"This is the third hike in three months," Berger Paints managing director Subir Bose told reporters after the company's 84th annual general meeting.
"In three months, prices of solvent-based paints have gone up by 15-20% and that of water-based paints by 5-8%," he added. The company had earlier raised prices on June 1 and July 1.
"With crude oil prices hovering between $120-$140 a barrel mark and most of our raw materials being derivatives from crude oil, we have seen our raw material prices going up by 15-20%," said Bose.
"For water-based paints too, it's been a difficult quarter in terms of managing raw material prices and availability," he said.
But Bose pointed out that the long-term outlook of the company, whose net turnover in 07-08 was Rs 1,340 crore and net profit Rs 92.08 crore, "is positive with the price hike just a blip due to rising raw material costs".