Berger Paints India dives after fall in Q4 profit

Berger Paints India

16/05/2023 09:51

** Shares of Berger Paints India Ltd  BRGR.NS  fall as much
as 2.8% to 611.4 rupees
    ** Paint manufacturer says March-qtr net profit fell 15.8%
to 1.86 bln rupees ($22.7 mln); revenue from operations grew
11.7%
    ** Elara Capital (downgrades to "reduce"; PT of 654 rupees)
says it rates co on lower-than-expected sales and deteriorating
category dynamics 
    ** BRGR to compete aggressively with new players; expect
impact on EBITDA margins in FY25 and beyond due to rising
expenses, say analysts at ICICI Securities ("reduce"; PT of 547
rupees) 
    ** Trading volume at ~2 mln shares, 3.3x the 30-day avg of
~635,000 shares as of 1:50 p.m. IST 
    ** Average rating of 23 analysts covering stock close to
equivalent of 'sell'; median PT is 610 rupees - Refinitiv data
    ** Stock last up ~5% YTD, trimming gains of 8% up to last
close 



($1 = 81.7800 Indian rupees)

 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))