Paints and coatings maker AkzoNobel India today reported 35.77 per cent decline in standalone net profit at Rs 41.27 crore for the April-June quarter impacted by slow sales growth and higher input cost.
It had posted a net profit of Rs 64.26 crore in the April-June quarter a year ago, AkzoNobel said in a BSE filing.
AkzoNobel's total income from operations was up 1.55 per cent to Rs 791.25 crore during the quarter under review as against Rs 779.15 crore of the corresponding quarter last fiscal.
Commenting on the results, AkzoNobel India Managing Director Jayakumar Krishnaswamy 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."
Its total expenses were at Rs 739.36 crore in April-June 2017, up 6.45 per cent compared to Rs 694.51 crore in the same quarter last year.
AkzoNobel also informed that its chairman Nihal Kaviratne is retiring today after having an association of eight years with the company
"Amit Jain, who has been on the board since 2009 will take over as Non-Executive Chairman of its board from August 15, 2017," it added.
Shares of AkzoNobel India today settled at Rs 1,774 on BSE, up 1.07 per cent from previous close.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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