The company’s revenue grew 3.1 per cent to Rs 2,520.28 crore
In the fiscal fourth quarter, Berger Paints reported a profit of Rs 222.62 crore, marking a 19.7 crore increase from Rs 186.01 crore in the same period of FY23. Revenue from operations stood at Rs 2,520.28 crore, reflecting a 3.1 per cent year-on-year rise compared to Rs 2,443.63 crore in the previous year’s fourth quarter. The company’s EBITDA declined by 4.8 per cent to Rs 361.1 crore.
The company board proposed a dividend payment of Rs 3.50 (350 per cent) per equity share with a face value of Rupee 1 each for the fiscal year 2023-24.
In the full fiscal year, Berger Paints reported revenue from operations of Rs 11,198.9 crore, marking a 6 per cent increase from Rs 10,567.8 crore in the previous year. Profit for the fiscal year ending March 31, 2024, reached Rs 1169.8 crore, up by 36 per cent from Rs 860.4 crore in the prior fiscal year. EBITDA for the year stood at Rs 1861.3 crore, reflecting a 25.2 per cent increase from Rs 1487.2 crore in the corresponding period of the previous fiscal year.
“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 hundredth 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 and the incremental operating cost of the new Sandila 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 focused on the waterproofing and 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 and 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, Managing Director and CEO of Berger Paints India.
