Shalimar Paints quarterly sales down by 47.7%
Company's first quarter stood at Rs. 44.5 crore as against Rs. 85.06 crore in the same period last year.
Shalimar Paints Ltd, engaged in the manufacturing and marketing of decorative paints and industrial coatings Q1FY21 sales has reduced by 47.7% to reach Rs. 44.5 crore as against Rs. 85.06 crore in the same period last year.
With most of the cost other than raw materials being of fixed nature, the reduction in sales has impacted the bottomline significantly.
The company has shown a negative EBITDA of Rs. (5.0) crore as against Rs. (0.3) crore in the same quarter of previous year.
Speaking on the quarter results, Ashok Kumar Gupta, Managing Director, Shalimar Paints said, "Every challenge is also an opportunity. This COVID-19 might have reduced consumption but has soared the spirits. We at Shalimar, are even more firm now turning the tide and getting better results in coming months. Towards that end each and every operation is being streamlined and costs being pruned to the lowest possible level."
Shalimar Paints has two divisions - Decorative mainly for residential segments and Industrial mainly for commercial and manufacturing paints. Both divisions have been impacted but residential business has started to recover faster and this may be due to completion of ongoing projects or repainting jobs in semi-urban areas.
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