Berger Paints Q4 Review - Volume Growth Momentum Continues: ICICI Direct

A tin of ready mixed blue paint. (Photographer: Jasper Juinen/Bloomberg).

Berger Paints Q4 Review - Volume Growth Momentum Continues: ICICI Direct


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Berger Paints India Ltd.’s Q4 FY21 volume growth at 58% YoY (Q2:15%; Q3: 28%) is one of the best in the industry and much ahead of our expectation of 28%.

Apart from a favourable base, the decorative paints volume growth was largely driven by a pick-up in construction activity in Q4 and healthy growth in construction chemical (largely water proofing business).

On the other hand, a strong recovery in automotive sales helped a strong recovery in the performance of industrial paints (~15% of topline).

For FY21, overall volume growth came in at 15% despite a loss of sales in Q1.

Click on the attachment to read the full report:

ICICI Direct Berger Paints Q4FY21 Result Update.pdf


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