Berger Paints, the country's second-largest decorative paint maker, continued to outperform its peers and gain market share in the 2023-24 (FY24) October-December quarter (third quarter, or Q3). The company posted consolidated revenue growth of 7 percent compared to the year-ago quarter, surpassing Asian Paints (5.4 percent) and Kansai Nerolac (5.7 percent).
While standalone volumes for Berger Paints were up by 9.1 percent, it achieved double-digit volume growth in decorative volumes. Value growth (6.4 percent) for the company trailed volume growth in the quarter.
Analysts at Elara Securities, led by Amit Purohit, state: "The value-volume disparity in decorative coatings stemmed from a November price reduction and a greater proportion of economy grade products. Nonetheless, compared to the second quarter, the gap has narrowed due to reduced emphasis on putty products." Decorative paint sales were also aided by the festival season.
However, after a robust October, paint demand in India has moderated over the past three months (November 2023-January 2024). The company expects demand momentum in industrial and decorative paints to continue in the January-March quarter.
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