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Berger Paints India Ltd witnessed a 127 per cent growth in its standalone net profit to ₹195 crore for the quarter ended March 31, 2020, as against ₹86 crore same period last year. The net profit for quarter ended March 2020 included ₹100 crore as other income from dividend.
Revenue from operations dropped by 13 per cent to ₹1,175 crore during the quarter under review as against ₹1,353 crore in the corresponding quarter of the last year.
EBIDTA (excluding other income) for the quarter was ₹191 crore as against ₹217 crore in the corresponding quarter last year.
For the year ended March 31, 2020, the standalone net profit increased by 60 per cent to ₹699 crore from ₹436 crore in the corresponding year. Revenue from operations grew by around three per cent to ₹5,692 crore from ₹5,515 crore.
The operations of the company were impacted in March due to temporary shutdown of all manufacturing units and depots on account of the lockdown announced by the Centre in the wake of the Covid-19 pandemic.
“The company has resumed its operations in a phased manner from May 2020. The management has made an initial assessment of the company’s liquidity and recoverability of its assets as at the balance sheet date and the likely impact of the lockdown on overall economic environment and paint industry, in particular, based on the current situation. Arising out of such assessment, the company does not expect a material impact of Covid-19 on its liquidity and future performance, as of the date of this statement,” it said in its notes to accounts to the BSE on Tuesday.
The company will continue to monitor any material changes to future economic conditions, it added.
Final dividend
The company’s board has recommended a final dividend of ₹0.30 (30 per cent) per equity share of ₹1 each for the financial year ended March 31, 2020. Together with the interim dividend of ₹1.90 (190 per cent) per equity share paid on March 16, the total dividend for FY-20 works out to ₹2.20 (220 per cent) per equity share of ₹1 each. Final dividend is subject to approval of shareholders.
Berger’s scrip closed at ₹515.50, up by 2.02 per cent on the BSE on Tuesday.
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