Shalimar Paints soars on robust Q4 earnings

Declares dividend of 100% or Rs 10 per equity shares of Rs 10/- each for FY12

Shalimar Paints has soared almost 20% to Rs 444 in morning trades on reporting a healthy 69% year-on-year (y-o-y) growth in net profit at Rs 6 crore for the quarter ended March 2012. Net sales grew 14% at Rs 147 crore on y-o-y basis.

The operating profit margins of the paints maker has improved by 400 bps at 9.72%, while net profit margins by 133 bps at 4.07% during the recently concluded quarter.

Meanwhile, the board of directors has recommended a dividend of 100% or Rs 10 per equity shares of face value Rs 10/- each for the financial year ended March 31, 2012.

As many as a combined 88,512 shares have already changed hands on the counter so far, against an average sub 55,000 shares that were traded daily in past ten trading days on the NSE and BSE.