Paint manufacturing behemoth Berger Paints, on Monday, announced its quarter-ending March (Q4FY23) financial statement.

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The company’s profit fell by 16 percent to Rs 185.7 crore against Rs 221 crore in the same quarter last year. However, Berger Paints’ revenue rose by approximately 12 percent to Rs 2,443.6 crore against Rs 2,187.5 crore in the same quarter last year.

The Kolkata-headquartered company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) surged over 6 percent to Rs 368.7 crore against Rs 346.5 crore in the same quarter last year. Meanwhile, its margin dropped by 70 basis points to 15.1 percent against 15.8 percent in the same quarter last year.

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Furthermore, the company’s board recommended a dividend of Rs 3.20 apiece for FY23.

In March, Abhijit Roy of Berger Paints told CNBC-TV18 that the company would see an improvement in the margin to the 16-17 percent band, which was not the case as the company reported a margin of 15.1 percent in Q4.

During the same interview, Roy revealed that the company is targeting double-digit growth in FY24. Furthermore, the company also expects to see 12-13 percent volume growth during the same period. Kaushik Ghosh replaced Vikash Sarda as CFO of Berger Paints, in January.

The stocks of Berger Paints settled at Rs 629.2 apiece, down 0.70 percent, when the market closed today, May 15, 2023. However, the stock has been up over 8 percent this year to date.

Also Read: HPCL Q4 results: Net profit jumps 79% to Rs 3,608 crore