Shalimar Paints has reported a consolidated net loss of Rs 3.68 crore in the second quarter of the financial year 2020-21. Its loss after tax stood at Rs 5.27 crore in the corresponding quarter previous fiscal, the company said in a BSE filing.
The company’s net income stood at Rs 76.95 crore in Q2 FY21, a dip of 6 per cent from Rs 82.21 crore it recorded in the similar quarter last year.
Ashok Gupta, managing director of the company said, “Although the results were a little muted in the first half due to the phase wise reopening of the economy, our month-on-month results quickly picked up pace.
We are expecting the same in the upcoming festive season, as people are likely going to invest in painting their homes, leading to an uptick in the demand of our products. Going forward, we are optimistic of month on month growth in sales as compared to last year.”
The brand has turned cash positive after 14 quarters, with a positive EBIDTA at 4.7 crore about 5% of net revenue, the company said in a media release.
