Gurugram –12th February 2021.
Somany Home Innovation Ltd (SHIL), fastest growing player in Consumer Appliances and a leader in Building Product business with 3 distinct distribution channels to market today announced its financial results for the quarter ended December 31st, 2020.
Revenue from operations for Q3FY21 increased by 24.1% YoY to ₹551.4 croreon the back of robust performance. EBITDA grew 73.6% Y-o-Y to ₹59.7 crore on the back of improved product mix and better efficiencies.The consolidatedEBITDA margin stood at 10.8%, expanding by 309 bps YoY. PAT at ₹37.7 crore, grew by 305.9% as compared to Q3 of FY 2019-20.
Segmental financial overview
- Consumer Appliances Business
- Revenue increased by 39.1% at ₹156.3 crore driven by improved sales from particularly Kitchen appliances and Water heaters
- EBIT grew by375.3%at ₹16.2 crore
- Building Products Business
- Revenue increased by 22.8% to ₹377.4 crore
- EBIT grew by51.7% at ₹33.8 crore
Commenting on the Company’s performance, Mr. Sandip Somany, Chairman, Somany Home Innovation Limited, said, “The company witnessed a good quarter, both in terms of overall revenues and profitability. The recovery for businesses has been sharp post COVID Q1 slump. The growth comes on the back of a strong performance in the Consumer Appliances business which is now emerging as a leading player in few of the segments it operates in. The Building Products business is now witnessing an upward trend with demand recovery from the real estate sector. The company’s investment towards development of CPVC & UPVC Pipes business is yielding excellent results and its products are well accepted by consumers.”
He further added, “Over past 3-4 years, we made strategic investments towards development of new businesses and distribution channels. Each of these businesses have been able to maintain a strong double digit growth on a continuously expanding base, contributing to both topline and bottomline. Our established and expansive three pronged distribution presence now offers us a long runway of opportunity.”