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Somany Home Innovation delivers 45% yoy increase in Q2 revenue to Rs617cr; Stock slips 3%

The company’s financials were spurred by accelerated real estate demand and the demand for larger and bigger living spaces in Q2FY22.

November 10, 2021 11:48 IST | India Infoline News Service
Somany Home Innovation Limited (SHIL), the Consumer Appliances and Building Products Company; on Tuesday announced its financial results for the quarter ended September 30, 2021.

SHIL reported Consolidated Revenue from Operations of Rs617cr compared to Rs425cr in the same quarter last year, registering a growth of 45% on yoy basis. EBITDA witnessed an impressive growth of 27% yoy and increased to Rs58cr from Rs46cr on yoy basis. PBT for the quarter was recorded at Rs42cr, registering a growth of 56% yoy.

At around 11.48 am, Somany Home Innovation Limited was trading at Rs465.00 per piece down Rs14.45 or 3.01% on the BSE.

The company said in a filing, Q2FY22 witnessed steep raw material price inflation and high logistic costs putting pressure on margins. However, despite these challenges, Somany Home Innovation Ltd. has registered healthy growth in revenue, EBITDA as well as PAT, spurred by accelerated real estate demand and the demand for larger and bigger living spaces.

The individual business verticals have shown great resilience in overcoming the challenges and delivering growth in sales and profitability on the back of launch of innovative range of products, further investment in brands and agile distribution network.

Consumer Appliances Business reported Revenue from Operations of Rs112cr in Q2FY22, registering a growth of 35% yoy. This growth is calculated on Q2FY21 revenue of Rs83cr post adjustment of water heater business slump sales of last year.

The Building Products Business reported Revenue from Operations of Rs484cr, registering a growth of 66% yoy and 82% qoq. This growth was driven by the increased real estate demand and demand for individual housing. With people spending more time at home, home improvements are on the rise. The business witnessed improved realizations on the back of improving sales volumes and the launch of new and innovative product range.

Sandip Somany, Chairman, Somany Home Innovation Limited, said, “Somany Home Innovation Ltd. delivered a robust Q2FY22 result despite the pressures faced particularly with regard to the input prices and rising logistic costs. SHIL has yet again showcased its resilience in tough times and delivered a robust result.”

He further added, “Segmental performances have been healthy, especially for the Building Products Division, which has immensely benefitted from the improving real estate demand. TRUFLO by Hindware, our plastic pipes and fittings brand continued to outperform the market by adding new SKUs and expanding its distribution infrastructure. Consumer Appliances business, though remained flat on the revenue front during the quarter, has delivered growth in revenue on an adjusted basis and in profitability.

With the pandemic having potentially changed our way of life to a significant extent, people have started focusing on enhancing and beautifying their personal spaces and homes, and we at SHIL are at the forefront in helping them build their dream homes with our vast product portfolio spanning numerous segments.”

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