Rising input prices hurt profits for Akzo Nobel India

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The Board of Directors of Akzo Nobel India Limited approved  unaudited financial results for the quarter ended June 30. 2017

Performance highlights

Q1 FY 18 versus Q1 FY17

  • Net Sales at 2783 crore as compared to 2773 crore of the corresponding quarter of the previous year
  • Profit after tax at 41 crore as compared to  64crore of the corresponding quarter of the previous yearJayakumar Krishnaswamy, Managing Director, AkzoNobel India said”The quarter’s performance has been impacted due to slow sales growth and higher input prices. The process towards the transition to GST also had an adverse impact. We have transitioned smoothly to the GST environment with zero disruption to business operations. With good monsoons and the markets picking up post introduction of GST, we expect improved sales performance in the coming months . Pursuing the skill development agenda of the Government of India under our Human Cities the company has reached a milestone of training 1000 youth in basic painting skills , to open up gainful employment opportunities.”He added, ” We continue to invest in growth as per our strategy, with an anticipated capital spend of  80-100 cr in the current year. This would include commissioning of Powder Coatings facility and expansion of digital marketing and colour solutions machines in customer facing areas.’

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