The net profit declined 12.5% to Rs 207.64 crore in the year ended March 2021 (FY21) compared with Rs 237.46 crore in the year ended March 2020 (FY20). Revenue from operations fell 9% to Rs 2,421.3 crore in FY21 over FY20. The company's board has recommended a dividend of Rs 30 per share.

Rajiv Rajgopal, MD of Akzo Nobel India said, "The trend of recovery was sustained, with the quarter bringing a strong finish to a challenging year. Paints, Powder, and Automotive and Specialty Coatings saw strong growth, although we faced headwinds in oil and gas segment. While the businesses reported strong double-digit volume growth during the quarter, demand for the same period last year was impacted by COVID-19 (impacting the year-on-year comparison).

Raw material cost inflation is expected to continue, although profitability improved due to revenue development and value engineering initiatives.

In terms of our full-year performance, revenue was 9% lower during 2020-21, with the second half partially offsetting the adverse impact of the first half. Margins were close to the previous year's level, as a result of cost discipline and transformation initiatives.

Although the industry outlook remains positive, the second wave of COVID-19 infections presents a challenging environment in the short-term," he added.

Meanwhile, Amit Jain will step down as chairman of Akzo Nobel India with effect from 23 May 2021. He will continue to serve as a director on the board of the company.

Oscar Wezenbeek, who joined the board as a non-executive director in May 2019, will take over as non-executive chairman, effective 23 May 2021. Wezenbeek is currently the managing director of Akzo Nobel Decorative Paints, South East and South Asia (SESA) and operates out of Singapore.

Further, Akzo Nobel India has received approval from Citroën India to be a recommended supplier of vehicle refinish products and services for their aftersales repair network in India. The partnership also focuses on business development programs, value-added services and hands-on technical training from Akzo Nobel India.

Akzo Nobel India manufactures and markets a wide range of coatings and paints. Shares of Akzo Nobel rose 2.05% at Rs 2,265.80 on Friday.