Berger Paints India (BERGEPAINT) Q4 03/04 earnings summary

Executive summary

• FY2003-04 delivered stronger sales and profitability: standalone gross sales rose 15% YoY to Rs 7,703m and PAT rose 32% to Rs 440m.

• Consolidated gross sales increased 14% YoY to Rs 8,141m; demand improved across retail and industrial markets.

Financial highlights

• Standalone net turnover, after excise duty, was Rs 6,706m versus Rs 5,823m; other income was Rs 104m versus Rs 67m.

• Standalone operating profit before depreciation, interest and exceptional items was Rs 782m, up 26% YoY; PBT was Rs 614m versus Rs 452m.

• Standalone PAT was Rs 440m versus Rs 334m; consolidated PAT was Rs 442m versus Rs 336m.

• Exceptional VRS expenditure was Rs 0.55m; standalone PBT before this item was Rs 614.8m.

Outlook and guidance

• Directors expected the current year to improve in growth and profitability, barring unforeseen circumstances; the financial year to date was described as encouraging.

• Housing and infrastructure investment were expected to support continued paint-industry growth.