New Delhi, Feb 9 (PTI) Paints and coatings maker Akzo Nobel India Ltd on Thursday reported a 16.22 per cent rise in consolidated net profit at Rs 97.4 crore in the third quarter ended December 2022 driven by margin management and operating efficiencies.

The company had posted a consolidated net profit of Rs 83.8 crore in the October-December quarter last fiscal, Akzo Nobel India said in a regulatory filing.

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Its revenue from operations was up 7.91 per cent at Rs 986.8 crore during the quarter under review as against Rs 914.4 crore in the year-ago period, it added.

Akzo Nobel's total expenses were at Rs 867.6 crore, 7.28 per cent higher in the third quarter of FY22.

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Akzo Nobel India Managing Director Rajiv Rajgopal said: "We have registered a topline growth of 8 per cent in the quarter led by a strong performance across the Coatings businesses. Decorative paints saw a relatively muted growth, retail markets were affected by the monsoon in October but saw an uptick in November and December."

"Our double-digit profitability was driven by margin management and operating efficiencies," he added.

The board of the company also recommended an interim dividend of Rs 25 per equity share for FY23.

On Thursday, shares of Akzo Nobel India Ltd settled 0.06 per cent down at Rs 2,226.65 apiece on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)