Berger Paints, a leading player in the Indian paint industry, has announced robust financial results for the third quarter of the current fiscal year, showcasing a remarkable 49 per cent year-on-year increase in consolidated net profit to Rs 300.16 crore. The company disclosed that revenue from operations also experienced a substantial growth of 7 per cent, reaching Rs 2,881.83 crore during the October-December period, as stated in a regulatory filing.
During the period under review, Berger Paints reported a notable surge in Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA), excluding other income, witnessing a significant increase of 37.3 per cent to Rs 480 crore compared to the corresponding quarter last year.
Berger Paints’ Managing Director and CEO, Abhijit Roy, expressed his satisfaction with the quarter’s performance, highlighting strong volume growth and a robust increase in operating profits. He noted that the growth rates in tier 2 and tier 3 cities outpaced those of tier 1 cities, signifying the company’s broadening market reach and appeal.
Roy emphasised Berger Paints’ continued focus on aggressive growth strategies, particularly in the waterproofing and construction chemicals segment. The company introduced new products in the sealants and roof waterproofing category during the quarter to enhance its product portfolio in this segment. Furthermore, Berger Paints witnessed satisfactory performance in its industrial and auto divisions.
In line with its expansion plans, Berger Paints expanded its retail network by adding more than 2300 retail touchpoints during the quarter, strengthening its presence across the country. Additionally, the company remained committed to bolstering its digital initiatives to cater to evolving consumer preferences and market dynamics.
RTM Watch’s Take
Berger Paints India has delivered strong financial results in Q3 FY24, with a significant increase in net profit. The company’s focus on improving its product mix, along with the softening of raw material prices, has contributed to its growth. Berger Paints’ ability to adapt to market dynamics and maintain a competitive edge in the industry is commendable. With its consistent performance, the company is well-positioned for future success.
