Shares of Berger Paints fell 2.41 percent intraday on Friday after the company reported 24.6 percent decline in consolidated net profit to Rs 111.34 crore for the quarter ended September 2017 as against corresponding period profit of Rs 138.78 crore last year.
Revenue for the quarter under review was Rs 1,281.71 crore as against Rs 1,151.60 crore in the same period last year, the company said in a statement.
On a standalone basis, Berger Paints saw a rise in net profit in the quarter to Rs 108.25 crore as against Rs 94.6 crore in the same period last fiscal.
Glocal research firm Macquarie has maintained a neutral rating on Berger Paints and is of the view that Q2 results were in-line with estimates indicating 8-9 percent volume growth which appears to be similar to Asian Paints. Its gross margin improved QoQ but is still trending down YoY, the firm added.
At 11:00 hrs Berger Paints India was quoting at Rs 261.40, down Rs 6.45, or 2.41 percent. It has touched an intraday high of Rs 270.05 and an intraday low of Rs 257.75.
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