Earnings Report /

Berger Paints Bangladesh: Top line growth and margin expansion drove earnings growth; reiterate Buy

  • BRGR BD reported 1Q 22 NPAT of BDT746mn (EPS: BDT16.09), up by +44% from 1Q 20 NPAT of BDT517mn (EPS: BDT11.14).

  • 1Q 22 Revenue grew c35% over 1Q 20 base, attributed to strong volume recovery in the decorative paint segment

  • 1Q 22 Operating margin expanded to 19.5% from 17.9% in 1Q 20

Joy Bhattacharjee
Joy Bhattacharjee

Research Associate

Tanay Kumar Roy
Tanay Kumar Roy

Research Analyst

IDLC Securities
18 August 2021
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