Berger Paints India Ltd on Wednesday reported a 19.68 % increase in consolidated net profit to Rs. 222.62 crore in the fourth quarter ended March 2024.

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The company had posted a consolidated net profit of Rs. 186.01 crore in the same quarter a year ago, Berger Paints India said in a regulatory filing.

Consolidated revenue from operations in the quarter under review stood at Rs. 2,520.28 crore as against Rs. 2,443.63 crore in the corresponding period of the previous year.

Total expenses in the fourth quarter were higher at Rs. 2,274.13 crore as compared to Rs. 2,178.58 crore a year ago.

For the fiscal ended on March 31, 2024, consolidated net profit was Rs. 1,169.82 crore, up from Rs. 860.4 crore in the preceding year, the company said.

In FY24, consolidated revenue from operations stood at Rs. 11,198.92 crore as against Rs. 10,567.84 crore in FY23.

The board of directors of the company, at their meeting held on Wednesday, has recommended a dividend of Rs. 3.50 per equity share of the face value of Re 1 each for the financial year 2023-24 subject to approval of the shareholders at the upcoming annual general meeting.

"We gained market share again in FY24 and as a milestone crossed Rs. 10,000 crore in revenue and PAT of Rs. 1,000 crore on a stand-alone basis, a significant event on our 100th year in India," Berger Paints India Managing Director & CEO Abhijit Roy said.

The company delivered a double-digit improvement in profitability with all the business lines delivering well with strong double-digit volume growths and improvements in profitability especially in the industrial segment, he added.

On the outlook, Roy said, "We remain confident of an improved demand scenario in the upcoming year and have prepared for the same with the launch of multiple innovative new products in the paint, coatings and waterproofing segments to ensure that we provide relevant solutions to the changing needs of our customers."