Berger Paints on Monday said its consolidated sales crossed Rs 10,000 crore in 2022-23. Consolidated revenue from operations was Rs 10,567.84 crore for 2022-23, a growth of 20.61 per cent from Rs 8,761.78 crore in 2021-22.
Berger Paints, which started its journey from Bengal in 1923, is set to complete 100 years in December.
Net profit for FY23 stood at Rs 860.4 crore against Rs 832.95 crore, growing by 3.3 per cent. For the fourth quarter ended March 31, consolidated net profit stood at Rs 186.01 crore against Rs 220.29 crore, a decline of 15.56 per cent.
The company has recognised a loss of Rs 25.35 crore from a fire at the Berger Becker Coating plant in Goa. The company in a statement to the stock exchanges said that an insurance claim for recovery has been submitted and is under process.
Revenue from operations during the quarter ended March 31, 2023, was Rs 2,443.63 crore against Rs 2,187.51 crore, an increase of 11.71 per cent.
“We have reached the milestone of Rs 10,000 crore in FY23. We had a double-digit growth in volume and growth in revenue was more than 20 per cent. Some part of this was a price increase-led because raw material prices had gone up. While all categories have grown, some categories such as construction chemical are doing well for us. We had the drive to increase our distribution in the west and south where we were relatively weak and we got some good growth there,” Abhijit Roy, managing director and CEO, of Berger Paints told The Telegraph.
Capacity expansion
Berger has a present capacity of 95000 million tonnes (mt) with its most giant plant in Uttar Pradesh (33000mt) starting commercial production on February 6.
The company also plans to commission a new plant at Panagarh in Bengal by March 2025 to produce industrial paints and construction chemicals. “Our initial estimate is that the capex would be Rs 500 crore. Our Howrah plant would be shifted to Panagarh. We would set up an R&D centre in Howrah,” said Roy.
The board on Monday recommended a dividend of Rs 3.2 per share of Rs 1 each for FY23.
