Berger Paints Q1 net zooms 55.38% to Rs 117 crore

Berger Paints today reported a 55.38 per cent jump in its consolidated net profit at Rs 117 crore for the first quarter ended June 30, 2016.
The company had posted a consolidated net profit of Rs 75 crore in the same period last fiscal, Berger Paints said in a statement.
Consolidated total income from operations during the period under review stood at Rs 1,246.08 crore as against Rs 1,126.32 crore in the year-ago quarter, up 10.63 per cent.
Berger Paints said its shareholders have approved through a postal ballot issue of bonus shares in the proportion of two bonus shares for every five existing fully paid up equity shares.

Subsequently, the bonus shares have been allotted.
The board has also recommended a final dividend of Re 1 per equity share, which, together with the interim dividend of Re 0.65 paid earlier, makes a total dividend of Rs 1.65 or 165 per cent per equity share of Re 1 each, it added.

The company further said it has been servicing the northeastern market from factories based out of Rishra in West Bengal and elsewhere. Anticipating huge potential and steady growth in the northeastern markets in the forthcoming years, the company decided to set up manufacturing bases in the region itself.

"Accordingly, Berger Paints India Limited has acquired land for setting up an integrated paint plant at Naltoli in the Nagaon District of Assam near Tezpur," it said adding production was scheduled to commence by January 2017.
The factory will produce an entire range of products including water-based, solvent-based and dry products such as putty and distemper.
In addition, the British Paints Division of the company is also setting up a distemper and putty manufacturing facility at Nalbari near Guwahati.