Berger Paints Q2 consolidated net profit declines 1% to Rs 219 cr

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Berger Paints India Ltd on Wednesday reported 1 per cent decline in consolidated net profit at Rs 219.21 crore for September quarter 2021-22 impacted by high raw material cost and COVID-19.

The company, which is into paints and coatings, had posted a net profit of Rs 221.05 crore in the year-ago period, Berger Paints India said in a regulatory filing.

Revenue from operations was at Rs 2,225.01 crore in the quarter as against Rs 1,742.55 crore in the year-ago period.

However, total expenses were higher at Rs 1,939.59 crore as compared to Rs 1,471.97 crore in the second quarter last fiscal year, it added.

Cost of materials consumed shot up to Rs 1,303.21 crore from Rs 750.30 crore in the corresponding period a year ago.

"The group's business operations during the half year ended September 30, 2021 and year ended March 31, 2021 were impacted due to COVID-19 pandemic and consequent lockdowns," the filing said.

In the first half (April-September) of the fiscal year ended September 30, 2021, consolidated net profit was at Rs 359.69 crore as against Rs 236.14 crore in the year-ago period, a growth of 52.32 per cent, the company said.

Revenue from operations in the six-month period was Rs 4,023.50 crore as compared to Rs 2,673.31 crore in the year-ago period, an increase of 50.51 per cent, it added.