Berger Paints India Reports 33% Growth in Q2 Profit, Eyes Improved Sales Ahead

2 Nov 2023 , 02:38 PM

Berger Paints India reported a consolidated net profit of Rs 292 crore for Q2 of the 2023-24 fiscal, marking a 33% growth compared to Rs 219.51 crore in the previous year. The company’s revenue from operations in the same quarter reached Rs 2,767 crore, reflecting a 3% increase from Rs 2,670.9 crore in the corresponding period of the previous year.

Earnings before interest, taxes, depreciation, and amortization (excluding other income) for July-September amounted to Rs 474 crore, showing a 30% increase from Rs 364 crore in the same quarter of the previous year.

Abhijit Roy, MD, and CEO of Berger Paints, noted double-digit volume growth in the decorative segment, with lower value growth due to increased sales of lower-end and commodity items in the quarter. External coatings sales were impacted by the delayed festive season and September rains, but the situation is expected to improve in the December quarter.

The company is focusing on network expansion and the implementation of key digital initiatives to drive future growth. The General Industrial and Powder coatings vertical reported robust value growth and strong profit performance.

Berger Paints India’s shares were trading 0.61% lower at Rs 546.70 apiece on the NSE, having gained 6.69% in the last six months and 13.64% year-to-date.

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