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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
₹2,767 Cr
verified against source
Revenue YoY
2.8%
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 moderate Q2 FY24 with standalone revenue growth of 2.8% YoY to ₹2,439.84 crore, impacted by extended monsoons and delayed festive season. However, volume growth remained strong at 10.9%, and EBITDA surged 26.7% with margin expansion of 310 bps to 16.5%, aided by lower raw material costs and favorable product mix. The company gained ~0.7-0.8% market share, reaching above 20%. Management expects decorative demand to improve in H2 on festive and rural recovery, with double-digit volume growth continuing. Key risks include geopolitical impact on commodity prices and muted demand in Kerala and Nepal.
Colored figures show movement against the previous available record.
Guidance to track
- Management maintains double-digit volume growth outlook for Q3, driven by festive season and rural demand recovery.
- EBITDA margin expected to sustain around current levels, though geopolitical risks could impact commodity prices.
- New plant in Panagarh for industrial paints and construction chemicals with 3,500 KL/month capacity to be completed by end of 2025 or early 2026.
- Greenfield facility near Bhubaneswar for decorative and industrial paints expected to be completed by end of 2027.
Risks flagged
- Management flagged that geopolitical tensions could increase raw material costs, impacting profitability.
- Management noted a downturn in Kerala demand without clear reason, which could persist and affect overall growth.
- BJN Nepal reported negative value growth due to economic downturn and construction slowdown, expected to remain negative in Q3.
- Analyst raised concern about cement companies entering paints; management downplayed impact but acknowledged local player revival in lower segments.
Key quotes
- We had a growth of about 2.8% on a standalone basis. However, we registered strong growth in the two or three-year compounded basis of 12.2% and 16.7% respectively.
- The volume value gap will get much reduced in Q3, and it will be very clear when the results come out.
- We maintain double-digit growth outlook for quarter three. Profitability expected to sustain in quarter three on moderation of raw material prices. However, impact of geopolitical situation on commodity prices can be a concern.
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