Berger Paints India Ltd

About

Berger Paints India is engaged in the Manufacturing and selling of Paints.(Source : 201903 Annual Report Page No: 117)

Key Points

Revenue Breakup
Berger Paints is the second largest paint company in India(after Asian Paints) with a presence in decorative and industrial segments. The decorative paint segment contributes 80% to revenue while balance 20% is contributed by industrial paints. [1]

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  • Market Cap 81,598 Cr.
  • Current Price 840
  • High / Low 873 / 573
  • Stock P/E 96.6
  • Book Value 34.8
  • Dividend Yield 0.33 %
  • ROCE 27.3 %
  • ROE 23.8 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 35.86%

Cons

  • Stock is trading at 24.16 times its book value
  • The company has delivered a poor sales growth of 10.05% over past five years.
  • Debtor days have increased from 45.32 to 54.59 days.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,490 1,617 1,472 1,717 1,599 1,696 1,355 931 1,743 2,118 2,026 1,798
1,270 1,367 1,247 1,411 1,349 1,404 1,149 843 1,408 1,703 1,692 1,561
Operating Profit 220 249 225 305 249 292 206 88 334 415 334 238
OPM % 15% 15% 15% 18% 16% 17% 15% 9% 19% 20% 17% 13%
Other Income 12 15 16 22 16 14 17 8 23 17 15 17
Interest 12 15 14 10 10 13 14 12 11 9 12 10
Depreciation 45 47 46 46 47 48 49 50 54 53 54 55
Profit before tax 176 203 182 271 208 246 159 33 293 370 283 190
Tax % 34% 34% 39% 35% 6% 26% 35% 54% 24% 26% 26% 26%
Net Profit 116 133 111 177 195 182 104 15 221 275 209 141
EPS in Rs 1.20 1.37 1.14 1.82 2.01 1.88 1.07 0.16 2.27 2.83 2.15 1.45

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,829 2,263 2,846 3,227 3,732 4,170 4,223 4,552 5,166 6,062 6,366 6,818 7,685
1,630 2,013 2,543 2,856 3,300 3,659 3,578 3,833 4,359 5,127 5,313 5,635 6,364
Operating Profit 199 250 303 371 431 511 645 719 807 935 1,053 1,182 1,321
OPM % 11% 11% 11% 12% 12% 12% 15% 16% 16% 15% 17% 17% 17%
Other Income 26 30 31 31 36 36 40 108 46 60 69 51 72
Interest 17 24 32 38 47 50 27 16 25 47 47 44 41
Depreciation 36 40 47 57 71 92 99 108 124 182 191 211 216
Profit before tax 172 216 254 308 350 404 559 703 705 765 883 979 1,136
Tax % 30% 31% 29% 29% 29% 34% 34% 33% 35% 35% 26% 26%
Net Profit 120 150 180 218 249 265 371 474 461 494 658 720 845
EPS in Rs 1.24 1.55 1.86 2.25 2.57 2.73 3.82 4.88 4.75 5.09 6.77 7.41 8.70
Dividend Payout % 32% 30% 27% 29% 31% 33% 31% 36% 38% 37% 32% 38%
Compounded Sales Growth
10 Years:12%
5 Years:10%
3 Years:10%
TTM:38%
Compounded Profit Growth
10 Years:17%
5 Years:15%
3 Years:17%
TTM:70%
Stock Price CAGR
10 Years:37%
5 Years:26%
3 Years:42%
1 Year:44%
Return on Equity
10 Years:24%
5 Years:24%
3 Years:24%
Last Year:24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
69 69 69 69 69 69 69 97 97 97 97 97
Reserves 527 620 722 884 1,051 1,191 1,493 1,804 2,097 2,347 2,563 3,280
Borrowings 267 330 418 550 624 610 354 406 422 753 767 634
383 451 578 683 851 846 960 1,132 1,326 1,360 1,472 1,907
Total Liabilities 1,247 1,470 1,788 2,186 2,595 2,716 2,877 3,440 3,943 4,557 4,900 5,918
429 434 509 599 864 931 963 1,136 1,267 1,583 1,916 2,044
CWIP 33 82 73 172 133 100 51 62 97 170 178 107
Investments 128 53 4 11 91 134 348 472 333 395 315 356
657 902 1,202 1,404 1,507 1,550 1,515 1,769 2,245 2,409 2,490 3,411
Total Assets 1,247 1,470 1,788 2,186 2,595 2,716 2,877 3,440 3,943 4,557 4,900 5,918

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
181 126 176 120 310 414 595 394 422 611 725 796
-182 -11 -71 -203 -301 -184 -259 -308 -183 -379 -223 -457
6 -31 -48 128 -52 -198 -368 -82 -200 -259 -479 -282
Net Cash Flow 5 84 57 45 -43 32 -32 4 38 -27 22 57

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 48 44 46 47 48 47 47 46 49 40 41 55
Inventory Days 116 128 123 127 122 104 108 153 140 138 142 174
Days Payable 77 72 69 65 77 63 77 106 114 96 100 150
Cash Conversion Cycle 87 100 99 108 93 88 78 93 75 83 83 79
Working Capital Days 52 56 56 57 49 48 38 44 49 51 47 58
ROCE % 24% 25% 26% 25% 24% 25% 30% 31% 29% 27% 28% 27%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
74.99 74.99 74.98 75.00 75.00 74.99 74.99 74.99 74.99 74.98 74.98 74.98
5.28 5.18 5.55 5.54 6.16 7.96 7.78 11.72 11.38 11.53 11.24 11.25
9.12 9.10 8.26 8.05 7.28 6.81 6.83 3.02 3.72 3.69 4.02 4.07
10.61 10.73 11.21 11.41 11.56 10.24 10.40 10.27 9.91 9.80 9.75 9.69

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