Berger Paints Q3 result: Net profit declines 20.5% to Rs 200 crore

On an a standalone basis, Berger Paints' net profit fell 6 percent toRs 207.10 crore YoY (Representative image)

Berger Paints India on February 2 reported a consolidated net profit of Rs 200.9 crore for the third quarter ended December 31, 2022 (Q3FY23), down 20.5 percent from Rs 252.7 crore registered in the year-ago period.

Revenue from operations came in at Rs 2,693.6 crore, up 5.6 percent against from Rs 2,550.8 crore logged in the corresponding period of the last fiscal.

On a standalone basis, the net profit stood at Rs. 207.10 crore as against Rs 220.29 crore in the corresponding quarter of the previous fiscal, representing a decline of 6 percent. Revenue from operations increased 7.21 percent to Rs 2,418.91 crore during the quarter under review.

Earnings before interest, taxes, depreciation and amortisation (excluding other Income) for the September-December period was at Rs 349.7 crore, representing a drop of 10.8 percent from Rs 392.1 crore in the same quarter last year. At the same time, its margin also fell to 13 percent from 15.4 percent year-on-year.

Further, the paint company's total expenses were Rs 2,437.84 crore, up 9.4 percent from Rs 2,228.56 crore in the December quarter.

The company noted that the decorative business "showed decent growth in the quarter in spite of extended monsoon, very high base effect and short festive season compared to the corresponding quarter last year."

It also stated that Berger Paints witnessed some mixed impact on account of higher stocking of premium products by retailers on the back of steep price increases in the corresponding period last year and lower sales of exterior emulsion due to extended monsoon.

Shares of Berger Paints India Ltd on February 2 settled at Rs 540.95 on BSE, down 1.59 percent from the previous close.