Berger Paints India Ltd on Friday reported a 91.44 per cent decline in consolidated net profit to Rs 15.09 crore for the quarter ended June, hit by the COVID-19 crisis.
The company had posted a net profit of Rs 176.41 crore during the April-June period of the preceding fiscal,Berger Paints India said in a regulatory filing.
Revenue from operations dropped 45.77 per cent to Rs 930.76 crore during the quarter under review, as against Rs 1,716.53 crore earlier.
Total expenses stood at Rs 901.42 crore, down 38.57 per cent from Rs 1,467.48 crore in Q1 FY20.
“The Group’s business operations during the current quarter was impacted due to COVID-19 pandemic and consequent lockdowns,” it said.
It has taken into account the possible impact of COVID-19 in preparation of the financial results, including assessment of the recoverability of its assets.
“The Group will continue to monitor any material changes to future economic conditions,” it added.
Shares of Berger Paints India Ltd settled at Rs 550 on BSE, down 0.20 per cent.
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