Berger Paints India Q1 net profit rises 40 pc to Rs 355 crore

New Delhi: Berger Paints India on Wednesday reported a 40 per cent rise in consolidated net profit at Rs 354.91 crore for the June quarter.

The company, which had posted a consolidated net profit of Rs 253.71 crore for the same period in the last fiscal, said its board has approved the issue of one bonus equity share of face value of Re 1 each against 5 equity shares of the face value of Re 1 each, subject to shareholders' approval.

Consolidated revenue from operations during the first quarter of the current fiscal was Rs 3,029.51 crore as against Rs 2,759.7 crore in the year-ago period, Berger Paints India said in a regulatory filing. Total expenses were higher at Rs 2,570.68 crore as compared to Rs 2,433.92 crore in the year-ago quarter.

"The decorative business saw double-digit growth both on value and volume fronts on high bases... Auto GI (General Industry) and protective division have done well even on high bases. Powder coatings underperformed in Q1 (April-June), but is expected to do better in Q2," Berger Paints India Managing Director and Chief Executive Officer Abhijit Roy said. Further, he said the company's Nepal operations underperformed due to country-specific issues and will rebound in the coming quarter.