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ICICI Direct Report
Berger Paint India Ltd.'s Q1 FY21 performance was largely marred by lockdown in the domestic and overseas business.
Domestic business (approximately 87% of consolidated sales) recorded approximately 48% fall in topline mainly due to washout April 2020 sales.
However, post easing of lockdown restrictions, Berger Paints saw approximately 90% sales recovery in May 2020 and reported double digit volume/value growth in June 2020 supported by pent up demand.
Demand was largely driven by suburban and rural India where the impact of pandemic was limited. However, demand from metro regions remained impacted due to extended/intermediary lockdowns.
On the subsidiary front, BJN Nepal was severely impacted by lockdown as it had only 10 working days in the quarter.
However, Poland subsidiary Bolix SA exhibited an improved topline performance due to the nature of the business, which involves application of external insulation on building sites.
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