Somany Home Innovation deliveres consolidated revenue from operations

-


 

Chandigarh: Somany Home Innovation Limited (SHIL), the Consumer Appliances and Building Products Company, today announced its financial results for the quarter ended December 31st, 2021. SHIL reported consolidated revenue from operations of Rs 649 crore, registering a growth of 26% on a Y-o-Y basis compared to Rs 517 crore in the same quarter last year. EBITDA recorded a growth of 6% Y-o-Y and increased to Rs 62 crore in Q3 FY22. PBT grew by 5% Y-o-Y during the quarter.

The Building Products Division continues to move from strength to strength, on the back of the strong performance of its businesses i.e. Sanitaryware, faucets, and plastic pipes and fittings businesses. The Building Products Segment delivered another robust quarter with Revenue from Operations and EBIT coming in at Rs.496 crore and Rs.46 crore respectively. Both Sanitaryware and Faucets businesses saw significant growth in their respective market shares, on the back of product and design leadership, brand salience, wide product portfolio, and distribution network. The plastic pipes and fittings business too saw growth in both revenue and volume owing to the wide acceptance of our brand and quality of the products.

Revenue from Operations and EBIT for the Consumer Appliances business stood at Rs.131 crore and Rs.4 crore respectively in Q3 FY22. Consumer business profitability was impacted due to inflated input costs and slow market demand.  Moreover, Q3 FY21 had benefited from a significant amount of pent-up demand, resulting in a higher base effect. The Consumer Appliances business implemented price hikes across most product categories in an effort to pass on some of the effects of the inflated input costs to consumers. The pressure on profitability is temporary in nature and the Company expects to continue to drive growth on the back of innovative product launches and investment in the brand and the distribution network.

Commenting on the Company’s performance, Sandip Somany, Chairman, Somany Home Innovation Limited, said, “The Company registered encouraging growth on a consolidated basis in Q3FY22. Our Building Products Segment continues to deliver industry leading performance proving the efficacy of the strategy which we created at the start of the financial year. The Consumer Appliances Business was impacted during the quarter but we believe that the impact on the profitability is transient in nature, and our focus to further improve the efficiency of our operations will help us drive growth in the coming quarters. We will continue to focus on developing a range of new and connected products, which encapsulate innovation and aesthetics together, making an impact on the lives and homes of our customers.”

SHIL reported Consolidated Revenue from Operations of Rs1608 cr in 9M FY22, registering a growth of 48% over 9M FY21. EBITDA recorded a growth of 57% Y-o-Y and increased to Rs.137 crore. PBT grew to Rs.194 crore from Rs.35 crore, registering a growth of 455%. BW

Comments

Post a Comment

Popular posts from this blog

Yield 4 Finance chairman Sanjeev Chadha joins Forbes Business Council

-
Image
Sanjeev Chadha Chandigarh : Sanjeev Chadha, Chairman, Yield Group of Companies, a premier provider of financial instruments in trade transactions, has been accepted into the Forbes Business Council, the foremost growth and networking organization for successful business owners and leaders worldwide. Chadha was vetted and selected by a review committee based on the depth and diversity of his experience. Criteria for acceptance include a track record of successfully impacting business growth metrics, as well as personal and professional achievements and honors. “We are honored to welcome Sanjeev Chadha into the community,” said Scott Gerber, founder of Forbes Councils, the collective that includes the Forbes Business Council. “Our mission with Forbes Councils is to bring together proven leaders from every industry, creating a curated, social capital-driven network that helps every member grow professionally and make an even greater impact on the business world.” As an accepted memb...
Read more

MBD Group unveils 'Love to Learn' Campaign to ignite passion for education

-
Image
Chandigarh: MBD Group, an embodiment of excellence, reliability and expertise across various sectors including Education, EdTech, Skill Development, Capacity Building, Exports, Hospitality, Food & Beverage, Malls, Realty, Design & Construction, Residences and Commercial spaces operating in India and abroad commemorated its 78th Founder's Day with indomitable spirit and zeal. This momentous occasion honoured the outstanding legacy of their visionary founder, Shri Ashok Kumar Malhotra.  This event served as a heartfelt tribute to his remarkable contributions, untiring commitment and transformative ideas towards empowering people. Employees from diverse verticals were honoured for their invaluable contributions, and their unwavering dedication was acknowledged as the backbone of MBD's success. Furthermore, as a testament to their commitment to employee growth, MBD Group extends support to selected individuals by providing scholarships to fund their education. This longsta...
Read more

BE YOU Miss Tricity winner hails the food of Oven Roast and Grill

-
Image
Chandigarh:  Known for its delectable array of oven-roasted and grilled delights that tantalize the taste buds and ignite the senses, Oven Roast and Grill at SCO 475- 476, in Sector 35C, Chandigarh, today hosted BE YOU Miss and Mrs. Winner-2024 Miss Rhythm, a law student, 1st Runner Up Mrs. Mandeep Ghotra, a pilot with Air India, and 2nd Runner up Miss Shweta Thakur, a working IT professional from Himachal Pradesh. “It is a matter of great delight to visit Oven Roast and Grill where trained chefs transform simple ingredients into culinary marvels, infusing each dish with creativity and passion. From succulent roast meats to vibrant grilled vegetables, every bite is a celebration of flavor and texture,” said Rhythm. Sharing his thoughts, Sanjeev Bhatia, Managing Director, Oven Roast and Grill, said: “It was a great pleasure to host BE YOU - Miss and Mrs. Tricity-2024 at our restaurant where they enjoyed our iconic dishes to their extreme delight.” “Their dishes reflect a commi...
Read more