Shalimar Paints today reported a whopping decline of 93.33 per cent in its net profit at Rs 40 lakh for the quarter ended March 31, 2013.
The Company had net profit of Rs 6 crore in the January-March quarter of the previous fiscal, 2011-12.
Shalimar Paints net sales was at Rs 147.06 crore in the fourth quarter ended March 30, 2013 from Rs 147.45 crore in the year-ago period, it said in a BSE filing today.
For the financial year ended March 2013, Shalimar Paints posted profits of Rs 11.02 crore. For 2011-12 fiscal, it was at Rs 14.46 crore.
However, its net sales in 2012-13 increased to Rs 527.36 from Rs 483.78 crore in the earlier fiscal.
Meanwhile, in a separate filing, Shalimar Paints has informed that its Board of Directors have recommend zero dividend for the financial year 2012-13 in order to reinvest the profit back into the Company.
Sameer Nagpal, CEO of the Company, has been inducted on the Board of the Company as an additional director, and thereafter appointed as Managing Director from May 25, 2013, which would be subject to approval of Shareholders in the forthcoming Annual General Meeting.
The company’s scrip was trading at Rs 110.15 in the after noon, down 4.55 per cent from its previous close, on the BSE.