homebusiness Newscompanies NewsBerger Paints to post double digit volume, value growth this financial year, says MD & CEO
Berger Paints to post double-digit volume, value growth this financial year, says MD & CEO
Abhijit Roy's statements provide valuable insights into Berger Paints' current position and future prospects. Despite anticipating a softer second quarter, the company is bullish about its performance in the third quarter and remains committed to achieving double-digit growth in the fiscal year 2024.
Kolkata-based paint maker Berger Paints Ltd will most likely record a double digit growth in sales volume and value during the current financial year, according to the company's CEO and Managing Director Abhijit Roy.
In a recent interview with CNBC-TV18, Roy shared key insights into the company's performance and outlook for the upcoming fiscal year. He acknowledged that the second quarter of the fiscal year might face some challenges. However, he remained optimistic about the company's performance in the third quarter and there onwards.
“Quarter two will be slightly softer, but quarter three will be much more robust and quarter four will be moderate,” he said.
One of the highlights of Abhijit Roy's statements was the commitment to achieving double-digit growth in both volume and value for the fiscal year 2024. This ambitious goal underscores Berger Paints' determination to capitalise on market opportunities and maintain its position as a key player in the industry.
“We will end up with a double-digit growth by the end of the year, both in volume and value terms,” he said.
Berger Paints recorded a growth of 8.2 percent in revenues at Rs 9,547.8 crore in the financial year 2023, as compared to the previous year's Rs 8,826.4 crore. In the last five years, the revenue of Berger Paints grew on an average annual rate of 7 percent from Rs 6,121.9 crore in financial year 2019 to Rs 9,547.8 crore in fiscal year 2023.
Roy also addressed the concerns about raw material prices by assuring that the company considers the current prices to be reasonable. This statement suggests that Berger Paints has a strategy in place to manage its costs effectively and intends to keep its profit margins stable.
Abhijit Roy announced that Berger Paints has steadily increased its market share over the past six years. This achievement reflects the company's ability to adapt to changing market dynamics and resonate with customers, even in a competitive landscape.
Roy's confidence in the company's performance for the current year was evident when he stated that they do not foresee any significant impact from competition.
Looking ahead, Abhijit Roy acknowledged the ever-evolving nature of competition and its potential impact on the company's performance in the coming year. This cautious approach indicates that Berger Paints is prepared to adapt and respond to market changes as they arise.
For more details, watch the accompanying video
(Edited by : C H Unnikrishnan)
First Published: Sept 4, 2023 2:24 PM IST
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