It gives me immense pleasure to update you on the overall performance of your company.Our future-oriented approach and management agility have always helped your company toovercome many ups and downs. Be it the fire in Nashik and Howrah unit or the economicdisruption caused by the introduction of the GST bill we have always bounced back -stronger than before-from everyadversity.
And so as we reminisce about past glories we also celebrate the present. This yearhas marked the successful commencement of operations at the Nashik plant. We have alsofurther strengthened our pan-India distribution network to make deeper inroads intoestablished and emerging markets.
In order to improve our profitability we have also deployed a 360-degree strategy thatis aimed at the all-around development of the organization. To begin with by raising INR250 crore through a rights issue we have successfully overcome working capitalconstraints. We are reinvesting that capital into R&D in order to explore costoptimization initiatives while simultaneously ensuring that we maintain the high productquality that we are renowned for.
We are therefore pleased to announce our plans to produce alkyd resins an importantingredient in synthetic paints completely in-house. Owning a greater share of ourmanufacturing supply chain will help us significantly reduced our production costs. Italso opens opportunities for greater product innovation in both the decorative andprotective coating businesses.
These measures are already showing impressive results with Shalimar Paints registeringa robust year-on-year revenue growth of 48% in the quarter ending March 2019. We areaggressively targeting increasing our monthly revenues from INR 30 crore to INR 40 croreand are confident of being back in profit for the full year in the current fiscal with arevenue topline of INR 450 crore.
Underlining our commitment to deliver on all fronts this year your company haslaunched brand campaign Har Rang Khoobsurat (HRK) to touch on the strongest vein of thecountry - diversity. With this we are celebrating India's unique mix of cultures andidentities while working towards a society that has broken through the artificialboundaries of religion caste genderand profession.
In keeping with our positioning as a socially responsible corporate company we alsodid an Activity called #Paint The Change with Kahani in a remote village of Dehradun tocreate awareness about local migration which is a grave issue back in the people living inthe hills.
We respect that change is constant. Our strategy lies not in passively adapting tochange but proactively shaping the direction in which we move. This is why havingstarted from a single plant in 1902 in Howrah Shalimar Paints today has a strong footholdin all the for zones and holds the power of adding color to the lives of millions acrossIndia Nepal Bhutan Dubai and Seychelles.
I must say that this would not have been possible without your continued support andfaith in us. It is with you that we have been through it all - from financial hurdles tooperational recovery - and come out victorious. In the end the courage to grow togetheris what counts.
As a 100-year-young brand we are barely just beginning. We are confident that withsupport from the government and you Shalimar Paints will continue to scale greaterheights and pursue a thousand opportunities. Let's make the world a better place and painta brighter future for the country's business ecosystem - together.