Berger Paints Q4 Review - Results Beat, FY21 Performance In-Line With Peers: ICICI Securities
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ICICI Securities Report
Berger Paints India Ltd.’s FY21 revenue and Ebitda growth of 7.1% and 12% is largely in-line with sector revenue and Ebitda growth of 6% and 12.4%, respectively.
Q4 volume growth of ~55% (our view) was industry leading performance.
While we remain positive on:
The company’s strong positioning in value-for-money paints
Strong distribution network especially in East India
Aggressive growth strategy and innovation and
High probability of market share gains in ancillary segments such as waterproofing and putty, we believe the premium valuations are unjustified
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