Berger Paints’ Recovery Momentum Remains Strong In Q3: ICICI Securities
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ICICI Securities Report
Pointers from Berger Paints India Ltd.’s Q3 FY21 -
1. The company’s nine months FY21 revenue decline is 4.2% which is in line with 9MFY21 revenue decline of 3% of Asian Paints Ltd. The company has likely gained market shares from smaller/unorganized players,
2. Reduction in trade schemes, revenue recovery and operating leverage resulted in Ebitda margin expansion of 212 basis points and
3. the revenue growth momentum from tier-II and III cities and villages remains intact and there is recovery in metros, projects business and industrial paints.
We also believe there will be savings in freight cost with commencement of Uttar Pradesh plant.
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