Berger Paints shares plunge over 4 pc post weak Q1 earnings

Berger Paints India Ltd on Friday reported a 91.44 per cent decline in consolidated net profit to Rs 15.09 crore for the June quarter, 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.

Shares of Berger Paints India Ltd on Monday plunged over 4 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 Rs 527.75 on the BSE.

At the NSE, it tanked 4.18 per cent to Rs 527.30. Berger Paints India Ltd on Friday reported a 91.44 per cent decline in consolidated net profit to Rs 15.09 crore for the June quarter, 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 per cent 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 per cent, from Rs 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.