Akzo Nobel India Limited announced its financial results for the quarter and the year ended March 31, 2020.

Performance highlights:
Year ended 31 March 2020
• Revenue from operations at ₹2,661.8 crore declined 9% over the previous year
• Profit from operations at ₹300.1 crore grew by 8% over the previous year
• Profit after Tax was ₹237.4 crore grew by 13% over the previous year

Q4 FY20 versus Q4 FY19
• Revenue from operations at ₹581.3 crores declined by 18% over the previous year on a comparable basis impacted by lockdown in 2nd fortnight of March 2020.
• Profit from Operations at ₹67.7 crores declined by 20% over the previous year.
• Profit after Tax was ₹54.0 crore declined by 23% over the previous year; on a comparable basis decline was 9% excluding impact of Tax refund of last year and exceptional items.

Amit Jain, Chairman, AkzoNobel India comments on the results:
AkzoNobel historically has had a consistent dividend policy. Despite the prevailing pandemic situation and the uncertainties around it, the Board has recommended a dividend of ₹ 14 per share, subject to the approval of shareholders.
CSR initiatives focussed on responding to COVID 2019 in these unprecedented times. The company has focussed on e-health initiative, providing food to daily wage earners and contribution to the PM Cares Fund.
AkzoNobel continues to abide by the government directives, and we are thankful to the central and state government for providing continued support.

Rajiv Rajgopal, Managing Director, AkzoNobel India said:
The revenue and profitability were impacted during the quarter due to the outbreak of COVID 2019. In the full year, the business profitability (EBIT%) has improved 180 bps due to structural portfolio and cost actions.
Our top priority at AkzoNobel is the health and safety of our people. The team continues to focus on people engagement, continuity of operations, cash & liquidity management and supporting communities around which we operate.
We have extended support to our painter community through accelerated pay-outs.