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Nirmal Bang Report
While there was a miss on Berger Paints India Ltd.'s sales estimate, Ebitda and profit after tax were in line with estimates.
A delayed festive season and lower sales of premium exterior and interior emulsions affected mix in Q2 FY24, but the management indicated that Q3 FY24 will be significantly better.
Faced with a less challenging base, Berger Paints expect H2 FY24 sales growth to be healthier than H1 FY24 and earnings growth to be extremely strong as well.
Our Ebitda margin for FY24 at 17.7% is ahead of management's guidance of 16-17%. Valuation of 45 times FY25E is however fair. Maintain 'Accumulate'.
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