Berger Paints, one of India’s leading paint manufacturers, has announced a 15.56% decline in its consolidated net profit for the fourth quarter ending on March 31, 2023. The company reported a net profit of Rs 186.01 crore, compared to Rs 220.29 crore during the same period last year.
The dip in profits can be attributed to a devastating fire incident that occurred at Berger Paints’ plant in Goa. The incident resulted in significant losses for the company, impacting its financial performance during the quarter.
Despite the setback, Berger Paints remains resilient and committed to restoring operations at the affected plant. The company is taking necessary measures to recover from the incident and expects to bounce back in the upcoming quarters.
Investors and stakeholders are closely monitoring the situation, anticipating Berger Paints’ swift recovery and assessing the impact on its overall financial outlook.