From November 12, Berger Paints to hike prices by 10%

Following cost pressure, in the third quarter, the paints major has detected a flat net profit. Abhijit Roy, the managing director of Berger Paints brought up that price hike was certain and most of its adversaries have already raised the price.

From November 12, one of the country’s leading paint manufacturers, Berger Paints is all set to increase the product prices by 10%. Due to pressure from high raw material costs the organization has already raised the price by 6-7% in the last few months.

Following cost pressure, in the third quarter, the paints major has detected a flat net profit. Abhijit Roy, the managing director of Berger Paints brought up that price increase was certain and most of its adversaries have already raised the price.

Though, revenue from operations for the quarter was up by over 27.6% to Rs 2,225 crore from Rs 1,742 crore. For the first half, the revenue from operations noticed a 50% jump.

During the quarter, a maximum of the paints manufacturers have de-grown. He added “Last year, revenue was down but profit went up because raw material prices were low. This time the opposite has happened.”

This Fiscal (2021-22) year the Berger MD was optimistic that the company would cross Rs 8,000 crore turnover. For the last few years, Berger is witnessing an average CAGR of 18%. In 2024 the 100th year of the company he was optimistic that it should reach the Rs 10000 crore mark in terms of revenue.