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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹3,091 Cr
verified against source
Revenue YoY
2.4%
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 reported a mixed Q1 FY25 with 11.8% volume growth but only 2.4% value growth, as price cuts and mix shift to lower-value products weighed. EBITDA margin contracted 160bps YoY to 17.2%, impacted by RM inflation and higher ad spends. Market share among listed peers rose to 20.9% from 19.7% in FY24, driven by strong decorative volume and network expansion. Management expects value growth to improve in Q2 from ~2% price increases, with margins trending toward 17%+. Industrial business is recovering post-elections. Key risk: new entrant competition could intensify if repeat purchases materialize, though initial hype has faded.
Colored figures show movement against the previous available record.
Guidance to track
- Product price increases undertaken in Q1 and July/August are expected to lift value growth by about 2% in Q2.
- Management expects Q2 EBITDA margin to be slightly better than Q1's 17.2%, despite RM inflation and higher ad spend.
- Currently at 616 stores, the company plans to expand to over 1,000 exclusive stores by end of FY25.
- After adding 1,900 in Q1, the company aims to add 8,000 total retail touchpoints for the full year.
Risks flagged
- Initial hype has faded, but the new player is placing tinting machines and may launch advertising from September; repeat purchase cycle is yet to be seen.
- Management noted that geopolitical factors may pose risk to inflation, which could pressure margins if price increases are insufficient.
- Kerala and West Bengal, large luxury markets, had subdued performance, impacting mix and value growth.
- Nepal subsidiary faces persistent liquidity issues and unfavorable market conditions, though signs of improvement are emerging.
Key quotes
- Strong double-digit volume growth, highest market share gain amongst listed players on year-on-year and quarter-on-quarter basis.
- The initial hype that was there, I think, has come down somewhat. The fear factor or the amount of noise that was there has dissipated to a large extent.
- We are in cash surplus, which is the normal situation for us. As of June 2024 end, we had a surplus of INR 657 crores.
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