Berger Paints India on Thursday, November 2, reported a consolidated net profit of ₹292 crore for the second quarter (July to September) of the 2023-24 fiscal, a growth of 33% from ₹219.51 crore in the year-ago period.

Share Market Live

NSE

The paint company's revenue from operations for the quarter under review was ₹2,767 crore, a 3% increase from ₹2,670.9 crore in the corresponding period last year.

Earnings before interest, taxes, depreciation and amortisation (excluding other Income) for the July-September period was at ₹474 crore, representing an increase of 30% from ₹364 crore in the same quarter last year.

"We had double digit volume growth in the decorative segment with lesser value growth as sale of low end and commodity items is high during this quarter," said Abhijit Roy MD amd CEO of Berger paints.

Due to delayed festive season and rains in the month of September, the sale of topcoats especially exterior coatings was heavily impacted, Roy said. However, he sees this improving considerably in the December quarter.

"We continue to work firmly on network expansion and implementation of key digital initiatives which should bear fruit in months ahead. The General Industrial and Powder coatings vertical witnessed robust value growth with strong showing on the profit front as well," the CEO added.

Shares of Berger Paints India Ltd were trading 0.61% lower at Rs 546.70 apiece on the NSE today. The scrip has gained 6.69% in the last six months, while it has risen 13.64% so far this year.

First Published:Nov 2, 2023 2:07 PM IST