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Berger
Paints India consolidated net sales increased 6.99% to Rs 2881.83 crore in
Q3FY24 compared to Q3FY23. Operating profit margin has jumped from 12.98% to
16.66%, leading to 37.29% rise in operating profit to Rs 480.04 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 52.43% to 47.89%. Purchase of finished goods cost fell from
9.95% to 8.36%. Employee cost increased
from 5.96% to 6.71%. Other expenses
rose from 17.58% to 19.30%.
Other
income rose 74.08% to Rs 18.94 crore.
PBIDT rose 38.40% to Rs 498.98 crore.
Provision for interest fell 33.60% to Rs 19.62 crore.
PBDT
rose 44.83% to Rs 479.36 crore.
Provision for depreciation rose 28.84% to Rs 82.91 crore.
Profit
before tax grew 48.69% to Rs 396.45 crore.
Share of profit/loss was 43.78% lower at Rs 1.4 crore. Provision for tax was expense of Rs 97.69
crore, compared to Rs 67.95 crore.
Effective
tax rate was 24.55% compared to 25.25%.
Minority
interest increased 121.74% to Rs 0.51 crore.
Net profit attributable to owners of the company increased 49.12% to Rs
299.65 crore.
Promoters’
stake was 74.99% as of 31 December 2023 ,compared to 75.00% as of 31 December
2022.
Commenting on the
results, Abhijit Roy MD & CEO Berger paints said, "The quarter witnessed strong
growth on the volume front and robust growth in operating profits with
decorative business line volume growth in double digits. Our Tier 2 and Tier 3
city growth rates were higher than Tier I city growth rates. We continued with
our aggressive growth in the Waterproofing and Construction Chemicals segment.
New product introductions were made in the sealants and roof waterproofing
category to fortify our product offerings in this segment. The General Industrial,
Auto and Powder divisions also did reasonably well. In international
operations, Bolix S.A., Poland, saw a remarkable growth. We continued to expand
our network by adding more than 2300 retail touchpoints during this quarter and
strengthening digital initiatives to bolster our capabilities as we look at
exciting times ahead.
For year-to-date (YTD)
results analysis
Net
sales (including other operating income) of Berger Paints India has increased
6.82% to Rs 8678.64 crore.
Operating
profit margin has jumped from 13.77% to 17.40%, leading to 35.05% rise in
operating profit to Rs 1,510.44 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 55.42% to 50.31%.
Purchase of finished goods cost fell from 9.45% to 8.17%. Employee cost increased from 5.58% to
6.34%. Other expenses rose from 15.84%
to 17.40%.
Other
income rose 30.96% to Rs 47.8 crore.
PBIDT rose 34.92% to Rs 1558.24 crore.
Provision for interest fell 13.61% to Rs 60.41 crore.
PBDT
rose 38.05% to Rs 1497.83 crore.
Provision for depreciation rose 28.67% to Rs 243.99 crore.
Profit
before tax grew 40.03% to Rs 1,253.84 crore.
Share of profit/loss was 0.22% lower at Rs 9 crore. Provision for tax was expense of Rs 315.64
crore, compared to Rs 230.02 crore.
Effective tax rate was 24.99% compared to 25.43%.
Minority
interest increased 136.36% to Rs 1.56 crore.
Net profit attributable to owners of the company increased 40.36% to Rs
945.64 crore.
Promoters’
stake was 74.99% as of 31 December 2023 compared to 75.00% as of 31 December
2022.
The
scrip trades at Rs 556
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Berger Paints India :
Consolidated Results
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|
Particulars
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2312 (03)
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2212 (03)
|
Var.(%)
|
2312 (09)
|
2212 (09)
|
Var.(%)
|
2303 (12)
|
2203 (12)
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Var.(%)
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Net Sales
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2,881.83
|
2,693.59
|
7
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8,678.64
|
8,124.21
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7
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10,567.84
|
8,761.78
|
21
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OPM (%)
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16.66
|
12.98
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17.4
|
13.77
|
|
14.07
|
15.19
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OP
|
480.04
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349.65
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37
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1,510.44
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1,118.44
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35
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1,487.20
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1,331.07
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12
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Other Inc.
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18.94
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10.88
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74
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47.8
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36.5
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31
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51.57
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64.59
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-20
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PBIDT
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498.98
|
360.53
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38
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1,558.24
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1,154.94
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35
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1,538.77
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1,395.66
|
10
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Interest
|
19.62
|
29.55
|
-34
|
60.41
|
69.93
|
-14
|
99.23
|
50.72
|
96
|
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PBDT
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479.36
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330.98
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45
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1,497.83
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1,085.01
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38
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1,439.54
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1,344.94
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7
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Depreciation
|
82.91
|
64.35
|
29
|
243.99
|
189.62
|
29
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264.03
|
226.51
|
17
|
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PBT
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396.45
|
266.63
|
49
|
1253.84
|
895.39
|
40
|
1175.51
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1118.43
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5
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Share of Profit/(Loss) from Associates
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1.4
|
2.49
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-44
|
9
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9.02
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0
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-13.17
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3.86
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PL
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PBT before EO
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397.85
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269.12
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48
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1262.84
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904.41
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40
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1162.34
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1122.29
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4
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EO Income
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0
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0
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-
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0
|
0
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-
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0
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0
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-
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PBT after EO
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397.85
|
269.12
|
48
|
1262.84
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904.41
|
40
|
1162.34
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1122.29
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4
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Taxation
|
97.69
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67.95
|
44
|
315.64
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230.02
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37
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301.94
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289.34
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4
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PAT
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300.16
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201.17
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49
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947.2
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674.39
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40
|
860.4
|
832.95
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3
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Minority Interest (MI)
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0.51
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0.23
|
122
|
1.56
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0.66
|
136
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0.98
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0.13
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654
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Net profit
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299.65
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200.94
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49
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945.64
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673.73
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40
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859.42
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832.82
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3
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EPS (Rs)*
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#
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#
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#
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#
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7.4
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7.1
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Notes
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* EPS is on current equity of Rs 116.57 crore, Face value of Rs
1, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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