media release

Audited financial results for the Year and Quarter ended March 31, 2011

Today, Akzo Nobel India Limited (formerly ICI India), convened a board meeting to approve the audited accounts for FY 2010-11.

Today, Akzo Nobel India Limited (formerly ICI India), convened a board meeting to approve the audited accounts for FY 2010-11.

Audited financial results - Performance Highlights:

AKZO NOBEL INDIA LIMITED (FY 2010-11 as compared to FY 2009-10)

  • Profit before tax (PBT) for the year is 2199 million rupees as compared to a PBT of 2000 million rupees; a YoY growth of 10%

  • Profit after tax (PAT) for the year is 1766 million rupees as compared to a PAT of 1593 million rupees; a YoY growth of 11%

  • Total revenue for the year is 10968 million rupees as compared to a total income of 9471 million rupees; a YoY growth of 16%

  • Business EBIT for the year is 1246 million rupees as compared to an EBIT of 1226 million rupees

AKZO NOBEL INDIA LIMITED (Q4 2010-11 as compared to Q4 2009-10)

  • Profit before tax (PBT) for the quarter is 688 million rupees as compared to a PBT of 267 million rupees; a QoQ growth of 257%

  • Profit after tax (PAT) for the quarter is 578 million rupees as compared to a PAT of 180 million rupees; a QoQ growth of 321%

  • Total  revenue  for the quarter is 2696 million rupees as compared to a total income of 2223 million rupees; a QoQ growth of 21%

  • Business EBIT for the quarter is 292 million rupees as compared to an Business EBIT of 334 million rupees

Comments:

Nihal Kaviratne CBE, Chairman, Akzo Nobel India Limited
“Akzo Nobel India’s governance processes have been further boosted by the addition of two new members to the governing board, namely, Arvind Uppal (President, Whirlpool Asia-Pacific and CMD, Whirlpool India) and Graeme Armstrong (Head of Research, Development & Innovation, and member of the Executive Committee, AkzoNobel Group). Both Arvind and Graeme have joined the board as non-executive Directors. Their contribution will help us immensely as we ascend the growth orbit of AkzoNobel India. I wish them the very best in this endeavour.”
“Keeping in view the current year’s performance, the Company’s Dividend policy and other relevant factors, the Board recommends a dividend of Rs 18 per share (previous year Rs 16 per share). This dividend will be paid after the approval of the shareholders at the forthcoming Annual General Meeting.”

Amit Jain, Managing Director, Akzo Nobel India Limited
“Our company’s results clearly indicate that our decorative and automotive paints businesses are achieving a higher growth trajectory and have been strengthened by the launch of trend-setting products including Dulux Super Smooth Interior Emulsion, Dulux Promise and WeatherSheild Sunreflect Exterior paints.”  

“Profits have grown 11% despite substantial reduction in investment income due to operating income growth and some one-off gains. The industry is challenging but we are all set to challenge the industry.”
 
“As we align  Akzo Nobel India’s business practises and culture with Akzo Nobel  N.V. (the World’s largest paints and coatings company), we are set to become an employer of choice for entrepreneurial young minds who seek intensive growth and learning opportunities.”

About Akzo Nobel India Limited:
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 1100, 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.

About Akzo Nobel N.V .
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 in the area of sustainability. With operations in more than 80 countries, our 55,000 people around the world are committed to excellence and delivering Tomorrow’s Answers Today™. For more information please visit our website www.akzonobel.com

Media Contacts: 
Communications, Akzo Nobel India: 
humsa.dhir@akzonobel.com; +91-98111 50207  
           
Relations, Akzo Nobel India: 
Guha, investor.india@akzonobel.com; +91-98100 67601

Safe Harbour Statement:
press release contains statements which address such key issues as Akzo Nobel’s growth strategy, future financial results, market positions, product development, products in the pipeline, and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures.

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