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HDFC Securities Institutional Equities
Berger Paints India Ltd. delivered an in-line topline at Rs 26.7 billion (20% YoY; three-year compound annual growth rate: 18%). But it fell marginally short vis-a-vis Asian Paints Ltd.’s.
On a three-year CAGR basis, it delivered 18% versus Asian Paints’ 20% (standalone). The decorative business clocked ~11/23% volume/ YoY growth (three-year CAGR: 18.4%).
Distribution expansion has been stepped up (the company added 6,233 sales points in H1).
Ebitdam, at 13.6%, declined 228 bps YoY (oue estimate: 14.1%), mainly due to raw material inflation. However, gross margin pain seems to have bottomed out as key input prices have been softening, the full impact of which is likely to be felt in H1.
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