Shalimar Paints Limited has informed the Exchange about Investor Presentation
SHALIMAR PAINTS
May 31, 2022
BSE Limited Corporate Relationship Department, Ist Floor, New Trading Ring, Rotunda Building, P.J. Towers, Dalal Street, Fort, Mumbai - 400 001 BSE Scrip Code: 509874
National Stock Exchange of India Ltd Exchange Plaza, 5" Floor, Plot No. C/1, G- Block Bandra Kurla Complex, Bandra (E), Mumbai — 400051 NSE Symbol : SHALPAINTS
Sub: Intimation
pursuant
to
Regulation
30
of SEBI
(Listing
Obligations
and
Disclosure
Requirements) Regulations, 2015 - Investors presentation
Dear Sir/Madam,
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a copy of the presentation on the financial results of the Company for the quarter and financial year ended March 31, 2022. The same is also being uploaded on the website of the Company www.shalimarpaints.com.
You are requested to kindly take the above information on record.
Thanking you,
Yours faithfully,
For Shalimar Paints Limited
Mohit Kumar Donter Chief Financial Officer
i
Encl.: as above
& SHALIMAR
PAINTS
Shalimar Paints Ltd. Corporate Office: 1“ Floor, Plot No. 28, Sector 32, Gurugram ~ 122001, Haryana Regd. Office: Stainless Centre, 4” Floor, Plot No. 50, Sector 32, Gurugram - 122001, Haryana. Call: +91 124 4616600 Fax: +91 124 461 6659 Toll Free: 1800-103-6509 . Email Id: askus(@shalimarpaints.com Website: www.shalimarpaints.com CIN: L.24222HR1902PLC065611
Shalimar Paints Limited
Investor Presentation
May 2022
Safe Harbour
SHATIMAR
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Shalimar Paints Limited (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company
makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
All Maps used in the Presentation are not to scale. All data, information and maps are provided “as is" without warranty or any representation of accuracy, timeliness or completeness.
Company Overview
SHPANTS
100-Year-Young Brand: Renowned for High product quality
India’s iconic structures continue to use Shalimar Paints
Sper
troy fd the
ta
=
ee aaeas avis
ST Colors we design... Define Kolkata!
: if $
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=
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India’s Oldest Brand
:
Adding Shades to India’s Pride For Years...
eee
ye
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UNE Sry You know 50 shades of grey... We added one more!
=
eS e
ee aS Re ORL DI Lending hues to India’s Biggest Football Turf!
Production Per annum
.
s
>
ae
a
‘
%
Decorative & Industrial paints
inde
ire
at
Manufacturing facilities
Depots
e
os
©
re
Bon A
OG
‘©
Employee strength
a) R&D centers for paint
innovations
Journey so far
& SHPAINTS
Shalimar Paints Colour & Varnish Co. incorporated in India
P. Johnson bought control, became part of Red Hand Composition
Became a public limited company on 27th May
Name changed to Shalimar Paints Ltd on 18th Sep
Acquires the American Paints unit in Sikandrabad near Delhi
vet
)—¢
Nasik Plant started
(om)
Sold to Jhunjhnuwalas & O.P. Jindal Group for jointly Managing it
International Paints W
acquires US-based Red Hand Composition
<<
(9)
g(r
Enters into technical collaboration with KCI, Korea for pre-coated metal coatings
Chennai Plant started
Nasik Plant Re- instatement started
Cash Profit generated for FY21
2008
>
ee)
>
2018
Strategic stake sale to Infra.Market (24.8%)
(sm »
5
Deal with Infra.Market
SHALIMAR PAINTS
SHALIMAR PAINTS
cum INFRA.MARKET
Backed by investors including Accel, Nexus Venture Partners, Evolvence India Fund, Sistema Asia Fund and Foundamental Gmb and Tiger Global
Shalimar Paints are at the inflection point of exponential growth and partnering with Infra. Market will enable the company to pursue both organic and inorganic growth opportunities within our existing and even newer product categories.
The association with Shalimar is an important step as paints is an exciting category and Shalimar presents a unique opportunity for Infra.Market to partner with an established vintage brand in this much coveted category. Infra. Market’s technology- based supply chain solutions, will substantially add value to the robust ecosystem that Shalimar has already built, and together it will be instrumental in enhancing Infra.Market’s position as a category leader in the building material industry.”
Entry of Infra.Market into Melee T Obst te) av]
Growth Capital
Generation Platform to Tigre la and distribution
Fund infusion to provide
Access to Next
network
Our Product Offerings
SHALIMAR PAINTS
Decorative Paints
Industrial Paints
An extensive range of decorative and protective paint products for interior and exterior segments
Our portfolio spans across product categories and price points catering to a wide variety of consumers
Eco friendly emulsion products certified by Griha Council
Pioneers in Industrial coatings - Introduced notable firsts in high performance coatings such as high-build zinc coatings, radiation resistant coatings for nuclear power plants, polyurethane paint for fighter aircraft and railway coaches
One of the largest Indian players in high-performance Protective Coatings
Significant presence in General Industrial (Product Finish) and Packaging coatings
Low VOC products that is certified by National Test House (NTH)
paints that give
Decorative Paints: Strategy Going Ahead
SHPANTS
Focus on areas having significant presence
Focus on smaller Tier 3 & 4 towns @ and rural area
Focus on deploying
Premium emulsion
machines in the market
. Bp
Service improvement- specially supply
Focus on research &
. Bp
development of newer products
———= Expert Program
Increase in no. of Painters
22%)
13%)
DY
|
Progress over last a year
¥
Cost Reduction: * Cost saving due to optimization of water & solvent-
based paints
* Newer products developed & formulations released to
plants
¥ Vendor Development:
* Newer Raw material evaluated and approved
Apr-19
Mar-20
Mar-21
Mar-22
¥
Quality Upgradation: the Quality *
lati Quality of the formulations were improve
of
f
d
Industrial Paints: Strategy Going Ahead
& SHALIMAR
PAINTS
From Zonal Business structure to Vertical business structure alignment
Create opportunities for growth of Team Leaders to take additional responsibilities
Each Vertical defined with visible Key Result Areas which include:
«
¢
*
*
*
Customer Retention with defined Value proposition
Gain market share across various
verticals
Promoting SPL as a Service provider rather than only a paint vendor
Strong focus on Margins
Focus on new Verticals like Dealers, PEB/ OEM and Packaging
*
Upskilling the talent pool by proper training and recruitment of skilled people from relevant industries
To work on product gaps in each Vertical. Objective would be to viz:
*
*
Complete the product portfolio for Oil and Gas and regain lost ground
Focus efforts on new age technology to reduce / mitigate corrosion like Ceramic coatings, Graphene based coatings
Market Expansion
N O S
Customer Expansion
S
Product Expansion
v
Brand Expansion
Steady Revenue growthin boththe segmentsin this period
Historical Financial Performance
f
Unfortunate fire incident at our plants led to loss of capacity | Corrective actions initiated led to Business
eventually resulting in declining revenues
Revenue Impacted due to Covid-19 Pandemic
revival until Covid-19 disruptions
Mar-14 Fire incident at Howarh Plant
SHATIMAR
Nov-16 Fire incident at
Nasik Plant
C+10%)
20%)
344
358
603
578
|
t
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
| Supply Side Constraints
|
f
\ = Supply Chain Disruptions
Ki<-$
| Inadequate Product Portfolio
NN.
?
QRQ Intermittent Product Supply
|
to Channel partners
10
Impact on the entire value chain - leading to operational and financial underperformance during the period
Improved supply chain management
SHALIMAR PAINTS
o Used simple forecasting model to plan to
produce finished goods
g=
om
Challenges faced
o Distribution done through conventional
method
High Supply Chain management cost
Dealing with multiple service producer thus overlapping and higher cost
°
°
Poor Order Management
Scope to improve Dispatch efficiency
Inefficient Delivery system
o Higher inventory days
o Shifted to replenishment model
o Identifying the reductant products and
adjusting/discontinuing the loss making product
o Redesigned distribution network
<a oH
Actions taken
Change in Production & Sales model along with Cost optimization strategies helped reduce supply chain management cost
Improved product quality along with the process improvement
SLA’s with internal customers
Daily review process
Stocks accuracy
o Slow moving inventory has been replaced by
Deployed owned/fixed vehicles
fast moving segments
o Batch Management - Partially implemented at
plant & RDC level.
o Working towards reducing supply chain
management cost further through Vertical Space utilization
Going ahead
=»
Next level batch management in FY23(DEPO Level)
o Liquidate non-moving Finished Goods
o Reduce MTO Stocks TAT
=
25% of the warehouses have been covered under vertical space utilization through racks by FY22 remaining would be in FY23
In-transit damages to be controlled further
More Own / Fixed Vehicles
Expand Footprints
Process strengthening
E_Samvaad (e_POD’s)
11
Positive outcome on financial performance
SHPANTS
rf
3
is
e o zs
= = ea
= aia) =
86.8
96.7
Cost Optimization Strategies
_
oe
.
570
FY18
FY19
-61.7
FY19
34.1
FY18
-67.4
-109.2 FY19
I
l
I I
I
I
I
I
62.5
70.6
FY20
FY21
FY22
3.6
|_| -22.5
-33.9
FY20
FY21
FY22
-23.8
"56.2
-64,2
I
I
l
I I
I
1
I
I
I
!
v¥
¥
v
¥
Improve Supply / RM Chain Management
Improve the Product Supply to Channel partners
Increase efficiencies at Depots
Reduce overall company related costs
Value Creation
.
¥ Volume Growth in Decorative + Industrial Segments
*
Lead to Improved Operating Efficiencies
v
Increase dealer network and number of depots across the
country
*
Optimizing dealer margins over a period of time
.
_
Improving Efficiencies
¥
Lowering Working Capital requirements and improving
rofitabili
P
ly
FY18
FY20
FY21
FY22
|
I
360° growth strategy: started yielding results
EBITDA (Rs. Crs)
3.6
Operating Profit
Working Capital requirements
-22.5
-33.9
FY20
FY21
FY22
Other Exp. (% to Revenue)
28.1%
19.2%
19.7%
FY20
FY21
FY22
Optimizing Operating Efficiencies
Operating Cashflow
&
SHALIMAR PAINTS
Working Capital (No. of days)
FY20
FY21
FY22
ees |= FY2Z0
-9.3
Cashflow from Operating activities (Rs. Crs)
15.8
FY21
-40.3
FY22
13
Strategy Going Ahead — Product Diversification
SHALIMAR PAINTS
“Launching of newer products as per the market demand & continuously improving the serviceability”
Seal-Proof
Shalimar Alkali Block
Exterior Wall Primer
Pearl Lustre
Dai We Kolired Weel al
Carbonation Coating
*
Specially formulated premium quality acrylic primer with superior alkali, damp and efflorescence resistance for application on exterior and interior surfaces. special consists polymer which binds with the surface seepage giving resistance
better
water
of
It
a
Shalimar Alkali Block Exterior Wall Primer is a water diluteable exterior primer based on specially designed acrylic emulsion suitable for exterior and walls. It gives superior alkali exterior efflorescence resistance to masonry surfaces
is
is
It a Lustre Dana Finish Interior Synthetic Enamel Solvent based paint. for This applications masonry, concrete, wooden & metal substrates to get the designer Dana finish.
designed on
essentially
interior
*
a
water
Xtra Tough Anti-Carbonation coating is based, 100% acrylic, exterior coating, offering protection against carbon dioxide diffusion to your concrete structures. It has been formulated to protect and decorate concrete and masonry surfaces
It has excellent hiding, whiteness & brightness. It enhances the durability of the top coat
It gives smooth, silky, stain resistant, washable, durable, anti yellowing & tough film
micro-porous structure of the coating acts as a barrier to Water and Carbon Dioxide but allows passing of water vapour from the the environment and becomes breathable along with the substrate
substrate
to
Profit & Loss Statement Q4-FY22
SH PAINTS
Revenue from Operations
Cost of Materials Consumed
Purchase of Traded Goods Changes in Inventories of Finished Goods and Work in Progress Gross Profit
GP %
Employee Benefits Expense
Other Expenses
EBITDA
Other Income
Depreciation and Amortisation Expense
EBIT
Finance Costs
Exceptional Items
PBT
Total Tax Expense
P
Profit for the year EPS
105.5
76.8
5.3 68
30.2
111.7
775
74 2A
29.2
96.5
69.9
3.9 05
23.1
© Company has reported revenue growth of 9% from previous quarter, i.e., Q3 FY22.
o During this quarter company has grown in Industrial segments by 31% from
previous quarter, i.e.,Q3 FY22 and 14% from Q4FY21.
o During this quarter the company has grown in water base segment by 18% from
Q4FY21.
o During the quarter, the Company has taken a price hike of 7% to 10% compared to the last quarter and ~25% compared to same period last year to partially offset the increase in the raw material prices
28.6%
26.1%
24.0%
o Inthe coming quarters looking at the raw material trend, company will decide on
9.3
20.7
0.2
2.1
3.3
-1.0
5.7
-5.9
-12.7
0.0
712.7 2.27
10.2
20.3
-1.3
6.6
3.3
2.0
5.2
0.0
-3.2
25.4
“28.6 5.26
11.0
18.1
-6.0
2.6
3.4
6.9
6.1
2.3
-15.2
0.0
715.2 2.81
the future pricing strategy
e Raw material cost:
o
Over the last few quarters, raw material prices have seen on an increasing trend, which has contracted the Gross profit impacting the overall profitability of the company
o The prices of key raw materials have increased by more than 40% on the back of steep inflationary trend and sharp increase in commodity prices across the globe
o The company was able to absorb the increased cost by passing on the cost to the consumers through increase prices. However, due to in average competitive intensity need to absorb few costs internally impacting the margins of the company
selling
.
.
.
.
.
a
ted
o Company is continuously working on improving its product mix within the segments, which will eventually help to reduce the impact of increase in raw material costs on the company’s profitability
e Other Expenditure:
.
o Company has maintained the fixed cost at previous year level, however marginal
is due to secondary freight on account of increased in fuel prices.
Business Segment Performance
SHPANTS
Decorative Paints
Industrial Paints
Revenues’ (Rs. Crs.)
Revenues’ (Rs. Crs.)
Revenues. (Rs. Crs.)
246
237
255
130
144
376
356
399
215
206
111
99
119
314
317
FY18
FY19
FY20
FY21
FY22
FY18
FY19
FY20
FY21
FY22
FY18
FY19
FY20
FY21
FY22
Volumes (in KL ‘000)
Volumes (in KL ‘000)
Volumes (in KL ‘000)
33.7
20.8
30.2
311
26.1
87
9.2
9.6
9.7
8.3
32.4
30.0
39.8
30.4
35.8
FY18
FY19
FY20
FY21
FY22
FY18
FY19
FY20
FY21
FY22
FY18
FY19
FY20
FY21
FY22
*Gross Figures
16
————
Historical Profit & Loss Statement
SHALIMAR PAINTS
Revenue from Operations
Cost of Materials Consumed
Purchase of Traded Goods
Changes in Inventories of Finished Goods and Work in Progress
Gross Profit
GP %
Employee Benefits Expense
Other Expenses
EBITDA
EBITDA %
Other Income
Depreciation and Amortisation Expense
EBIT
Finance Costs
Exceptional Items
PBT
Total Tax Expense
Profit for the year
PAT %
EPS
358.1
252.5
17.9
-1.9
89.6
25.0%
41.5
70.6
-22.5
-6.3%
4.6
13.5
-31.3
22.2
-10.8
-64.2
0.0
-64.2
-17.9%
-11.46
325.6
198.4
21.9
24
102.9
31.6%
36.7
62.5
3.6
1.1%
6.9
13.3
-2.8
19.0
-2.0
-23.8
26.1
-49,9
-15.3%
-9.18
343.9
243.5
0.0
-11.2
111.6
32.4%
48.7
96.7
-33.9
-9.8%
14
10.9
-43.3
19.9
7.0
-56.2
-18.0
-38.2
-11.1%
-7.03
287.6
213.2
0.0
7.3
67.1
23.3%
42.0
86.8
-61.7
-21.5%
2.0
8.8
-68.5
25.1
-15.7
-109.2
-27.4
-81.8
-28.4%
-15.24
271.2
193.1
0.0
15.8
62.3
23.0%
39.4
57.0
-34.1
-12.6%
0.6
7.9
-41,3
26.0
-67.4
-21.8
-45.6
-16.8%
-24.04
Balance Sheet (Assets)
SHALIMAR PAINTS
Property, Plant and Equipment
Right of Use Assets
Capital Work-in-progress
Intangible Assets
Financial Assets
(ii) Other Financial Assets
Deferred Tax Assets (Net)
Other Non Current Assets
Total Non-Current Assets
Inventories
Financial Assets
(i) Investments
(ii) Trade Receivable
(iii) Cash and Cash Equivalents
(iv) Other Bank Balances
(v) Other Financial Assets
Current Tax Assets (Net)
Other Current Assets
Total Current Assets
TOTAL ASSETS
268.9
278.4
288.3
18
0.2
4.1
18
19.8
296.6
97.3
78.5
164.6
5.0
64
3.3
16.4
371.6
668.2
0.3
0.4
4.6
1.6
19.8
305.0
88.8
79.7
2.7
5.0
45
3.1
17.1
200.8
505.8
0.8
0.1
5.5
1.7
45.9
0.2
342.5
86.6
71.5
2.8
1.8
8.5
2.9
19.5
193.6
536.1
245.7
0.0
23.6
6.3
0.3
0.0
275.9
714
99.0
91.0
0.0
42.8
0.0
11.4
315.6
591.5
249.6
0.0
0.7
2.3
0.4
0.0
253.0
74.0
105.8
19.2
0.0
39.6
0.0
27.6
266.2
519.2
18
Balance Sheet (Equity & Liabilities)
til
Equity Share Capital
Other Equity
Total Equity
Financial Liabilities
(i) Borrowings
(ii) Lease Liabilities
(iii) Other Financial Liabilities
Provisions
Deferred Tax Liabilities (Net)
Other Non-Current Liabilities
Total Non-Current Liabilities
Financial Liabilities
(i) Borrowings
(ii) Lease Liabilities
(iii) Trade payables
(iv) Other Financial Liabilities
Provisions
Other Current Liabilities
Total Current Liabilities
TOTAL EQUITY & LIABILITIES
14.4
357.5
371.9
84.6
1.0
0.1
8.3
-
-
94.0
58.7
0.9
106.0
25.4
5.1
6.3
202.2
668.2
10.9
212.2
223.1
24.1
0.0
0.4
6.1
-
-
30.5
106.5
0.3
111.8
23.5
4.6
5.4
252.2
By Us}
10.9
262.0
272.9
18.2
0.9
1.4
6.1
-
-
26.7
11.0
294.3
305.3
18.1
0.0
0.0
6.0
-28.0
2.6
-1.3
134.0
138.1
24.9
0.0
0.0
6.7
-0.4
0.2
31.5
100.7
126.8
150.0
96.1
30.2
4.5
5.1
236.5
536.1
97.6
0.0
29.9
33.3
287.6
591.5
139.5
0.0
27.2
32.8
349.6
519.2
19
Cashflow Statement
Cash Flow Statement
Cash Flow from Operating Activities
Profit before Tax
Adjustment for Non-Operating Items
Operating Profit before Working Capital Changes
Changes in Working Capital
Cash Generated from Operations
Less: Direct Taxes paid
Net Cash from Operating Activities
Cash Flow from Investing Activities
Cash Flow from Financing Activities
Net increase/ (decrease) in Cash & Cash equivalent
Cash & Cash Equivalents at the beginning of the period
Cash & Cash equivalents at the end of the period
SHALIMAR PAINTS
(64.2)
39.4
(24.9)
(15.2)
(40.1)
(0.2)
(40.3)
(3.3)
205.6
162.0
2.7
164.6
(23.8)
(56.16)
(109.18)
(67.37)
32.2
8.4
7.6
16.1
(0.2)
15.9
(4.9)
(11.1)
(0.1)
2.8
2.7
56.6
0.4
(9.6)
(9.2)
(0.1)
(9.3)
(27.9)
(45.8)
(83.0)
85.8
2.8
72.6
(36.6)
(57.4)
(93.9)
(0.1)
(94.0)
(33.7)
197.9
70.2
15.6
85.8
33.7
(33.7)
69.2
35.5
0.4
35.8
(10.5)
(17.9)
7A
8.1
15.6
Balance Sheet Strength
SHALIMAR PAINTS
Borrowings & Cash Balance
Debt to Equity
Net Debt to Equity
Borrowings [Ml Cash & Cash Equivalents
1.3
11
175
145
91
121
131
170
143
0.5
0.4
0.6
—
04
o4
0.5
0.2
_ Mar-18
Mar-19
° Mar-20
as 8 Mar-21
Mar-22
Mar-18
Mar-19
Mar-20
Mar-21 | Mar-22
Mar-18
Mar-19
Mar-20
Mar-21 | Mar-22
Ln -0.1
Working Capital (in Days)
Inventory WB Debtors Ml creditors
28
244
82
61
64
71
Working Capital Days
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Brand Campaigning Initiatives
SHPANTS
Shalimar has carried out various marketing campaigns from time to time to capture greater mind share of customers and generate pull effect for the brand
Lead 4 YY
.
PAINTS SHALIMAR
HAR RANG \. KHOOBSURAT
PHOTOGRAPHY CONTEST
Do you have a story to tell? Show us the world through your lens.
Contest starts 2nd August, 2019 onwards
5 winners will receive prizes worth INR 10,000 each
7 winners will receive prizes worth INR 5,000 each
JURY
sm
‘J
ANKIT KUMAR
SAMAR KHAN MALVIKA RALLAN DOODLER FASHIONINFLUENCER
Scan and Part
TEC Apply
22
CSR Initiatives
wn
a oe PT
Click here to wattli video
Launched Kahaani Project
* Campaign aimed at beautifying and uplifting the village of Tauli Bhud located in Dehradun, Uttarakhand
* Empowered over 300 people and
offered livelihood generation to 24 villagers
* Through this one-of-its-kind
campaign, the language, traditions and values of the people of Tauli Bhud will now live forever, vibrantly painted on the village walls
Nelle ans
More than 8000sq.ft. painted
Support from 15 National &
4 International organisations
Artists from 7 different
countries
322+ Lives impacted
Infinite smiles & memories
SHALIMAR PAINTS
SHALIMAR PAINTS
BZ
P KGHOQNI
We are back with a new
20th Feb to 26th Feb, 2049 @ Tauli Bhud, Dehradun
23
CSR Initiatives
SHALIMAR PAINTS
RANG BADLAAYV KE
3000+ homes painted 1000+ graffiti’s 2000+ volunteers from 80+ colleges 30+ corporates and citizens from 20+ countries
countless smiles and endless memories...
24
Thank You
Company :
Investor Relations Advisors:
Shalimar Paints Limited
CIN: L24222HR1902PLC065611
Mr. Mohit Kumar Donter - Chief Financial Officer
mohit.donter@shalimarpaints.com
www.shalimarpaints.com
@
orient capital
Orient Capital (a division of Link Group)
Mr. Rajesh Agrawal +91 9967491495
rajesh.agrawal@linkintime.co.in
Ms. Rasika Sawant: +91 9594457518
neha.shroff@linkintime.co.in