India's Berger Paints misses quarterly profit view on higher expenses, one-time charge
Consolidated net profit shrank 11% to 3.15 billion rupees (about $36 million) in the quarter ended June 30.
Analysts, on average, had predicted a profit of 3.62 billion rupees, as per data compiled by LSEG.
Berger took a one-time charge of 368.1 million rupees during the quarter.
For further earnings highlights, (click here).
Indian paintmakers have been grappling with soft retail demand. "The early onset of monsoon played spoilsport this quarter," CEO Abhijit Roy said in a statement.
However, India's largest paintmaker Asian Paints said last month that it sees some "green shoots" of demand recovery in the sector.
It had resorted to discounts in the quarter to buy back customers, while it posted an in-line quarterly profit.
Rivals, Akzo Nobel India and Kansai Nerolac posted lower quarterly profit.
PEER COMPARISON
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
APRIL-JUNE STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 87.7910 Indian rupees
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