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Results
16-May-24
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Analysis
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Berger Paints India
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Healthy double digit volume growth
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Consolidated
net sales (including other operating income) of Berger Paints India has
increased 3.14% to Rs 2520.28 crore.
Operating profit margin has declined from 15.09% to 13.92%, leading to
4.85% decline in operating profit to Rs 350.88 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 53.21% to 51.32%. Purchase of finished goods cost rose from
8.01% to 8.90%. Employee cost increased
from 6.16% to 6.77%. Other expenses
rose from 17.93% to 19.39%.
Other
income rose 5.37% to Rs 15.88 crore.
PBIDT fell 4.45% to Rs 366.76 crore.
Provision for interest fell 39.11% to Rs 17.84 crore. Loan funds declined from Rs 1,188.97 crore as
of 31 March 2023 to Rs 753.29 crore as of 31 March 2024. Inventories declined from Rs 2,319.12 crore
as of 31 March 2023 to Rs 2,179.68 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,302.02
crore as of 31 March 2024 compared to Rs 1,243.12 crore as of 31 March 2023. Cash and bank balance rose to Rs 450.65 crore
as of 31 March 2024 from Rs 244.69 crore as of 31 March 2023. Investments rose to Rs 255.07 crore as of 31
March 2024 from Rs 183.11 crore as of 31 March 2023 .
PBDT
fell 1.58% to Rs 348.92 crore. Provision
for depreciation rose 16.77% to Rs 86.89 crore.
Fixed assets increased to Rs 3,384.01 crore as of 31 March 2024 from Rs
3,160.42 crore as of 31 March 2023.
Intangible assets increased from Rs 281.69 crore to Rs 304.66 crore.
Profit
before tax down 6.46% to Rs 262.03 crore.
Provision for tax was expense of Rs 71.43 crore, compared to Rs 71.92
crore. Effective tax rate was 24.29%
compared to 27.88%.
Minority
interest increased 62.50% to Rs 0.52 crore.
Net profit attributable to owners of the company increased 19.61% to Rs
222.10 crore.
Equity
capital increased from Rs 97.14 crore as of 31 March 2023 to Rs 116.58 crore as
of 31 March 2024. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 74.99% as of 31 March 2024 ,compared to 74.99% as of 31 March
2023.
"We
gained market share again in FY24 and as a milestone crossed Rs.10,000 crores
in revenue and PAT of Rs. 1,000 crores on a stand-alone basis, a significant
event on our 100 th year in India.
Our
Q4FY24 sales were at a healthy double digit volume growth. The value growth was
adversely impacted by a massive 4%+ price reduction in the year, an increased
contribution of high-volume low value products and a lower than expected sale
in the luxury segment from the anticipation of a price reduction in this
segment.
On
the profitability front in Q4FY24, while the gross margins were maintained the
ebidta reduced due to the one-off effect of subsidy received in Q4FY23,
negative operating leverage on account of fixed cost on lower value base &
the incremental operating cost of the new Sandi/a plant as well as the
conscious call taken on brand building efforts leading to an increased advertisement
expenditure.
On
the whole the company did much better on an annual basis for FY24 delivering a
stellar double digit improvement in profitability with all the business lines
delivering well with strong double digit volume growths and improvements in
profitability especially in the industrial segment. We continue to be focussed
on the waterproofing & construction chemicals segment where we saw
exceptional growths this year and expect this trend to continue in the years
ahead. We remain confident of an improved demand scenario in the upcoming year
a.nd have prepared for the same with the launch of multiple innovative new
products in the paint, coatings and waterproofing segments to ensure that we
provide relevant solutions to the changing needs of our customers. " said Abhijit Roy, Managilng Director
& CEO of Berger Paints India Limited.
Full year results
analysis
Net
sales (including other operating income) of Berger Paints India has increased
5.97% to Rs 11198.92 crore. Operating
profit margin has jumped from 14.07% to 16.62%, leading to 25.16% rise in
operating profit to Rs 1,861.32 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 54.90% to 50.55%.
Purchase of finished goods cost fell from 9.11% to 8.34%. Employee cost increased from 5.71% to
6.44%. Other expenses rose from 16.33%
to 17.87%.
Other
income rose 23.48% to Rs 63.68 crore.
PBIDT rose 25.10% to Rs 1925 crore.
Provision for interest fell 21.14% to Rs 78.25 crore. Loan funds declined from Rs 1,188.97 crore as
of 31 March 2023 to Rs 753.29 crore as of 31 March 2024. Inventories declined from Rs 2,319.12 crore
as of 31 March 2023 to Rs 2,179.68 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,302.02
crore as of 31 March 2024 compared to Rs 1,243.12 crore as of 31 March 2023. Cash and bank balance rose to Rs 450.65 crore
as of 31 March 2024 from Rs 244.69 crore as of 31 March 2023. Investments rose to Rs 255.07 crore as of 31
March 2024 from Rs 183.11 crore as of 31 March 2023 .
PBDT
rose 28.29% to Rs 1846.75 crore.
Provision for depreciation rose 25.32% to Rs 330.88 crore. Fixed assets increased to Rs 3,384.01 crore
as of 31 March 2024 from Rs 3,160.42 crore as of 31 March 2023. Intangible assets increased from Rs 281.69
crore to Rs 304.66 crore.
Profit
before tax grew 28.95% to Rs 1,515.87 crore.
Provision for tax was expense of Rs 387.07 crore, compared to Rs 301.94
crore. Effective tax rate was 24.86%
compared to 25.98%.
Minority
interest increased 112.24% to Rs 2.08 crore.
Net profit attributable to owners of the company increased 35.88% to Rs
1,167.74 crore.
Equity
capital increased from Rs 97.14 crore as of 31 March 2023 to Rs 116.58 crore as
of 31 March 2024. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 74.99% as of 31 March 2024 ,compared to 74.99% as of 31 March 2023
.
Cash
flow from operating activities increased to Rs 1,591.05 crore for year ended
March 2024 from Rs 975.57 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 274.99 crore, compared to Rs 748.04
crore during the year ended March 2023.
The
scrip trades at Rs 486
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Berger Paints India :
Consolidated Results
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Particulars
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2403 (03)
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2303 (03)
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Var.(%)
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2403 (12)
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2303 (12)
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Var.(%)
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Net Sales
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2,520.28
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2,443.63
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3
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11,198.92
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10,567.84
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6
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OPM (%)
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13.9
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15.1
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16.62
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14.1
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OP
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350.88
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368.76
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-5
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1,861.32
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1,487.20
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25
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Other Inc.
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15.88
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15.07
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5
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63.68
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51.57
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23
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PBIDT
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366.76
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383.83
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-4
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1,925.00
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1,538.77
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25
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Interest
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17.84
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29.3
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-39
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78.25
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99.23
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-21
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PBDT
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348.92
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354.53
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-2
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1,846.75
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1,439.54
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28
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Depreciation
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86.89
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74.41
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17
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330.88
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264.03
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25
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PBT
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262.03
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280.12
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-6
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1515.87
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1175.51
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29
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Share of Profit/(Loss) from Associates
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32.02
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-22.19
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LP
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41.02
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-13.17
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LP
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PBT before EO
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294.05
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257.93
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14
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1556.89
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1162.34
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34
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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
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0
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-
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PBT after EO
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294.05
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257.93
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14
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1556.89
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1162.34
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34
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Taxation
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71.43
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71.92
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-1
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387.07
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301.94
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28
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PAT
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222.62
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186.01
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20
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1169.82
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860.4
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36
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Minority Interest (MI)
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0.52
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0.32
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63
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2.08
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0.98
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112
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Net profit
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222.1
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185.69
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20
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1167.74
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859.42
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36
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EPS (Rs)*
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#
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#
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10.0
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7.4
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Notes
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* EPS is on current equity of Rs 116.58 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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Previous News |
Berger Paints India
(
Results
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Analysis
16-May-24
10:39
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