Berger Paints Q1 Results: Cons PAT jumps 40% YoY to Rs 355 crore; revenue rises 9%

economictimes.indiatimes.com:

Berger Paints India on Wednesday reported a nearly 40% year-on-year (YoY) jump in its consolidated net profit for the quarter ended June 2023 at Rs 355 crore versus Rs 254 crore in the same quarter last year. The revenue from operations jumped 9.2% YoY to Rs 3,029 crore against Rs 2,773 crore reported in the year-ago period. The company's Board of Directors also approved a bonus issue of one bonus equity share against five equity shares.

This will be subject to the approval from shareholders, the company said in its filing to the exchanges. Meanwhile, standalone Q1 profit growth was reported at 39% aided by favourable raw material costs and operational efficiencies. The profit after tax (PAT) for the April-June quarter stood at Rs 326 crore versus Rs 234 crore in Q1FY23.

Standalone Q1 net sales at Rs 2740 crore, up 10%, with high double-digit volume growth led by a healthy uptick across urban and rural markets, the exchange filing said. Innovative products like Anti Dustt, Easy Clean, Longlife, and PU enamel performed exceedingly well, the filing claimed. Waterproofing and CC segment continues to generate robust growth with robust growth in the Decorative & GI divisions.

The company witnessed muted growth in the powder coatings division but has been on a rebound from July onwards. In international business, Nepal business suffered while Bolix Poland and Russia operations did well. The consolidated EBITDA for the quarter ended June 30, 2023, was Rs 556.75 crore against Rs 405 crore in the corresponding quarter of the last year, representing an increase of 37.5% over the corresponding quarter of last year.