Berger Paints Q4FY23 PAT down -15.9% at Rs186 crore on higher inventory costs in the quarter

Berger Paints reported 11.71% growth in total revenues for the March 2023 quarter on consolidated basis at Rs2,444cr. Sequential revenues were down -9.28%, but that is more because of the surge in demand in the December quarter. For the full year FY23, total sales revenues were up more than 20% at Rs10,568 crore. The board has recommended a dividend of Rs3.20 per share to the shareholders of Berger Paints.

The company has current capacity of 95,000 MT with its biggest plant of 33,000 MT capacity going on stream in February 2023 and currently operating at 40% to 45% capacity. Another plant to manufacture industrial paints and construction chemicals is underway in West Bengal. Volume growth in Q4FY23 was 11.1% in a tough quarter while the 3 year CAGR growth was 19.4%. Decorative paints showed 14% growth in the quarter.

Financial highlights for Mar-23 compared yoy and sequentially

Berger Paints

Rs in CroreMar-23Mar-22YOYDec-22QOQ
Total Income (Rs cr)₹ 2,444₹ 2,18811.71%₹ 2,694-9.28%
Operating Profit (Rs cr)₹ 272₹ 292-6.78%₹ 288-5.37%
Net Profit (Rs cr)₹ 186₹ 221-15.85%₹ 201-7.59%
      
Diluted EPS (Rs)₹ 1.91₹ 2.27 ₹ 2.07 
OPM11.14%13.35% 10.68% 
Net Margins7.60%10.09% 7.46% 

 

Due to higher inventory costs the operating profits were lower on a yoy basis. The OPM was down from 13.35% to 11.15% on a yoy basis in the fourth quarter while net margins were lower at 7.60% compared to 10.09% in the year ago quarter. Standalone gross margins bounced back to 39.6% in Q4FY23, the highest level in the last eight quarters.

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