The country’s second largest paint company, Berger Paints India, reported a 5 per cent drop in standalone net profit at ₹185 crore for the quarter ended March 31 against ₹195 crore reported in the year-ago-period.
The company, in a statement to the bourses, said the figures of both the period are not comparable. Net profit in Q4FY21included ₹3.92 crore as other income from dividend, as against ₹100.09 crore in the corresponding quarter of the previous fiscal.
Revenue from operations during the March quarter shot up by over 53 per cent, ₹1,797 crore. Ebitda (excluding other income and exceptional item) stood at ₹303 crore.
On a consolidated basis, the company posted a 102 per cent growth in its consolidated net profit at ₹209 crore; while consolidated revenue shot up by 50 per cent to ₹2026 crore. The growth came on the back of higher sales volumes and low base effect.
For the full fiscal, consolidated net profit stood at ₹720 crore, a 10 per cent rise YoY; while revenue from operations rose by over 7 per cent to ₹6,818 crore.
According to Abneesh Roy, Exectuive VP, Edelweiss Securities, Berger’s growth in consolidated sales and Ebidta on a two year basis was at 38 per cent and 49 per cent.
The company’s board has recommended a dividend of 280 per cent, or ₹2.80 per equity share of ₹1 each.
It has also decided to re-appoint Abhijit Roy as the MD and CEO for another five-year-period beginning July 1, 2022. Reappointment is subject to approval of the shareholders in the 97th AGM of the company. Roy’s tenure as MD and CEO was coming to an end on June 30.