Shalimar Paints today reported 67.16% decline in net profit to Rs 1.54 crore for the third quarter ended December 31, 2013, due to rise in raw material costs.
The company had posted a profit of Rs 4.69 crore in the same period of previous fiscal, Shalimar Paints said in filing to the BSE.
Company's net sales also decreased to Rs 127.57 crore in the October-December 2013 quarter compared to Rs 129.46 crore in the same period a year ago.
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"We are changing our business model by improving product mix and streamlining cost to achieve profitable growth. We are continuing our investment on building talent pipeline which helps us with this transformation," Shalimar Paints MD & CEO Sameer Ngapal said.
Shares of the company closed at Rs 84 at BSE, up 0.96% from previous close.