Berger Paints India Q3 net profit declines 20.5%; what do brokerages say?
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Berger Paints India recovered from its 52-week lows tested in early trade on February 3.
Shares of Berger Paints India hit their lowest levels in 52 weeks in early trade on February 3, a day after the company posted a decline in its consolidated net profit for the December quarter.
However, the recent correction in the stock triggered bargain buying from lower levels which helped it recoup its losses. At 10.52 am, shares of Berger Paints India traded 1.92 percent higher at Rs 551.00 on the National Stock Exchange as they recovered from their 52-week low of Rs 527.15.
The paint manufacturer’s consolidated net profit for the Oct-Dec period declined 20.5 percent on year to 200.9 crore dragged by higher expenses and a weak operational performance.
Change in product mix, adverse impact of an extended monsoon and use of high-cost inventory weighed on the company’s EBIDTA margin which contracted 239 basis points on year to 13% in the quarter ended December. One basis is one-hundredth of a percentage point.
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