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SOMANY HOME INNOVATION LIMITED Q2 PROFIT AFTERTAX UP BY 227%

New Delhi, November 10, 2020.

Somany Home Innovation Limited, India’s leading consumer Appliances Company reported Profit After Tax of ₹19.5 crore for the second quarter ended on September 30th , 2020, against ₹ 6.0 crore in the year-ago period, up by 227%. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) is at ₹45.6 crore, up by 62.6% period-on-period. Revenue from operations for the quarter stood at ₹425.2 crore as compared to ₹425.6 crore for the corresponding quarter. 

Mr. Sandip Somany, Chairman, Somany Home Innovation Limited said, “I’m happy with the performance delivered by us during this quarter. We continue to see growing adoption of our consumer appliances brands and the same has helped us deliver good results for the quarter despite the pandemic. We continue to differentiate ourselves owing to our innovative product range and our investment in Research and Development to seize growth opportunities which will help us to further grow our market share.”

He further added,” With sales volumes higher than pre-COVID-19 levels in Q2; we are hopeful that the festive season will further boost the spending in the sectors we operate in. The next wave of growth will come from Tier 2 and Tier 3 markets; therefore, we are working on further strengthening our marketing, distribution, sales, and after-sales network in these cities.”

Somany Home Innovation Limited has taken steps to close down owned Evok Stores, home to furniture, furnishings and home improvement products, in order to be leaner in the go-to-market approach. The company is focusing on the franchise-based large format store and online portal model. This adaptation of asset light model is to make the businesses profitable and maximize the operational efficiencies.

Somany Home Innovation Limited is all set to solidify its position in FY 2020-21 and unlock the intrinsic value of assets, achieve cost and operational efficiencies to accomplish the next growth trajectory.

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