Berger paints India Limited, the second largest paint company in India reported a sharp decline in its earnings and profit for the first quarter of current fiscal year due to Covid-19 pandemic. The company's sales fell almost by 90% in April which has traditionally been one of the highest revenue generating month for the company in the past.

The company has reported a decline in revenues by 46% YoY and total income stood at Rs.938.59 crores from Rs.1738.41 crores in Q1FY19.

PBDIT for the quarter ended 30th June, 2020 was Rs.92.1 crores as against Rs.305.2 crores in the corresponding quarter last year, representing a decrease of 69.8%.

Net profit also dropped by almost 91% YoY and reached Rs.15.42 crores as against Rs.176.76 crores for the period ended June 30, 2019.

The company's business operations during the current quarter was impacted due to COVID-19 pandemic and consequent lockdowns.

Berger Paints also forayed into hand sanitisers, multi-purpose sanitisers and home hygiene chemical products business during the first quarter.