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					                                                                                             Regd off: Berger House, 129 Park Street, Kolkata - 700 017
BERGER PAINTS INDIA LIMITED                                                                  E-Mail:    consumerfeedback@bergerindia.com
                                                                                             Web site: www.bergerpaints.com
                                                                                             Telephone: (033) 2229 9724 Fax: (033) 2249 9729
PAINTS                                                             MISCELLANEOUS             Tr agent: C B Management Services P Ltd., P22 Bondel Road, Kolkata - 700 019
Chairman: Kuldip Singh Dhingra                                                 SEC: Aniruddha Sen                                      AUD: Lovelock & Lewes
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m       % ch 12-m       P/E       P/CF           Yield         Mkt cap               Vol.             ISIN
 1923   509480            BRGR:IN      2            54.3          26.9            40.3         20.9          16.0        1.1          17,317.4              200.0       INE463A01020
SHAREHOLDING                                                     FX Transaction   (FY09)                            ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 65.6%               Exports (fob)          Rs m           1              (Rs)
Foreign collaborators      :  8.1%               Imports (cif)          Rs m       1,052
Indian inst/Mut Fund       :  5.2%               Fx inflow              Rs m           4       80
FIIs/GDR                   :  6.0%               Fx outflow             Rs m       1,077                                                                     DAILY
Free float                 : 15.1%               Net fx                 Rs m      -1,073
Shareholders               : 39,163                                                                                                                          100 DMA
                                                                                               65
                           No. of months                  12            12            12
                             Year ending            31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA
                                                                                               50
High                                  Rs                   94             69            48
Low                                   Rs                   35             33            26
Sales per share                       Rs                38.2           43.8          50.9
Earnings per share                    Rs                 2.7             2.9           2.6     35
Cash flow per share                   Rs                  3.3            3.5           3.4
Dividends per share                   Rs                1.00           0.50          0.60
Dividend yield (eoy)                  %                  1.6            1.0            1.6
                                                                                               20
Book value per share                  Rs                 9.1           11.4          12.2
Shares outstanding (eoy)              m              318.92         318.92        318.92       Aug-06               Jun-07           Feb-08             Nov-08               Aug-09
Bonus/Rights/Conversions                                B3:5               -             -
Price / Sales ratio                   x                   1.7            1.2           0.7                               No. of months                 12            12            12
Avg P/E ratio                         x                 23.5           17.5          14.2                                  Year ending           31/03/07      31/03/08      31/03/09
                                                                                              CASH FLOW
P/CF ratio (eoy)                      x                 19.3           14.4          10.9
Price / Book Value ratio              x                   7.1            4.5           3.0    From Operations                         Rs   m         -12              902         679
Dividend payout                       %                 36.4           17.1          23.1     From Investments                        Rs   m        -351             -474      -2,648
Avg Mkt Cap                           Rs m            20,570        16,265         11,800     From Financial Activity                 Rs   m         302             -223       1,896
No. of employees                      `000                  2              2             2    Net Cashflow                            Rs   m         -61              206         -72
Total wages/salary                    Rs m               630            745           960
Avg. sales/employee                   Rs Th          5,964.8        6,411.2       7,188.6                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th            308.1          341.9         425.0                                           2QFY09   3QFY09            4QFY09         1QFY10
Avg. net profit/employee              Rs Th            428.9          426.8         367.0     Net sales                   Rs    m     4,238    3,598             3,520          3,726
                                                                                              Gross profit                Rs    m       406      283               320            433
INCOME DATA                                                                                   Gross profit margin         %              9.6      7.9               9.1          11.6
Net Sales                             Rs     m        12,198        13,970        16,239      Net profit                  Rs    m       291      149               215            284
Other income                          Rs     m           154           171           263      Net profit margin           %             6.9       4.1               6.1            7.6
Total revenues                        Rs     m        12,352        14,141        16,502
Gross profit                          Rs     m         1,212         1,371         1,330                                        KEY DATA
Depreciation                          Rs     m           187           201           251      Parameters                      Unit         FY07                      FY08       FY09
Interest                              Rs     m           107           137           217      Paint capacity                  MT         155,157                   163,227    216,376
Profit before tax                     Rs     m         1,072         1,204         1,125      Avg realisation                 per MT      71,089                    71,731     77,051
Minority Interest                     Rs     m              0             0             0     Raw material costs              % of sales    65.3                      65.5       66.8
Prior Period Items                    Rs     m              0             0             0     Advertising and sales promotion % of sales     3.9                       4.0         4.2
Extraordinary Inc (Exp)               Rs     m             -1            -3             0     Capex                           Rs m           187                       444        475
Tax                                   Rs     m           194           271           296
                                                                                                                                     NOTES
Profit after tax                      Rs     m           877           930           829
Gross profit margin                   %                   9.9           9.8           8.2    Berger Paints is the third largest paint manufacturer in India with an overall market
Effective tax rate                    %                 18.1          22.5          26.3     share of 19%. It is India's second largest decorative paint manufacturer (11% share)
                                                                                             and also the third largest industrial paint manufacturer (14%). Over two-thirds of its
Net profit margin                     %                   7.2           6.7           5.1
                                                                                             turnover comes from decorative paints and the balance from industrial paints. The
BALANCE SHEET DATA                                                                           company acquired Bolix, a Poland based company in April 2008, which is a leading
                                                                                             provider of External Insulation Finishing Systems (EIFS), a comprehensive solution
Current assets                        Rs m             4,901         5,561         6,023     for meeting both the insulation and decorative requirements of external walls of
Current liabilities                   Rs m             2,244         2,413         2,778     buildings.
Net working cap to sales              %                 21.8          22.5          20.0
Current ratio                         x                   2.2           2.3           2.2    In FY09, Berger's consolidated topline grew by 16% YoY inspite of the economic
Inventory Turnover                    Days                80            75            66     crisis and slowdown in the auto sector. During the first half of the year, sales of all
Debtors Turnover                      Days                46            44            49     products continued to grow at a healthy rate of about 23%. In the second half, the
Net fixed assets                      Rs m             1,578         1,866         4,342     situation altered with a sharp fall in demand. While the retail business and protective
Share capital                         Rs m               638           638           638     coatings segment did well, the automotive segment saw a decline of 16.2%. The net
"Free" reserves                       Rs m             2,236         2,978         3,583     profits however saw a drop of 11% YoY due to lower operating margins on account
                                                                                             of higher raw material prices.
Net worth                             Rs m             2,887         3,623         3,901
Long term debt                        Rs m               976         1,119         3,375     Considering the need for housing and the rapid development that is expected to take
Total assets                          Rs m             6,491         7,440        10,410     place, the company does not expect a considerable slowdown in the paints sector.
Interest coverage                     x                 11.0            9.8           6.2    This along with a strong growth in the infrastructure sector is expected to drive
Debt to equity ratio                  x                   0.3           0.3           0.9    demand for paints in the long term and Berger Paints is likely to benefit from the
Sales to assets ratio                 x                   1.9           1.9           1.6    same. Berger Paints has also been very active in terms of launching new products.
Return on assets                      %                 25.5          22.5          14.4     The acquisition of Bolix is expected to widen Berger's geographical reach and will
Return on equity                      %                 30.4          25.7          21.3     also enable the latter to launch the former's products in the Indian market. It has also
Return on capital                     %                 30.5          28.2          18.4     gone in for capacity expansion at its various plants. However, crude prices would
Exports to sales                      %                   0.1           0.1           0.0    remain the key factor determining its performance.
Imports to sales                      %                   8.0           7.1           6.5
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posted:11/6/2010
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