Stocks

Berger Paints shares plunge 4% post weak Q1 earnings

PTI New Delhi | Updated on August 17, 2020

Shares of Berger Paints India Ltd on Monday plunged over four per cent after the company reported a 91.44 per cent decline in consolidated net profit for the quarter ended June.

The stock tumbled 4.10 per cent to ₹527.75 on the BSE.

At the NSE, it tanked 4.18 per cent to ₹527.30.

Berger Paints India Ltd on Friday reported a 91.44 per cent decline in consolidated net profit to ₹15.09 crore for the June quarter, hit by the Covid-19 crisis.

The company had posted a net profit of ₹176.41 crore during the April-June period of the preceding fiscal, Berger Paints India said in a regulatory filing.

Revenue from operations dropped 45.77 per cent to ₹930.76 crore during the quarter under review, as against ₹1,716.53 crore earlier.

Total expenses stood at ₹901.42 crore, down 38.57 per cent, from ₹1,467.48 crore in Q1 FY20.

“The Group’s business operations during the current quarter was impacted due to Covid-19 pandemic and consequent lockdowns,” it said.

Published on August 17, 2020

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