Berger Paints Q2 net profit declines 1% at Rs 219 crore

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Berger Paints India Ltd on Wednesday reported 1 per cent decline in consolidated net profit at Rs 219.21 crore for September quarter 2021-22 impacted by high raw material cost and COVID-19. The company, which is into paints and coatings, had posted a net profit of Rs 221.05 crore in the year-ago period, Berger Paints India said in a regulatory filing.

Revenue from operations was at Rs 2,225.01 crore in the quarter as against Rs 1,742.55 crore in the year-ago period. However, total expenses were higher at Rs 1,939.59 crore as compared to Rs 1,471.97 crore in the second quarter last fiscal year, it added.

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Cost of materials consumed shot up to Rs 1,303.21 crore from Rs 750.30 crore in the corresponding period a year ago. "The group's business operations during the half year ended September 30, 2021 and year ended March 31, 2021 were impacted due to COVID-19 pandemic and consequent lockdowns," the filing said.

In the first half (April-September) of the fiscal year ended September 30, 2021, consolidated net profit was at Rs 359.69 crore as against Rs 236.14 crore in the year-ago period, a growth of 52.32 per cent, the company said. Revenue from operations in the six-month period was Rs 4,023.50 crore as compared to Rs 2,673.31 crore in the year-ago period, an increase of 50.51 per cent, it added.