Jindal family-backed Shalimar Paints rejigs its leadership team

Jindal family-backed Shalimar Paints, the oldest paint company in India, has rejigged the top management of the company. The company has said it has appointed accomplished leaders with a wealth of industry expertise and vision across Marketing, Finance, HR, Technology, and Manufacturing domains. 

The company has appointed Kuldip Raina, Director, Sales and Marketing, Sanjeev Gupta as Director, Research and Development and Rakesh Gupta as Director of Manufacturing, and Harcharan Singh as Chief Information Officer. The company said the newly appointed leaders will play a pivotal role in driving a comprehensive transformation strategy for Shalimar Paints. 

The company said the new leadership will enable the company to accelerate its research driven innovation initiatives, expand product offerings, and strengthen its foothold in both domestic and international markets.

“We are thrilled to welcome accomplished leaders to our organization as we continue to chart new paths and expand our horizons. These strategic appointments mark a significant step forward in shaping the future of our organization, and we are confident that their contributions will play a pivotal role in propelling us to new heights of success,” said Ashok Gupta, MD and CEO, Shalimar Paints.

Shalimar Paint Color & Varnish Company was established in 1902 in Howrah, West Bengal, by two Britishers - A N Turner and A N Wright. According to the company's website, 
the company set up a large-scale manufacturing plant in Howrah, the first such plant in entire Southeast Asia, in the same year. 

Around 1990, the company was acquired by Ratan Jindal, who holds more than 30 per cent. Hong Kong-based businessman Girish Jhunjhunwala is the other promoter with a 10 per cent holding.

Early last year, a strategic investor, Hella Infra Market, the parent of Infra.Market, announced an investment of Rs 270 crore through a combination of equity and debentures.

Shalimar Paints has reported net consolidated loss after tax of Rs 10.27 crore in the April-June quarter of FY24 down 7.66 per cent from Rs. 9.53 crore in June 2022.
Its EBITDA stood negative at Rs 3.01 crore in June 2023 down 68.16 per cent from Rs. 1.79 crore in June 2022.

The company's net consolidated total income stood at Rs 127.24 crore in Q1 FY24, a growth of 14.18 per cent from 111.4 crore it recorded in Q1 FY23.

In a statement, the company announced a capex of Rs 200 crore that will focus on three core segments- People, R&D, and Production. With 38-40 per cent growth witnessed in the previous financial year, the company is now directing its efforts towards a consistent upward trend, targeting 25 per cent year-on-year growth.

Shares of Shalimar Paints closed at Rs 162.65,  down by almost 1 per cent, on Wednesday. 

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