Shalimar Paints Q3 net loss at Rs 18 lakh

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Shalimar Paints on Saturday reported a standalone net loss of Rs 18 lakh for the third quarter ended December 31, 2016, impacted by demonetisation.

The company had posted a net profit of Rs 2.05 crore in the October-December period of the last fiscal, Shalimar Paints said in a BSE filing.

Its total income from operations was down 14.40 percent to Rs 88.78 crore during the quarter under review as against Rs 103.72 crore of the corresponding quarter a year ago.

Shalimar Paints' total expenses during the quarter were also down 10.48 per cent at Rs 85.87 crore as against Rs 95.93 crore in the year-ago period.

Shalimar Paints MD & CEO Surender Bhatia said: "Shrinkage in gross revenue and profit is due to both external and internal factors. External factors like tough business and economic due to demonetisation resulted in reduced demand. Internally, the unfortunate incident at our Nashik plant affected our revenue from the industrial segment."