Shalimar Paints records Rs 2 cr loss in Q2 FY14-15

Shalimar Paints has recorded net loss stood of Rs 2.1 crores in the second quarter of 2014-15. The paints maker’s net sales was down by 7% to Rs 112 crores, mainly due to capacity constraints in the industrial segment after Howrah plant became in-operative.
 
Sameer Nagpal, Managing Director and CEO, Shalimar Paints, said, “We are in the middle of our transformation journey and as part of the strategy, we are realigning our distribution network to rationalise costs and provide better service to our customers. Our strategy is showing visible results with same-store decorative sales registering robust growth in the top 2000 focused dealer counters.”
 
Nagpal added, “We are now embarking on an aggressive portfolio revamping program and plan to launch new products every quarter. With additional capacity becoming operational in forthcoming quarters, we expect to grow profitably.”