Sirca Paints India Ltd Share Price – NSE  /  BSE

Trading, Small Cap

Sirca Paints India (SPIL) has entered into a Business transfer agreement with New Wembley Products LLP through its Authorized Partner Dr. S. Harinderbir Singh Lamba:

- For acquiring the business undertaking, pertaining to sale and distribution of Products including technical know-how, all intellectual property rights (including brand name, trade mark and any other intellectual property) belonging to New Wembley Products LLP and/ or Dr. S. Harinderbir Singh Lamba (‘Dr. Lamba'), in connection with the Products and/or the business of New Wembley Products (irrespective of whether the intellectual property is registered or unregistered under Applicable Laws), customer and vendor relationships, digital assets, books and records and identified employees of the New Wembley Products LLP.

- Further, it is hereby informed that the said transactions shall not include the manufacturing facilities of the New Wembley Products LLP. However, the said transaction shall include the exclusive right of the SPIL to use intellectual property belonging to New Wembley Products LLP and/ or Dr. Lamba for sale of Products.

- Further, the aforesaid transaction has been executed on a ‘slump sale' basis (within the meaning of such term under Section 2(42C) of the Income-tax Act, 1961) (“Slump Sale”) as a ‘going concern' basis for an aggregate lump-sum purchase consideration of Rs. 20 crore.

New Wembley Products LLP is a thinner, reducer and retarders/ paint removers manufacturing entity. Under the trade name ‘Welcome' makes a variety of interior finishing products for use on doors, windows, kitchen cabinets, and other interior surfaces for commercial, residential, and automotive applications.

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Net profit of Sirca Paints India rose 31.96% to Rs 12.51 crore in the quarter ended March 2024 as against Rs 9.48 crore during the previous quarter ended March 2023. Sales rose 21.03% to Rs 82.63 crore in the quarter ended March 2024 as against Rs 68.27 crore during the previous quarter ended March 2023.

For the full year,net profit rose 11.54% to Rs 51.43 crore in the year ended March 2024 as against Rs 46.11 crore during the previous year ended March 2023. Sales rose 16.42% to Rs 311.72 crore in the year ended March 2024 as against Rs 267.75 crore during the previous year ended March 2023.

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Sirca Paints India announced that the Board of Directors of the Company at its meeting held on 18 May 2024, has recommended a Final dividend of Rs.1.50 per share (i.e.15%), subject to the approval of the shareholders.

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Sirca Paints India will hold a meeting of the Board of Directors of the Company on 18 May 2024

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