Shalimar Paints sheds 5% on poor Dec quarter results

Moneycontrol Bureau

Shares of Shalimar Paints lost 5 percent intraday on Wednesday.  The paint company’s net declined 67.16 percent to Rs 1.54 crore in December quarter, due to rise in raw material costs.

The company had posted a profit of Rs 4.69 crore in the same period of previous fiscal.  During the period, the company's net sales fell to Rs 127.57 crore in the October-December 2013 quarter compared to Rs 129.46 crore in the same period a year ago.

“We are changing our business model by improving product mix and streamlining cost to achieve profitable growth. We are continuing our investment on building talent pipeline which helps us with this transformation,” Sameer Ngapal, MD and CEO, Shalimar Paints said.