The Board of Directors of Akzo Nobel India Limited today approved the unaudited financial results for the quarter ended June 30, 2020.
Q1 FY21 versus Q1 FY20
• Revenue from operations at ₹258.5 crores declined by 64% over the previous year, mainly due to a shutdown until mid-May in most parts of the country and a gradual revival since then
• EBITDA loss at ₹12.6 crores and EBIT loss at ₹30.1 crores due to lower volume. The corresponding numbers for EBITDA profit and EBIT profit for the same quarter last year were ₹103.4 crores and ₹83.2 crores respectively
Commenting on the performance for the quarter, Rajiv Rajgopal, Managing Director, AkzoNobel India, said: “Business came to a standstill in April due to a complete lockdown, the partial resumption in May and Unlock 1.0 being announced in June. Demand from automotive, infrastructure, oil and gas and construction segments was heavily impacted. Metros and large towns continued to see a relatively higher impact from the pandemic, resulting in slower offtake of the premium segments where we have a higher salience. Tier 2 and Tier 3 markets have performed relatively better. During the quarter, we achieved a significant reduction in operating costs which led to a resumption of profits in June. We will continue to manage the uncertain environment and volatility with a focus on costs and driving recovery in the build-up to the festive season. Our focus on safety and the well-being of our employees – as well as other stakeholders – continues to be a top priority.”
Launch of Dulux Protect
Dulux Protect is a comprehensive programme aimed at supporting painters and contractors due to the challenges posed by the pandemic. Some of the initiatives include financial support, providing dry ration kits, health protection through insurance and tele-medicine facilities, and a safe return to the workplace by providing PPE kits.
New range of Interpon coatings simplifies corrosion protection
Corrosion protection has got easier following the launch of a range of high-performance primers from AkzoNobel's Powder Coatings business. Four innovative systems were developed to cover a variety of substrates, surfaces and environments – from swimming pools to chemical plants and high humidity to highly corrosive areas. Powder coatings offer inherent sustainability benefits, such as no VOCs, reduced energy use and less waste.