Somany Home Innovation Ltd delivered consolidated revenue from operations of Rs.649 crore, registering a growth of 26 per cent in Q3 FY22

Chandigarh , February 10, 2022: 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 compared to Rs.517 crore in the same quarter last year, registering a growth of 26% on a Y-o-Y basis. 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 & 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, Mr. 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 Rs.1608 crore 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%.