Berger Paints India has reported a dip of 15.56 per cent in its net consolidated profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 186.01 crore in Q4 FY23 as against Rs 220.29 crore it registered in the corresponding quarter of the previous year, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 2,458.70 crore in Q4 FY23, a growth of 11.42 per cent from Rs 2,206.63 crore it recorded in the similar quarter last year.
The board of directors have recommended payment of dividend of Rs 3.20 (320%) per equity share of the face value of Re 1 each fully paid-up for the financial year 2022-23.
The company’s fully automated manufacturing facility at Sandila has commenced its commercial production on February 6, 2023. It has made an investment of Rs 1,036.63 crore for setting- up the said manufacturing facility to cater to the rising demand of the company’s products.
During the year ended March 31, 2023, the Compensation and Nomination and Remuneration Committee allotted 98,996 equity shares of Re 1 each fully paid, up to the eligible employees on their exercise of their options granted to them under Employee Stock Option Plan, 2016. Also during the year, the Compensation and Nomination and Remuneration Committee granted 98,877 Stock Options of Re 1 each fully paid up to the eligible employees pursuant to Employee Stock Option Plan, 2016.
The board has approved continuation of directorship of Kuldip Singh Dhingra as a non-executive, non-independent director of the company, re-appointment of Anoop Hoon and Sonu Halan Bhasin as non-executive, independent director of the company for a second term of five consecutive years commencing from February 1, 2024 up to January 31, 2029 and appointment of Gopal Krishna Pillai as an additional director (Category – non-executive, independent) with effect from May 15, 2023 to hold office up to the date of the ensuing Annual General Meeting of the company.
Pillai is also appointed as non-executive, independent director of the company for a term of five consecutive years commencing from May 15, 2023 up to May 14, 2028.
As on March 31, 2023, the company’s net worth stood at Rs 4,505.44 crore, debt-equity ratio was 0.26, current liability ratio was 0.86, total debts to total assets was 0.15, operating margin was 11.14% and net profit margin was 7.61%, the company said in the regulatory filing.
In January 2023, there was a fire in the factory of Berger Becker Coatings in Goa, a joint venture of the group. There was no casualty due to fire. The group’s share of financial impact of the loss due to fire amounting to Rs 25.35 crore has been duly recognised, following principles of prudent accounting. Insurance claim for the purpose of recovery has been submitted and is under process, the company said in the regulatory filing.
Its consolidated sales crossed Rs 10,000 crore mark with a growth of 20.6 per cent, protective coatings business crossed Rs 1,000 crore mark in FY 2022-23, it said in a media release.