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Berger: Unlocking efficiency

Feb 1, 2001

Berger Paints has reported a 11% rise in sales for the third quarter ended 31st December 2000 to Rs 1,313 m. This is a creditable performance given the fact that paint demand continues to remain sluggish as there are no stimulant for growth. However, growth in sales as well as in operating margins are primarily led by improved asset utilisation and improved operational efficiency of the merged Berger-Rajdoot entity.

(Rs m) 3QFY00 3QFY01 Change
Sales 1,181 1,313 11.2%
Other Income 4 5 25.6%
Expenditure 1,068 1,173 9.8%
Operating Profit (EBDIT) 114 141 24.0%
Operating Profit Margin (%) 9.6% 10.7%  
Interest 23 23 -3.8%
Depreciation 18 22 22.9%
Profit before Tax 77 102 32.8%
Tax 9 20 115.1%
Profit after Tax/(Loss) 68 82 21.4%
Net profit margin (%) 5.7% 6.3%  
No. of Shares (eoy) (m) 26.6 26.6  
Diluted number of shares 26.6 26.6  
Earnings per share* 10.2 12.4  
*(annualised)      

Net profit for the first nine months of the current year has also up by 24% to Rs 223 m backed by a creditable 14% rise in sales to Rs 3,770 m.

The stock is trading at Rs at a P/E multiple of x the annualised nine months earnings. On the annualised sales of Rs 5,026 m, market capitalisation to sales works to 0.4 times (market capitalisation is Rs 2,396 m).

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