Mumbai, Nov. 5 -- Berger Paints India Ltd missed September-quarter profit estimates as a sharp rise in raw material costs outpaced price increases, squeezing margins at the country's second-largest paintmaker even as revenue grew in double digits. The company expects further price hikes and cost-saving measures to help restore profitability in the coming quarters.

The Kolkata-based paintmaker's consolidated net profit, attributable to owners, rose 5% year-on-year to Rs.216.88 crore in the quarter ended 30 September, according to its stock exchange filing. The figure was well below the Bloomberg consensus estimate of Rs.273.87 crore, based on 15 analyst estimates.

"The raw material prices really went up substantially more than what we co...