Paint maker Akzo Nobel India reports Q1 profit rise on higher demand
BENGALURU, Aug 1 (Reuters) -Akzo Nobel India AKZO.NS reported a 4.3% rise in its first-quarter profit on Thursday, as demand for its paint products across different verticals picked up in June ahead of the monsoon.
The maker of Dulux Paints said its consolidated net profit rose to 1.15 billion rupees ($13.74 million) in the quarter ended June 30, from 1.1 billion rupees a year earlier.
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KEY CONTEXT
Indian paint makers have benefited from rising real estate demand and automotive sales. However, price cuts undertaken to retain customers due to stiff competition have weighed on their sales.
Akzo Nobel India said it recorded double-digit volume growth across different verticals in the business-to-business segment in the quarter, without specifying details.
However, the company said it is undertaking pricing actions "without losing competitiveness" on account of rising raw material costs in second half of the fiscal year.
Larger peer Kansai Nerolac KANE.NS reported a higher adjusted profit for the June quarter and said demand remained strong for its automotive coatings.
PEER COMPARISON
Valuation (next 12 months) | Estimates (next 12 months) | Analysts' sentiment | |||||||
RIC | PE | EV/EBITDA | Revenue growth % | Profit growth % | Mean rating* | # of analysts | Stock to price target** | Div yield (%) | |
Akzo Nobel India | AKZO.NS | 29.72 | 19.40 | - | - | Hold | 2 | 1.12 | 2.61 |
Berger Paints India | BRGR.NS | 50.16 | 31.49 | 8.16 | 4.56 | Sell | 20 | 1.10 | 0.65 |
Kansai Nerolac Paints | KANE.NS | 29.80 | 18.61 | 8.78 | 25.46 | Hold | 11 | 0.87 | 0.91 |
Asian Paints | ASPN.NS | 54.36 | 37.40 | 6.40 | -2.59 | Hold | 34 | 1.03 | 1.13 |
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
APRIL-JUNE STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 83.7200 Indian rupees
APRIL-JUNE STOCK PERFORMANCE https://tmsnrt.rs/3A2vAb5
Reporting by Anisha Ajith in Bengaluru; Editing by Sherry Jacob-Phillips and Janane Venkatraman
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