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Revenue
₹2,520 Cr
verified against source
Revenue YoY
2.7%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Berger Paints reported a mixed Q4 FY24 with 13.9% volume growth but only 2.7% value growth, driven by price cuts (~5%), destocking in luxury paints, and a mix shift toward high-volume, low-value products like tile adhesives. EBITDA declined 5.1% YoY due to lower operating leverage, higher ad spends (up 1% of sales), and absence of a one-time subsidy. Gross margin improved to 40.3%, but EBITDA margin fell to 14.5%. Management expects double-digit volume growth to continue in Q1 FY25, with value growth remaining mid-single-digit until December due to price cuts. The company added 7,300 retail touchpoints and 7,100 Color Bank machines in FY24, targeting 8,000 more in FY25. Key risk: sustained downtrading and competitive intensity from new entrants could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects decorative business to maintain double-digit volume growth for Q1 and full year FY25, with slightly lower value growth due to price cuts.
- Management reiterated its comfort range of 15-17% EBITDA margin, with any upside likely reinvested in advertising.
- Targeting installation of 8,000 new Color Bank machines in FY25, up from 7,100 in FY24.
- Greenfield plant in Khurda, Odisha, expected to become operational between December 2026 and March 2027.
Risks flagged
- Price cuts of ~5% and faster growth of low-value products may continue to suppress value growth until December 2024, impacting revenue and profitability.
- New competitors entering the paint market could increase promotional spending and pressure margins, though management downplays near-term impact.
- Geopolitical situation could cause volatility in raw material prices, affecting gross margins.
- Berger Nepal saw another quarter of degrowth due to economic turmoil, expected to persist for at least one more quarter.
Key quotes
- The volume growth was 13.9% and value growth 2.7%. The gap was quite large, in fact.
- We will still remain in that range, you know. We won't change our guidance. We will remain in that 15%-17% range.
- I think, you know, after two months, you know, I think, we are gearing down to the thought that this is a competition which is serious, but, you know, it has not started impacting us in a strong way as of now.
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