AkzoNobel India has announced its Q2 FY 2020-2021 results. The Board of Directors of Akzo Nobel India Limited approved the unaudited financial results for the quarter ended September 30, 2020. Revenue from operations at ₹606.9 crore declined by 4% over the previous year and recovered to pre-COVID 19 levels by September 2020. Gross Margin is at ₹295.8 crore. EBIT from operations was at ₹85.8 crore, up 64% year-on-year. PAT at ₹66.3 crore, up 35%.
Commenting on the quarterly results, Rajiv Rajgopal, Managing Director, AkzoNobel India said "Business has seen improved recovery reaching pre-COVID 19 levels in the rural and non-metro markets during the quarter. The demand in the metro cities remained muted during the quarter and has improved due to festive season and pent-up demand. Hence, we witnessed volume growth during the quarter. The revival in automotive sector benefitted our business while infrastructure, oil & gas and power segments continued to see demand challenge."
He added, "Our profitability improvement this quarter is led by transformation initiatives taken last year, benign raw material costs and some rephasing of festival campaigns to next quarter."
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