Akzo Nobel net profit jumps to Rs 238 cr in Q4
Kolkata, May 10: Paints major Akzo Nobel India on Thursday reported more than three-fold jump in its standalone net profit to Rs 238 crore in the quarter ended March 31, 2018 as compared to Rs 73 crore in the corresponding period of previous year.
Revenue from operations, in the quarter under review, was at Rs 772 crore, up by about 10 per cent from Rs 705 crore in the corresponding quarter of the previous year on a comparable basis.
The paint maker also said its net profit including exceptional items was at Rs 401 crore in 2017-18 as compared to Rs 247 crore in the previous year.
"Operating in a challenging business environment, we have delivered improved performance both in terms of revenue and profit. Transition to GST and high raw material costs impacted business performance. We continued our focus on product innovations, operational excellence programmes and commitment to sustainability," its Managing Director Jayakumar Krishnaswamy said.
Company Chairman Amit Jain said that 2017-18 has been a year of transformation for the paint maker following the separation of specialty chemicals business.
A share buyback programme has been initiated for the benefit of the public shareholders of the company and the Board has recommended a dividend of Rs 22 per share.
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Surat LS candidate Nilesh Kumbhani whose nomination form was rejected suspended from Congress
Ahmedabad, Apr 25: The Gujarat Congress on Friday suspended from the party for six years its Surat Lok Sabha candidate Nilesh Kumbhani, whose nomination form was rejected over discrepancies leading to the BJP's Mukesh Dalal getting elected unopposed.
A statement from the Congress said the party's disciplinary committee decided to suspend Kumbhani after thorough discussion, adding it had come to the conclusion that the nomination form was rejected due to gross negligence on his part or "in connivance with the BJP".
"To be fair to you we have given time to you to explain your case but instead of coming before the party disciplinary committee you have gone incommunicado. After your form was rejected by the authorities, BJP went ahead and got form of other eight candidates withdrawn. This has deprived people of Surat their voting rights," the Congress disciplinary committee headed by Balu Patel said.
"People of Surat and party workers have become very angry due to your action and are expressing their anger in different ways. The Congress party has decided to suspend you for six years from the party," the press note said.
Kumbhani's nomination form was rejected on April 21 after his three proposers submitted affidavits to the district returning officer claiming the signatures on the document was not theirs.
The nomination form of Suresh Padsala, the Congress' substitute candidate from Surat, was also invalidated on the same grounds.
In his order, Returning Officer Sourabh Pardhi said the three nomination forms submitted by Kumbhani and Padsala were rejected after prima facie discrepancy was found in the signatures of the proposers and they did not appear to be genuine.
Kumbhani, a former corporator from Surat, had unsuccessfully fought the 2022 Assembly polls from Kamrej there.
The Bharatiya Janata Party's Mukesh Dalal was elected unopposed from Surat Lok Sabha constituency on April 22 after all other nominees, including one from BSP, withdrew from the fray one by one on the last day of withdrawing papers.
