The company had posted a net loss of Rs 20.26 crore for the same quarter last fiscal year,
said in regulatory filing.
Revenue from operations during the period under review stood at Rs 626.38 crore as against Rs 258.5 crore in the year-ago period, it added.
“While the quarter started on a positive demand trajectory, May was impacted by COVID-19 related disruptions. As India started unlocking, Akzo Nobel delivered a robust recovery in June,” AkzoNobel India Managing Director Rajiv Rajgopal said.
Certain segments – such as marine, industrial and powder coatings – were more resilient, while retail and vehicle refinishes were subjected to a higher impact from the pandemic, he added.
“The impact on margins due to the second COVID-19 wave, together with continued raw material inflation, was partially offset by pricing initiatives and cost discipline. Overall, we continued to navigate profitability in a tough operating environment and delivered double-digit return on sales,” Rajgopal said.
The company said as many painters could not get a COVID-19 vaccine due to technological reasons or non-availability at nearby facilities, it had partnered with Ekincare to sponsor the vaccination of around 2,000 painters across several major cities.
In addition, the company’s COVID-19 helpline is continuing to support nearly 20,000 painters to get registered and receive free vaccination at designated locations close by. The initiative is providing impetus to its ongoing efforts to connect blue collar communities with healthcare.
