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Berger's net up 21% on improved margins - Views on News from Equitymaster
 
 
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  • Aug 2, 2000

    Berger's net up 21% on improved margins

    Berger Paints has recorded a 10.5% growth in sales from Rs 1,016 m in 1QFY00 to Rs 1,123 m in 1QFY01. At the operating level, the company's margins have fared well from 9.6% for the respective quarter last year to 10.4% in the current year. Though the interest cost has come down, the rise in the tax outflow has shrinked the margins at the net profit level.

    (Rs m) 1QFY00 1QFY01 Change
    Sales 1,016 1,123 10.5%
    Other Income 3.1 3.3 6.5%
    Expenditure 919 1,006 9.5%
    Operating Profit (EBDIT) 97 117 20.2%
    Operating Profit Margin (%) 9.6% 10.4%  
    Interest 20 20 -3.9%
    Depreciation 16 18 13.0%
    Profit before Tax 64 82 29.0%
    Other Adjustments - -  
    Tax 10 17 71.9%
    Profit after Tax/(Loss) 54 66 21.4%
    Net profit margin (%) 5.3% 5.8%  
    No. of Shares (eoy) (m) 26.6 26.6  
    Diluted number of shares 26.6 26.6  
    Diluted Earnings per share* 8.1 9.9  
    *(annualised)      

    The company is expected to post better topline growth for the full year thanks to a good monsoon throughout India, which should perk up the demand for paints in the festive seasons. However, the realisation are expected to come under pressure in the later half of the year as the prices of the raw materials have gone up globally coupled with the depreciation in rupee that would make imports costlier.

    The stock is currently trading at Rs 95 at a P/E multiple of 9.6x on the annualised first quarter FY01 earnings.

     

     

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