Shalimar Paints Registers 65% Growth To Reach Rs 85.06 Crore
The company has recorded a steady growth of 65 per cent, climbing from Rs 51.45 crore to Rs 85.06 crore in this quarter.
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Shalimar Paints has recently released its financial results for Q1 2019-20. The company has recorded a steady growth of 65 per cent, climbing from Rs 51.45 crore to Rs 85.06 crore in this quarter. Its EBIDTA has also improved significantly from (-) 11.95 in the corresponding quarter (FY 18-19) to (+) 0.33 at present.
The impressive growth attained by Shalimar Paints can be attributed to various factors like company’s lucrative influencer management program. It has helped the company engage and reward painters and contractors, thus improving the bottom line of the company. Smart marketing initiatives like the Kahaani Project, on the other hand, helped generate awareness around the brand.
Also, the Nashik Plant commenced its commercial production and will help the business meet rising customer demands without hassles. Further, the company also received massive funding after the commencement of the rights issue in January 2019.
Speaking on the financial results of FY 2019-20, Mr. Ashok Gupta, Vice Chairman, Shalimar Paints, said, “We are delighted with the positive financial results for Q1 2019-20. I congratulate the entire team at Shalimar Paints for their constant efforts and unique concepts that helped us stay at the forefront of innovation despite the changing trends and demands of customers. At Shalimar, we have always maintained a strong focus on the target market, including painters and contractors, and consistently delivered quality products to them. Going forward, we will continue to develop exceptional products for our customers with an aim to achieve better results in the future.”