see the resilience in revenue growth during the quarter, after a soft Q2 of FY 2010-11. However, the cost push owing to raw material prices remains a concern. Setting the cost pressures aside, the decorative paints segment looks promising with robust volume growth.”
About AkzoNobel
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
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 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: +91 987 308 3212 / +91 987 381 8405
Email: aanchal.chachra@bm.com / maitreyee.goswami@bm.com