Paints and coatings maker AkzoNobel India today reported a decline of 6.73 per cent in its standalone net profit at Rs 38.79 crore for the second quarter ended September 30 owing to high raw materials cost.
It had posted a net profit of Rs 41.59 crore in July- September quarter a year ago, AkzoNobel said in a statement.
Total income during the quarter under review stood at Rs 712.54 crore, down 7.64 per cent, as against Rs 771.54 crore of the corresponding quarter of the previous fiscal.
Commenting on the results AkzoNobel India MD Jayakumar Krishnaswamy said, "Headwinds due to high raw materials costs have impacted the business during the quarter. Though sales returned to growth during the quarter, the pick-up has been slower than anticipated."
Its total expenses during the second quarter 2017-18 were Rs 656.80 crore, down 6.76 per cent as compared to Rs 704.47 crore in the year-ago quarter.
Shares of AkzoNobel India today settled at Rs 1917.15 on BSE, up 1.18 per cent from previous close.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.