New Delhi: Paints and coatings company Akzo Nobel India on Friday said its second quarter profit has declined 24.72 percent to Rs 33.73 crore due to higher tax charge and other reasons.
The company had posted a net profit of Rs 44.81 crore for the corresponding quarter in the previous fiscal, Akzo Nobel India said in a statement.
Net sales of the company rose to Rs 564.95 crore for the quarter under consideration from Rs 511.25 crore in the same period a year ago, it added.
Commenting on the results, Akzo Nobel India Managing Director Amit Jain said: "On account of the special dividend payout earlier this year, there has been a reduction in the cash surplus, resulting in a drop in investment income. This, taken together with higher tax charge has led to a lower PAT compared to the previous year’s corresponding quarter."
In the first half of the fiscal, company's net profit declined 35.15 percent to Rs 68.54 crore as against Rs Rs 105.70 crore in the year-ago period.
Net sales in H1 grew to Rs 1,126.50 crore as against Rs 1,061.02 crore in the year-ago period.
Shares of Akzo Nobel India were trading at Rs 896.50 per scrip, up 1.4 percent from its previous close on the BSE.
First Published: Friday, October 18, 2013, 18:27