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Furniture-furnishing paints company Berger Paints (India) announced Q1FY24 results:
- Consolidated Q1FY24:
- Revenue from operations for Q1FY24 was Rs 3,029.51 crore as against Rs 2,759.70 crore in Q1FY23, representing an increase of 9.8% YoY.
- EBITDA (excluding other income) for Q1FY24 was Rs 556.75 crore as against Rs 404.84 crore in Q1FY23, representing an increase of 37.5% YoY.
- Net profit (after share of profit/loss of associates and joint ventures) for Q1FY24 was Rs 354.91 crore as against Rs 253.71 crore in Q1FY23, representing an increase of 39.9% YoY.
- Standalone Q1FY24:
- Revenue from operations for Q1FY24 was Rs 2,739.76 crore as against Rs 2,488.67 crore in Q1FY23, representing an increase of 10.1% YoY.
- EBITDA (excluding other income) for Q1FY24 was Rs 513.83 crore as against Rs 373.72 crore in Q1FY23, representing an increase of 37.5% YoY.
- Net profit for Q1FY24 was Rs 326.32 crore as against Rs 234.40 crore in Q1FY23, representing an increase of 39.2% YoY.
- The Board of Directors at its meeting held on August 9, 2023, considered and approved the issue of 1 bonus equity share of the face value of Re 1/- each against 5 equity shares of the face value of Re 1/- each. This is subject to the shareholder’s approval.
“Berger Paints continued to deliver on its promise of excellence and outperformed the market. The decorative business saw double-digit growth both on the Value and Volume fronts on high bases. Our operating profit to Sales % also increased substantially to 18.8%, a growth of 37.5% and a 2-year CAGR of 52.5%. We usually are in the range of 16-18% of operating profits and the Q1 performance has surpassed that range. Decorative registered volume growth in the mid-teens and double-digit value growth. Auto GI and protective division have done well even on high bases. Powder coatings underperformed in Q1 but are expected to do better in Q2. Nepal operations underperformed due to country-specific issues and will rebound in the coming quarter.
We continue to focus on network expansion and invest in our brands. All our differentiated products like anti dust, easy clean, and longlife continue to grow handsomely.
With normal monsoons ahead and an extended festive season, we are gearing up for exciting times ahead.” said Abhijit Roy, MD and CEO, Berger Paints India.
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