Shalimar Paints posts net loss of Rs 10.27 crore in Q1 FY24, Real Estate News, ET RealEstate

August 26, 2023

NEW DELHI: Shalimar Paints has reported net consolidated loss after tax of Rs 10.27 crore during the quarter ended June 30, 2023. It had registered net consolidated loss after tax of Rs 9.63 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 127.24 crore in Q1 FY24, a growth of 14.18 per cent from Rs 111.44 crore it recorded in the similar quarter last year.

The board of directors approved the proposal for incurring capital expenditure amounting to ~ Rs. 190 crore primarily aiming at augmenting production capacities, automation, modernization & productivity improvements at company’s three plants situated at Sikandrabad, Nashik and Chennai.

This will help in increasing the company’s current capacity of 78 million litres per annum to 185 million litres per annum by Q4 of FY 2024-25. This is to be funded through the blend of external debt and existing surplus funds raised earlier through preferential issue of shares/OCDs/warrants.

During the current quarter, the Nomination and Remuneration Committee of the Group had granted 19,66,566 stock options to its eligible employees under the Shalimar Paints Employees Stock Option Scheme – 2022.

  • Published On Aug 11, 2023 at 06:30 PM IST

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