Shalimar Paints slumps on huge Q4 loss

The company posted a consolidated loss of Rs 10.29 crore in Q4 of 2014 compared to marginal profit in Q4 of 2013

Shares of Shalimar Paints plunged 8.6% to Rs 82 on the BSE after posting a consolidated loss of Rs 10.29 crore in the fourth quarter ended March 2014 compared to a net profit of Rs 0.37 crore in the same quarter last fiscal.

Further, total income from operations declined 8.77% to Rs 128.23 Crore in the quarter under review  compared with Rs 140.56 crore in the same quarter ended March 2013.

In the year ended March 31, 2014, decorative business growth was flat while industrial business was impacted by the slowdown in the economy, the company said in a release to the Bombay Stock Exchange.

For the year 2013-14, the company posted a net loss of Rs 2.8 Crore as against a net profit of Rs 11.01 Crore in the previous fiscal.

Total income from operations for 2013-14 dipped 3.7% to Rs 483 Crore compared with Rs 502 crore in 2012-13.

The stock opened at Rs 84.9, touched a high of Rs 84.9 and a low of Rs 79.8 on the BSE. Over 150,000 shares were traded on both the stock exchanges so far.