Berger Paints India Ltd on Tuesday (February 6) reported a 49.2% year-on-year (YoY) jump in consolidated net profit at ₹300.2 crore for the third quarter that ended December 31, 2023, on volume growth and robust increase in operating profits.
In the corresponding quarter last year, Berger Paints India posted a net profit of ₹201.2 crore, the company said in a regulatory filing. The company's consolidated revenue from operations increased 7% to ₹2,881.8 crore against ₹2,693.6 crore in the corresponding period of the preceding fiscal.
At the operating level, consolidated EBITDA jumped 37.2% to ₹480 crore in the third quarter of this fiscal over ₹349.8 crore in the corresponding period in the previous fiscal.
The consolidated EBITDA margin stood at 16.7% in the reporting quarter against 13% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
Standalone numbers
Regarding standalone figures, revenue from operations for the quarter ended December 31, 2023, was ₹2,574.20 crore against ₹2,418.91 crore in the corresponding quarter of the last year, representing an increase of 6.4%.
Also, EBITDA (excluding other income) for the quarter ended December 31, 2023, was ₹429.58 crore against ₹311.30 crore in the year-ago period, representing an increase of 38.0%.
Net profit for the quarter that ended December 31, 2023, was ₹263.25 crore against ₹207.10 crore in the corresponding quarter of the last fiscal, representing a 27.1% increase.
Abhijit Roy, MD and CEO of Berger Paints, said, "The quarter witnessed strong growth on the volume front and robust growth in operating profits with the decorative business line volume growth in double digits. Our tier 2 and 3 city growth rates were higher than tier I city growth rates. We continued with our aggressive growth in the waterproofing and construction chemicals segment. New product introductions were made in the sealants and roof waterproofing category to fortify our product offerings in this segment."
The results came after the close of the market hours. Shares of Berger Paints India Ltd ended at ₹556, down by ₹10.40, or 1.84%, on the BSE.
