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Announces Q3 results (Standalone & Consolidated) & Limited Review Report (Standalone & Consolidated) for the Quarter ended December 31, 2016 [Result]
Ref. STOCK EXG/ASI2016-17
10" February, 2017
Corporate Relationship Dept. Listing Department Listing Department
BSE Limited National Stock Exchange The Calcutta Stock Exchange Lt.
Phiraze Jeejeebhoy Towers _of India Ltd. 7 Lyons Range
Floor 1 Exchange Plaza Kolkata — 700 001
Dalal Street Plot No.Cit, G Block
Mumbai — 400 001 Bandra-Kurla Complex
Bandra (East)
Mumbai - 400 051
Dear Sirs,
‘Sub: Unaudited Financial Results for the quarter and nine months ended 31 December,
2016
Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, kindly
‘find enclosed the Unaudited Financial Results of the Company for the quarter_and nine months
ended 31" December, 2016 along with the Limited Reviow Reports. The said results were
reviewed by the Audit Committee and approved by the Board of Directors of the Company at
their respective meetings held today(10.02.2017);
The Company will be holding Investors Call on 13" February, 2017 at 4.00 p.m.
Thanking you,
Yours faithfully,
For BERGER PAINTS INDIA LIMITED
RAJIB DE ~
DEPUTY COMPANY SECRETARY
Encl: as above
BERGER PAINTS INDIA LIMITED
‘Berger House, 129, Park ret, Mokata- 70017, Phone :2229 924-2, 2228 6205-0, Fax; 91-13.2248 9009729, wan ergerpints cam
‘CIN [5143V513Z3PL. CONS}, E-nal :consumerfeedbacclbergenaia.commae Street
Floor elece
SR. BATLIBOI & Co. LLP
Chartered Accountants
iokato"700 016, Incia
Tel 149133 6615 3400
Limited Review Report
Review Report to
‘The Board of Directors
Berger Paints India Limited
We have reviewed the accompanying statement of unaudited financial results of Berger Paints India
Limited (‘the Company’) for the quarter ended December 31, 2016 and year to date from April 1, 2016 to
December 31, 2016 (the “Statement”) attached herewith, being submitted by the Company pursuant to the
requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, read with SEBI Circular No. CIR/CFD/FACI62/2016 dated July 5, 2016,
‘This Statement is the responsibility of the Company's management and has been approved by the Board
of Directors. Our responsibility isto issue a report on the Statement based on our review.
We condueted our review in accordance with the Standard on Review Engagements (SRE) 2410, Review
of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the
Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to
obtain moderate assurance as to whether the Statement is free of material misstatement. A review is
limited primarily to inquiries of company personnel and analytical procedures applied to financial data
‘and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do
not express an audit opinion,
3. Based on our review conducted as above, nothing has come to our attention that causes us to believe that
the accompanying Statement, prepared in accordance with recognition and measurement principles laid
down in the applicable Indian Accounting Standards prescribed under Section 133 of the Companies Act,
2013, read with relevant rules issued thereunder and other recognised accounting practices and policies
hhas not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, read ‘with SEBI Circular No.
CIR/CFD/FACI62/2016 dated July 5, 2016, including the manner in which it is to be disclosed, or that it
contains any material misstatement,
For S.R. BATLIBOI & CO. LLP
ICAI Firm registration number: 301003E/E300005
Chartered Accountants
Qrmenum Boson
fee
Partner
Membership No.: 055596
Place: New Delhi
Dare: February 10, 2017S.R. BATLIBOI & Co. LLP x
Camac street
Froor siocs
CCherteres Accountants
Tel 3 6615 2400
Fox :+91 33 6615 3750
imited Review Report
Review Report to
‘The Board of Directors
Berger Paints India Limited
‘We have reviewed the accompanying statement of unaudited consolidated financial results of Berger Group comprising
Berger Paints India Limited (the Company’) and its subsitaries (together, “the Group’), joint ventures, for the quater
‘ended December 31.2016 and year to date from Apcl 1.2016 wo December 31.2016 (the "Statement" attached herewith,
boeing submitted by the Company pursuant co the requirements of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ead with SEBI Circular No, CIR/CFD/FACI62/2016 dated July 5. 2016.
This Statement isthe responsibility ofthe Company's management and has been approved by the Board of Directors.
(Our responsibility isto issue a report on the Statement based on our eview,
We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim
Finaneial Information Performed by the Independent Auditor of the Entity issued by the Institute of Chartered
‘Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as 19
‘whether the Statement is free of material misstatement. A review is limited primarily to inguties of company personne!
sand analytical procedures applied to financial data and thus provides less assurance than an audit, We have not
Performed an audit and accordingly, we do not express an audit opinion,
We did not review revenues and net income of Rs. 341.85 Crores and Rs, 34.28 Crores respectively for the nine month
period ended December 31.2016. included in the accompan ing 10
Seven subsidiaries, whose financial information have been reviewed by the other auditors and whose reports have been
fumished o us, Our conclusion on the unaudited year to date financial results, in So far as it relates to such subsidiaries
is based solely on the repons of the athe auditors,
We did not review revenucs and net loss of Rs. 22.76 Crores and Rs. 2.78 Crores respectively forthe nine month period
fended December 31. 2016. included in the accompanying unaudited consolidated financial results relating to four
subsidiaries. The aesompanying unaudited consolidated financial results also includes the group's share of net income
‘of RS.7.58 Crores in respect of two joint ventures forthe nine month period ended December 31. 2016, These financial
resulls have been prepared by the management. and our conclusion is based solely on the management certified
accounts. Our conclusion is not qualified in respect ofthis matter.
Based on our review conducted as above and on consideration of reports of other auditors on the unaudited separate
‘quarter financial results and on the other financial information of the components, nothing has come to our attention
‘that causes us to believe that the accompanying Siatement of unaudited consolidated financial results prepared in
cordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards
prescribed under Section 133 of the Companies Act 2013, read with relevant rules issued thereunder and other
recognised accounting practices and policies has not disclosed the information required to be diselosed in tems of
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2013, read with SEBI
Circular No, CIR/CFD/FAC/62/2016 dated July 5, 2016, including the manner in which iis to be disclosed, or that it
contains any material misstatement
For S.R. BATLIBOI & CO. LLP
ICAI Firm registration number: 301003E/E30000S
Chartered Accountants
Darou Santas
per Bhaswar Sarkar
Partner
Membership No.:55596
Place: - New Dethi
Date: - February 10, 2017BERGER PAINTS INDIA LIMITED
STANDALONE STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31ST DECEMBER 2016
Pg 25
Rs, Crores
TiRENSRIS] Paci | Concomane [An Nana] Coranoninn
Gad | arecuents | tieeworns | aad | Neckone
Thee tne ced
suuzas_| soos | sutnis | ausase | atizis
2. hcoaeneinaviatn
fo) ope: Grcsontecme 331 Sao ta ian 1
otter erin aes] oss] asso| saris aaa
fa” cet otnterale conse 46527 sot rss] astesr|— agsaaa
IS) fsa oeineose wer) seat mioze| "soeis| —aa8ee
fresno ec naeswdsttn ao a | ial
lie) Employee benefits expense 60.3) 95.57 53.60 173.38
fd. Sher emis saz sass ssa
Fares aie] ane uarse] asa?
rei rom operation erecta income, hac sss and exceptional
a Af ents beers sis sibel Se en sae 15162 42390 si92
4 Kehr ica as 1530 asus ot
ra inne des bow tana and ceptor Aas ; 1
oe urs vars vwssa] nar 1318
aaa pay ae pe eat : } 145.41, 144.93 155.76 462.21 398.23
ems (2)
4: [te rom onesie beta) wea zai cere] se wan
11 [perm torte per 20) sear Ta esa Lat
15 [total compraherseincome or te pad tte2) TES Gat A 8
Trae Ti a0 sa] oe
(mee teh
15 [earner trou) otra
fa) 8 099 1.66 383 2.68
bites ss 1st tos] aaa 2Notes
she company hes adopted Indlon Accounting Standard IND AS) nti by the Minis of Corporate Ais with effet fom 2st A 2016 acura, he ant
he Campane nda beeen, 2015 emcees win ABand cer Anting Pees grea tren ss Wares
for tho comparative quarter and nine months ended 3ist December, 2015 are compliant with IND AS. -
seb"s Ciclo €R/CFO/CM0/15/20N5 dsted 30th November 2015 hasbeen subsequently Care by Ccular ORVCFO/FAC/62/2036 dated Sth uy 2016, ane fermat ox
Sane rie ad acnrery rests is incompilance wth the sme, As perited, the staterrent doesnot include IND-AS compliant eatement of ret fo ae revo Year
tide Sst arch 2016 the same snot mandatory a per te aferasld SEBS cua dated Sth ly 2016
‘The Companys paint division (the sinos lating to 4 wheeler passenger crs and SUV, 3 wheelers and relied ales was transtrredto 30 Costing na Pig
Tiraned (pen renamed, Berger Nippon Pant AUtomotive Coating Private Lited or NPAC"), an existing Joint Venture between Berger Pants India Limited and Nippon REY toms
_Goatings Suuata Limited after the close of business hours of 30th une, 2016 ona slurp sale basis at a consideration of RS 9D crores, paid in cash. The annual turover of He Gaba’ Coy,
Seat Le or eae bMPAL door ae beng tote proms up ies of bang» nt entire wnare Bee Pains 414g
aaa wey kos 19% of ne ld up vhare cpt, ENPRC ray be deemed to be a eleted pty ond the tarsi vas donot an arm's length ais. The “ceptions
ee i ae nat ov the auotes cr 208% September 2026 anne mothe ended Sst December 2016 represtis the prft onthe rnc of the
ee een ety comes, wich subject tot In lune 2016 the Compary had acaured 896,70 equly shares of DNPAC st the fae value of 1.000 ea
aaa reas 67 ores to Nrance 49% ofthe acqulton ofthe “Bushes ander busines acute rm thd party by BRPAC
sued and allotted as fully pid up Barus Shares Inthe proportion ef 2 (two)
During the quarter ended 30th September 2016, 277,391,165 Ordinary Shares of Re 1 each were i
yer shave (Basie and disted) have nee,
Bonus Shares for every existing 5 (Ave) Ordinary Shares. Pursuant to thisixsve and allotment of Bonus Shares and ESOP , the earnings Ps
adjusted for the relevant periods stated above.
‘of manufacturing paints ia india, There are no reportable segment(s} other than
joes not believe thatthe information about seem
paint", whieh singly oF in the aggreente quality for
The Company is engaged In the business
ts which are not reportable under INDAS
separate disclosure 93 per provitions ef tho relevant IND AS The Management
‘would be useful to the users of these financial statemerts
During the quarter ended Bist Qecember 2016, the Company has granted
140,811 Stock Options tothe eligible employees pursuant to Employers Stock Optlan Plan 2016
econclleion of Net Protas reprted under previous Generaly Accepted Accounting Principles (Previous GAAP?) ar as per ND.AS ti gNen as appendix,
“The abova rele, as revleweelby the Auct Committe, were approved ad akervonreerdby the Boord of Drestors athe ieapecive meningt bald on 10 February 2027.
fot bes
AVRIL GX BY
New Delhi
(Dated : 10th February, 2017 Managing Director & €CO
[BERGER PAINTS INDIA LIMITED
Registered Office
Borger House, “
129 Park Street, Kolkata 700 037rae
raccroee
Reconciliation of Net profit as reported under previous Generally Accepted Accounting princlples (Previous GAAP ) and as per IND AS (Standalone)
(Appendix
[NET PROFIT RECONCILIATION
[rotal comprenensive mcome (net of tx)
Forthe quarter ended | — For the rine months
Nature of Adjustments Notes S100 2015, ended 51 9¢c 2015,
INet profit Previous GAAP Tora 260-12
IRemeasurament cost f net detned benefit ably la (019) 050
Effect of measurarient o fnancial instruments at Far value lb O78 ost
lbeferid Tas le 9.09 ous
INetprotitas per IND AS 10175 251.31
Jochar comprehensive income (net of fav) a2 1033]
10187 260.98,
{2} emeasurernent cost of net defined benefit Haliy: The remeasurement cost arising primarily due to change in acuriel,
_2ssumations has been recogrised in other comprenensve income ((CCI) under IND ASinstead of Profit an¢ less une previous GAAP
Far Volusion of inaneal instruments: The Company has valuad crtain ancl ascats at far value. The lgact of changein fir
value as on date of transition {4 April 2915) is recognised in opening ecuity and changes teeafte: ae recognised inthe statement
of Profit and Loss,
} The Impset of changin mathed af computation of lforredtaxhas reeuted in cage to the eeuityon the date of trareton (ie 1
‘Apri 2015) ane impact onthe statement of Profit and Loss fer the subsequent periodsBERGER PAINTS INDIA LIMITED Paar
CONSOLIDATED STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31ST DECEMBER 2016 fs. Crores
[SeNo] —Parcuars rare
“vee Wenihi | Preeseing | Coreiponding [Nhe Months] Covesponding
tnced | tea montis | Thveementns | ended | Nine tontns
ned Fxaod Ended
sams 5009.16 sizis | siizas | siszas
TJncome fom operations
ia) Revenue trom eparatians wan 1.20695 123135] 380108 382879
te) ther Operating Income 435, a8 326| 1295 3080,
[etal income frm operators TESS Tai Tar | aaa SB
2 |ospensce
a) Cost of matanas consumed sing? e170" sous) 167847 s7a23
fb) Purchases of teckin reds 22064 a013s usm] “Senor a6
Coane in mentees nse os oren-cesrd stn Lise rere se |' (esa ae
ese uty eo 20a 1848 vss
Employee bonetts expos 7375 182 7034 20462
Depreciaon and amortsction expense a nat 2343 7427
Other expenses a7 248.46 1024 0669
[ote expenses Tac Tages | —__hoons7| 33372 Sse
Prof ram operavonsbefore other income, finance costs and exceptional
a eel 15639 sisi 6 aan
4. forterinsame au 1036, ese 278
Prot om ordinary actives before nencacsts ane excepientl tems
5 asa 6087 waa] sia 438,
fren 38s 38.8
6 |rinance costs a 305 s1s|__ 1226 2268
4 [rottirom ordinary actus ater tnence costs but before exeptoraitems Fas ea oo es we
I-6
8 escepional items 420 4420
9 Prot rom ordinayactivities before tex +8) 150.3 20901 isa] 565.39 a8
10 fracepene 5298 1295 s604| 14st 101.26
11 fuetPront for he pesoa(o-20) 07.78 3606 Taso] 300.58 Bas
22 fshareof Poit/ loss of asscclatesand cin ventures 17 27 pial 73 a5
43, etProne/ os) forthe period (41 +/- 22) ioe a7 iaua7 | st0.6 Tes
18 fornercemprehensve income, net f income tx ara a9] oor] 7a 3
45 [Total comprehensive income forthe perig (11022) io. isso Ta] —aeeae s.00
Psp equity starecaphat aw a wis] ai as
race vate Re eae)
27 [seninge Por Share (of Re. -2¢4) (oot anata)
fal asic az 14s 1s a7 2a
fe) ciate 2 1a 15 379, ierowes.
‘he Company has adopted Indian Accounting Standards (ND AY) otf by the Minty of Corporate AK with elles em 3 Ap, 20. Aco, the Manca et
forthe quoter and ina months end 31: Decamber, 20:6 aeincomplanca vth ID AS and other Accounting rice generally ae-eted in ea ae es foro
comparaive quarter andnine months ended 318 ecember, 2015 ate compliant wth ND AS,
SEBS Circular C/CFO/CMO/15/2015 dated 30th November 2015 has been subsequerity Carified by Clicular CIR/CFDYFAC/62/2020 dated 5th uly 2016, end te Format foe
these ur-auditad quarterly rosuls cin complonce with the same. As prmited, the statemant does not ince D-AS compart statemest of result
ended 31st Merch 2016 as the sees not mandatory as per te aforesaid SE's circular dated Sth ui 2016.
{or the nevus yore
‘he Company’ pnt tison ("the Bsns! rete 4 whaler passenger cas and SUV. 3 wes and etd als wastes tBNE Coty gts
Tate fow eras Bet Nopon Feit tomate Comp rue Udy HPN" on citing Vera btesn br Pas adel pon Noy ive
Coatings Deivate- Limited after the clase of business hours of 30th hire, 2036 on 2 slump sale basis at 2 consideration of fs 90 crores, paid cash. The srinval wsnover of the Coot ngs Cont
Cee eee eer iee eaeibuniendiin ainclnrnioe ca iaeean cone moatieas enroute mpran tata |
tine nets tno the pall p tare ole BAPAC ry be dere obs pay ard he ronson a dren a leng ba. essa hee
Mloscne sus or he carer ended 30m September 2UlSané ine moth ended sist sce 201 pes the pra nh orf cf thus les
aoa ict a attr hin 246 te Conpury hd veges 89500 eq sure NPAC thu ace va f LD ec, EEENG 18.57
sae top othe acquthonos te "eshess"ard ther Desacaaed oma tie party AC. he conse ateer opr tb RD AS he sed
aa es aloe eons bre the pnt estrus been etgred uncer th xy main sare ef nse prof fr quar ends 0h
a ceerpentngaieton af 98 tte crng oct ofteinvesert nthe oscar est
4 uring the quarter ended 30th September 2016, 27,381,165 Ocnary Shares of Re ach wre fed ad alte lly pid up Gonut Shires ne
dain ee eer ave casting tvs) Orcnary Shores. Prseontto this se and atest of onus Shere ar ESOP, the eanngs pe share (as ard ec Neve bee
adjusted forthe relevant periods stated above.
sre are no teporabie segments eter than Palt, which siny orn the segexaie gat for
5 The Company is engaged in the businats of manufacturing plnsin Ina. Th portable segrents ; : s
aaa rat ar prontons a he erat ND AS. Te Menara et ot sere that theifornation es epee vos es meee 0S SS
‘would be useful tothe users ofthese financial statements
Daring the quarter ended 3st December 2026 the Company es erated 140811 Sac Ontom te ee emeivest puraventto Employees Steck Onton#
4 aconesiion of Net Profs rooted under revius Geary Aspe Aecuing anaes (re) GAA? and as pa DAS, given as AzpendixA
cord bythe Bosrd of Directors at thal respective meetings hig on 20 Febree! 2957
The above rests, as revered bythe Aut Cmte, ware approved an when onreer Wy he Berd of DY thelrrespectve meeting
aoe oe ks hows bean tubjcted tinted review bythe Statatoy AorgoftReCompant, dle L ®,
EA eX Re
er |
ey OF managngoreciorcco
Dated : 10th February, 2027
BERGER PAINTS INDIA LNMITED
Registered Office
Berger louse,
4129 Par Streat,Kolkats 700 017pat BACK
As coves
ecoveiiation of Net profit ae reported under previous Goneraty Accoptod Accounting piniple (Pravious GAAP! and as per IND AS (Consol dtd)
Append 3 [NETPROFIT RECONCIUATION.
For tuequaiter ended | For the nine months
nature of Adjustnens Ietes 30s 2015 | ended 3100 2015
Inet potty 38 por Poviout GAAP 108 100
Jnermensueinent cont aft defined beret tity . (020} os
tect ot meesurement ef nancial nsiramerts a fa value > on ost
Joeteree Tax |: on a3
Inet profe/cquty os per DAS Hi Tass
fear cororehensieincone (net Ota ‘oor os
[Total comprabersiveinceme/Eauity (nat of tax saa 7.0
| Remencure-ent cost of ret defined benef fatty: The remessirement cat sring primasly due te change In actual atumotions hes bear
‘recognise ir ether comprehensive income (CI under IND AS instead of Profan lss under pravous GAA?
1 fair Valuation of Financal instruments: The Cersgany has vluedcetaln Finacial assets a or sue. The pact of change nar value es on date of
ranean 1 Apri 2035) ecegrizedinogasing aqui and changer herefar aa recognised nth txtement of Pref andaee
| The impact of ehange fs method of computatin cf Geer eas tas reultedin charge tothe equly cn the Sate oF Vaysiton | 1 Apa 2015) sn
Ingadt enthe eatement of Pofitard.esster tre subsequent periods ard impact on the statement ofPraft an Los ‘rte subsequent ering