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Revenue
₹3,030 Cr
verified against source
Revenue YoY
10.1%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Berger Paints delivered a strong Q1 FY24 with standalone value growth of 10.1% and operating profit growth of 37.5%, driven by double-digit volume growth of 12.7% and market share expansion to 20.2% (up 90bps). Decorative led with ~14% volume growth, while industrial grew slower. Gross margins remained healthy at 39.4%, aided by benign raw materials, and EBITDA margin improved to 18.8%. Management expects double-digit revenue growth for FY24, with Q2 moderate and Q3 stronger due to a delayed festive season and weak base. Risks include potential margin compression from increased competition and raw material volatility, though management expects margins to sustain around 17-18%.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to end the year with double-digit revenue growth, supported by positive monsoon, infrastructure spend, and extended festive season.
- Management expects EBITDA margin to hover around 17-18% for the year, with Q1 at 18.8% seen as slightly elevated due to benign raw materials.
- Subsidiaries HTP and Public Coatings are expected to deliver double-digit value growth in Q2 FY24, driven by improved demand and base effects.
- Net debt has reduced to INR 243 crore and is expected to be nearly zero by the end of the fiscal year.
Risks flagged
- Regional competition has rebounded and discounting has increased, especially in enamels, which could pressure margins.
- If raw material prices rise, margins could compress from current elevated levels; management noted uncertainty beyond Q3.
- BJN Nepal continued to de-grow due to high inflation and economic slowdown, though management expects gradual improvement.
- A fire in Q4 FY23 at one facility caused de-growth in top line and profitability for the JV.
Key quotes
- We had the highest gain in market share in the industry in quarter one, and we had the highest profitability growth, which is the operating profit growth, in quarter one of this year in the industry.
- We are very clear in our head that we have no intention... we are not getting into other categories. We are going to remain in paint and waterproofing segment.
- The discounting has gone up a little bit marginally.
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