Paints maker Akzo Nobel India reported a 4 percent rise in its second-quarter profit on Thursday, mainly driven by a higher demand from the automotive sector, which helped outweigh muted retail demand.
The maker of Dulux Paints said its consolidated net profit rose to 979 million rupees ($11.61 million) in the July-September quarter, from 942 million rupees a year ago.
Revenue from operations rose 3 percent to 9.82 billion rupees.
KEY CONTEXT
Akzo Nobel's results are in contrast to weak quarterly earnings among its peers, following higher rainfall and price hikes.
Peer Berger Paints India reported a bigger-than-expected drop in quarterly profit earlier this week.
Paint makers hiked prices in the second quarter, as domestic competition intensified with Grasim Industries' entry into the sector earlier this year.
India also saw higher-than-normal rainfall, leading to flooding and lacklustre demand for paints in key markets.
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