Berger Paints Q1 profit down 11 pc to ₹315 cr
The company had posted a net profit of ₹ 354 crore for the April-June period a year ago, according to a regulatory filing from Berger Paints India.
However, revenue from operations was up at ₹ 3,200.76 crore in June quarter as against ₹ 3,091.01 crore in the corresponding quarter a year ago.
The company had a "mid single-digit volume growth", however, it was "moderated by heavier-than expected monsoon in May-June," the company said in an investors' presentation.
Total expenses were at ₹ 2,780.81 crore, up 4.11 per cent in the June quarter. Total income, which includes other income, was at ₹ 3,229.22 crore, up 3.25 per cent year-on-year.
Commenting on the result, Managing Director & CEO Abhijit Roy said early onset of monsoon played spoilsport this quarter.
"We were still able to deliver value growth higher than the listed industry players and continued to improve our market share. The volume value gap this quarter is 3.6 per cent as compared to 7 per cent for the last flscal," it said.
Moreover, the June quarter results include an exceptional loss of ₹ 36.81 crore, arising from a fire incident at a regional distribution centre and warehouse facility in Barasat, Kolkata.
"The fire originated at some other company's premises and unfortunately spread to our warehouse. The loss pertains primarily to damaged inventory and certain fixed assets. The insurance claim filing is in progress, and related assessments are underway," it said.
Shares of Berger Paints India Ltd on Tuesday settled at ₹ 572 apiece on BSE, up 0.41 per cent from the previous close.
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