Berger Paints India Q1 net profit down 91 pc to Rs 15 cr

Berger Paints India Ltd on Friday reported a 91.44 per cent decline in consolidated net profit to Rs 15.09 crore for the quarter ended June, hit by the COVID-19 crisis. The company had posted a net profit of Rs 176.41 crore during the April-June period of the preceding fiscal, Berger Paints India said in a regulatory filing.

Berger Paints India Ltd on Friday reported a 91.44 percent decline in consolidated net profit to Rs 15.09 crore for the quarter ended June, hit by the COVID-19 crisis. The company had posted a net profit of Rs 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 percent to Rs 930.76 crore during the quarter under review, as against Rs 1,716.53 crore earlier. Total expenses stood at Rs 901.42 crore, down 38.57 percent from Rs 1,467.48 crore in Q1 FY20. "The Group's business operations during the current quarter were impacted due to COVID-19 pandemic and consequent lockdowns," it said.

It has taken into account the possible impact of COVID-19 in preparation of the financial results, including assessment of the recoverability of its assets. "The Group will continue to monitor any material changes to future economic conditions," it added.

Shares of Berger Paints India Ltd settled at Rs 550 on BSE, down 0.20 percent.