New Delhi | 6th February 2020: Iconic paint manufacturer Shalimar Paints has released its financial results for Oct-Dec 2019. The company registered a revenue growth of over 24% for Q3 2019-20 over the same period last year and 31% for 9 month ended Dec 2019 over the same period last year.
Both the segments viz. Decorative and Industrial showed steady growth despite the slowdown in the industry and construction sector. After the Nashik plant was razed down in a Fire incident, the company reinstated it as a state-of-the-art facility in Q2 of 2019-20. It has started to deliver in Q3, contributing to the growth story.
Taking its turnaround journey forward, the company delivered +ve EBITDA for its 3rd consecutive quarter. For Q3 2019-20, the company registered EBITDA of 0.5 Cr as against –ve EBITDA of (7.2 Cr) for the corresponding period last year. The EBITDA for the 9 month ended Dec, 2019 stands at 1.1 Cr vs. EBITDA loss of (25.4 Cr) over the same period last year.
Speaking on the quarter results, Mr. Ashok Kumar Gupta, Managing Director – Shalimar Paints, said, “This has been a consistent quarter for Shalimar Paints. We are thankful to our customers for restoring their faith in us. Slowly but steadily, all the business pieces are coming together, customers are coming back and we are trying to ensure better service levels. After years of silence, the company also launched its branding campaign across multiple platforms during this quarter called “Har Rang Khoobsurat” which spoke about breaking taboos. The campaign received good traction, presenting Shalimar as a bold brand and its approach to change opinionated and judgemental mindset of the society.
