Berger Paints: Q1 FY24 profit up 39.89%

11 Aug 2023 CW Team

Berger Paints has marked an impressive 39.89% surge in its net consolidated profit during the quarter ending on June 30, 2023. The company's profit after tax for Q1 FY24 amounted to $3.5491 billion, a remarkable increase from the $2.5371 billion registered in the corresponding quarter of the previous fiscal year, as stated in its BSE filing.

During Q1 FY24, the company's net consolidated total income stood at $30.4309 billion, signifying a substantial growth of 9.75% compared to the $27.7274 billion recorded in the analogous quarter of the previous year.

Abhijit Roy, MD and CEO of Berger Paints, expressed his satisfaction with the company's performance, highlighting the double-digit growth in both volume and value within the decorative business segment. Roy stated, "Our operating profit to sales % has also increased substantially to 18.8%, marking a growth of 37.5% and a 2-year CAGR of 52.5%. This Q1 performance has surpassed our typical operating profit range of 16-18%, reflecting the robust growth achieved. The decorative segment witnessed mid-teen volume growth and double-digit value growth."

The company's board of directors has given the nod for the issuance of one bonus equity share with a face value of Re 1 each for every five equity shares of the same face value.

As of June 30, 2023, Berger Paints' net worth stood at $46.1665 billion, with a debt-equity ratio of 0.16, a current liability ratio of 0.86, total debts to total assets ratio of 0.10, an operating margin of 16.21%, and a net profit margin of 11.91%. The company's Q1 performance exemplifies its commitment to consistent growth and financial stability.

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