Final Dividend of Rs 25, Record Date On 25th July, To Be Dispatched By 26th August; Buy/Sell/Hold?

With dominant market positions and brands in several nations worldwide, AkzoNobel is the largest coatings firm in the world. Having operated in India for more than 60 years, Akzo Nobel India presently works in the coatings industry. The corporation presently operates in more than 150 countries under well-known brands like Sikkens, Interpon, Dulux, and International.

Akzo Nobel India Dividend

The Board of Directors "Recommended Final Dividend of Rs 25/- (Rupees Twenty-Five only) per equity share for the Financial Year 2023-24. This Final Dividend, would be paid if approved by the shareholders at the forthcoming 70th Annual General Meeting of the Company. The total dividend for the said financial year aggregates to Rs 75/- (Rupees Seventy-Five only) per share, including Interim Dividend of Rs. 50/- (Rupees Fifty only) per share, as approved by the Board on 6th February 2024 and paid subsequently," said Akzo Nobel India in a regulatory filing.

Akzo Nobel India Dividend Record Date

The Board of Directors "Fixed Thursday, 25th July 2024 as the Record Date for determining entitlement of members to Final Dividend for the Financial Year ended 31st March 2024. A member, whose name is recorded in the Register of Members or in the Register of Beneficial Owners maintained by the Depositories as on the close of business hours of Thursday, 25th July 2024, shall be entitled to this dividend. The Final Dividend, if approved by the shareholders, will be paid on or after 26th August 2024," Akzo Nobel India said in a stock exchange filing.

Akzo Nobel India Upcoming Dividend Update

"Pursuant to the provisions of Section 91 of the Companies Act, 2013 read with Rule 10 of the Companies (Management & Administration) Rules, 2014 as amended and Regulation 42 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the Register of Members and the Share Transfer Books of the Company will remain closed from Friday, 26th July 2024 to Thursday, 1st August 2024 (both days inclusive) for taking record of the Members of the Company for the purpose of the 70th AGM and payment of Final Dividend for the Financial Year ended 31st March 2024," the company informed to stock exchanges.

Akzo Nobel India Financials

For the quarter that ended on March 31, 2024, the firm recorded a 14% rise in standalone net profit to Rs 109 crore, up from Rs 95.4 crore during the same period the previous year. Earnings before interest and tax (EBIT) from operations climbed by 6% to Rs 140 crore, while revenue from operations improved by 2% YoY to Rs 973.4 crore. Revenue from operations increased 4% YoY to Rs 3,961.6 crore for the entire fiscal year 2024. EBIT was recorded by the company at Rs 549.8 crore, a 24% YoY growth in FY24. The year's net profit was Rs 426.7 crore, a 27% YoY growth.

Akzo Nobel India Limited Chairman and Managing Director, Rajiv Rajgopal said, "Building on our record growth trajectory for the third straight year, Akzo Nobel India closed FY24 with new highs in absolute performance across revenue, gross margin, EBIT from operations and PAT. While doing so, our double-digit profitable momentum of five years gained further traction. In the fourth quarter, double-digit volume gains made in our operating segments and saw an expected moderation on account of the industry-wide price corrections with demand being driven by value and B2B business. Sustained raw material deflation and favourable mix allowed us to invest in brand awareness and growth, while delivering further margin and profit expansion."

"Committed to enhancing value for its shareholders, The Board of Akzo Nobel India has proposed a final dividend of Rs 25/- per share subject to shareholders' approval, taking the recommended total dividend for FY24 to Rs 75/- per share", added Mr. Rajiv Rajgopal.

Akzo Nobel India Share Price Target

Deven Mehata -Equity Research Analyst at Choice Broking said, "AKZOINDIA is currently trading at Rs 2615. A rounding bottom formation, accompanied by significant trading volume, has recently emerged on the daily chart, suggesting a potential upward movement towards Rs 2750 & Rs 2800. Notably, substantial support is observed near Rs 2525. Moreover, AKZOINDIA is trading above key Exponential Moving Averages (EMAs), including the 200-day EMA, and indicating strong bullish momentum. The Relative Strength Index (RSI) stands at 68.46, signalling an upward trajectory and confirming increased buying momentum."

"Additionally, the Stochastic Relative Strength Index (Stoch RSI) exhibits a positive crossover, further supporting bullish sentiment. To manage risk effectively, setting a stop-loss (SL) at Rs 2525 is advisable to protect against unexpected market reversals. A prudent strategy includes considering buying opportunities on market dips around Rs 2590. In summary, based on technical analysis and prevailing market conditions, AKZOINDIA presents a promising buying opportunity for those targeting a Rs 2800 price objective, contingent upon implementing prudent risk management measures," recommended the analyst.