Shalimar Paints Q2 increases 48.02 per cent to Rs 4.13 crore

NEW DELHI: Shalimar Paints today reported an increase of 48.02 per cent in net profit at Rs 4.13 crore for the second quarter ended September 30, 2013.

The company had posted a profit of Rs 2.79 crore in the same period of previous fiscal, Shalimar Paints said in filing to BSE.

Company's net sales increased to Rs 121.04 crore in the July-September 2013 quarter compared to Rs 114.49 crore in the same period a year ago.

"Our growth in this quarter has been in line with expectations and reverses the degrowth trend of the last quarter. Our efforts to improve product mix are paying off and helping us build a platform for profitable scaling up of the business," Shalimar Paints MD & CEO Sameer Ngapal said.

For the first half (H1) of 2013-14 fiscal, Shalimar Paints profit increased to Rs 5.95 crore as against Rs 5.92 crore in the year-ago period.

Shalimar Paints net sales in first half period (April- September) increased to Rs 223.99 crore as against Rs 229.70 crore in the same period last year.

The company's scrip closed at Rs 69.60, down 1.0 per cent on the BSE from its previous close.