Shalimar Paints Q4 loss at Rs 10 crore

Shalimar Paints has reported a consolidated loss of Rs 10.29 crore for the fourth quarter ended March 31, 2014.

The company had consolidated net profit of Rs 37 lakh in the January-March quarter of the previous fiscal 2012-13.

Shalimar Paints consolidated net sales also declined to Rs 142.29 crore during the quarter ended March 31, 2014, from Rs 156.58 crore in the year-ago period, it said in a BSE filing.

For the financial year ended March 2014, Shalimar Paints posted consolidated net loss of Rs 2.80 crore. For 2011-12 fiscal, it had posted a consolidated net profit of Rs 11.01 crore.

Its net sales in 2013-14 declined to Rs 535.78 crore from Rs 560.18 crore in the earlier fiscal.

"2014 was a year of transition as the company changed its strategic direction towards consumer business. With the change in strategy, a number of corrections and initiatives were undertaken through the year to ready the company for accelerated growth in the coming years," said Shalimar Paints Managing Director and CEO Sameer Nagpal.

On the outlook, he said: "Based on rigorous internal evaluation and external review, we found it imperative to make certain control changes including tightening of provisioning norms. Our profitability this year has been impacted as a result of these actions. Structurally, we continue to improve our product mix and consolidate our hold on channel".

Shares of Shalimar Paints were trading at Rs 82.05 per scrip on BSE, down 8.58 per cent from its previous close.