Berger Paints shares close nearly 2 pc lower post weak Q1 earnings

Shares of Berger Paints India Ltd on Monday closed the trade nearly 2 per cent lower after the company reported a 91.44 per cent decline in its consolidated net profit for the quarter ended June.

Shares of Berger Paints India Ltd on Monday closed the trade nearly 2 percent lower after the company reported a 91.44 percent decline in its consolidated net profit for the quarter ended June. The stock closed the session at Rs 541.60, down 1.59 percent on the BSE. During the day, it tumbled 4.10 percent to Rs 527.75.

On the NSE, it ended 1.58 percent lower at Rs 541.60. Berger Paints India Ltd on Friday reported a 91.44 percent decline in its 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 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.