(Rs m) | 2QFY04 | 2QFY05 | Change | 1HFY04 | 1HFY05 | Change |
Net sales | 1,813 | 2,074 | 14.4% | 3,333 | 3,828 | 14.9% |
Expenditure | 1,576 | 1,857 | 17.9% | 2,985 | 3,441 | 15.3% |
Operating profit (EBDITA) | 237 | 217 | -8.3% | 347 | 387 | 11.3% |
EBDITA margin (%) | 13.1% | 10.5% | 10.4% | 10.1% | ||
Other income | 12 | 9 | -23.3% | 18 | 15 | -14.5% |
Interest | 9 | 8 | -7.0% | 14 | 17 | 18.8% |
Depreciation | 34 | 40 | 18.2% | 67 | 79 | 18.7% |
Profit before tax | 207 | 179 | -13.6% | 284 | 305 | 7.5% |
Extraordinary income/(expense) | - | (5) | - | (1) | (10) | - |
Tax | 66 | 51 | -22.5% | 84 | 83 | -1.2% |
Profit after tax/(loss) | 141 | 123 | -12.9% | 200 | 213 | 6.4% |
Net profit margin (%) | 7.8% | 5.9% | 6.0% | 5.6% | ||
No. of shares (m) | 199.5 | 199.5 | 199.5 | 199.5 | ||
Diluted earnings per share (Rs)* | 2.8 | 2.5 | 2.0 | 2.1 | ||
Price to earnings ratio (x) | 14.5 | |||||
(* annualised) |
Raw material pressure reflects: Though Berger has been taking initiatives towards increasing the contribution of third-party sourcing of paints and better raw material procurement practices, the fact that raw material have risen in the global markets cannot be ignored. As per Asian Paints, while titanium dioxide prices, one of the key raw materials, has increased by around 4% YoY, select packaging material costs has increased by more than 25%. This has affected operating margins. However, better control over other expenses has lowered the negative impact of higher raw material costs.
(Rs m) | 2QFY04 | 2QFY05 | Change | 1HFY04 | 1HFY05 | Change |
Raw materials | 1,245 | 1,406 | 13.0% | 2,306 | 2,688 | 16.6% |
% sales | 68.7% | 67.8% | 69.2% | 70.2% | ||
Salaries | 100 | 115 | 14.8% | 200 | 226 | 13.2% |
% sales | 5.5% | 5.5% | 6.0% | 5.9% | ||
Others | 382 | 432 | 13.1% | 708 | 810 | 14.3% |
% sales | 21.0% | 20.8% | 21.3% | 21.1% | ||
Change in stock | (151) | (96) | -36.5% | (229) | (282) | 23.2% |
% sales | -8.3% | -4.6% | -6.9% | -7.4% |
Over the last few quarters: While Berger has managed to grow its topline above the 10% mark in the past, the pressure on margins is apparent from the graph. Berger's topline growth at 14% in 2QFY05 is much higher as against, 8% and 10% growth in the topline posted by Asian Paints and Goodlass respectively. However, at the operating margin level, has company has underperformed. Excluding extraordinary adjustments in 1HFY05, net profit growth actually stands at 11%.
For the quarter ended December 2020, BERGER PAINTS has posted a net profit of Rs 3 bn (up 47.4% YoY). Sales on the other hand came in at Rs 21 bn (up 24.9% YoY). Read on for a complete analysis of BERGER PAINTS's quarterly results.
Here's an analysis of the annual report of BERGER PAINTS for 2019-20. It includes a full income statement, balance sheet and cash flow analysis of BERGER PAINTS. Also includes updates on the valuation of BERGER PAINTS.
For the quarter ended June 2020, BERGER PAINTS has posted a net profit of Rs 196 m (down 88.9% YoY). Sales on the other hand came in at Rs 9 bn (down 45.8% YoY). Read on for a complete analysis of BERGER PAINTS's quarterly results.
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