Akzo Nobel -
Q3 FY 24 results and concall highlights -
Revenues - 1032 vs 986 cr ( up 5 pc, volumes grew in double digits )
EBITDA - 166 vs 143 cr ( margins @ 16 vs 14.5 pc YoY )
PAT - 113 vs 97 cr ( up 17 pc )
Gross margins @ 44.1 vs 39.0 pc YoY
Q3 growth driven by B2B and Luxury B2C segments. Company is re-working its strategy on Mass and Economy segments
Automotive coatings grew in double digits
Strong orders received in Marine coatings business
Growth sustained in Infrastructure and power segments
Continue to face challenges in the mass and economy segments
Expecting double digits volume growth in Q4 as well. January growth was reasonable ( moderated by unseasonable rains in South India )
Current dealer count @ 23000. Company is present in 5000 towns / cities
Decorative ( Domestic ) : Industrial sales mix for the company @ 65 : 35
Projects business comprise 20 odd pc of the decorative business. Demand here continues to be strong as the company’s brand is known for its Quality and reputed builders do go for it
Company has taken 2 price cuts in Dec and Jan ( a total of 3 pc cut ) in the Decorative segment. Has not taken any cuts in the coatings business
Disc: holding, biased, valuations now appear reasonable, may add more, not SEBI registered
Subscribe To Our Free Newsletter |