Somany Home Innovation Limited Delivered Consolidated Revenue from Operations of ₹617 crore, a robust growth of 45% in Q2 FY22
Gurugram : Somany Home Innovation Limited (SHIL), the Consumer Appliances and Building Products Company; today announced its financial results for the quarter ended September 30th, 2021.
SHIL reported Consolidated Revenue from Operations of ₹617 crore compared to ₹425 crore in the same quarter last year, registering a growth of 45% on Y-o-Y basis. EBITDA witnessed an impressive growth of 27% Y-o-Y and increased to ₹58 crore from ₹46 crore on Y-o-Y basis. PBT for the quarter was recorded at ₹42 crore, registering a growth of 56% Y-o-Y. Q2 FY22 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 ₹112 crore in Q2 FY22, registering a growth of 35% Y-o-Y. This growth is calculated on Q2 FY21 revenue of ₹83 crore post adjustment of water heater business slump sales of last year.
The Building Products Business reported Revenue from Operations of ₹484 crore, registering a growth of 66% Y-o-Y and 82% Q-o-Q. 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.
Commenting on the Company’s performance, Mr. Sandip Somany, Chairman, Somany Home Innovation Limited, said, “Somany Home Innovation Ltd. delivered a robust Q2 FY22 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.”
Consolidated Financial Performance Highlights: Q2 FY2022
o Revenue from Operations of ₹617 crore, growth of 45% on Y-o-Y basis
o EBITDA of ₹58 crore, up from EBITDA of ₹46 crore in Q2FY21. EBITDA margins of 9.4%
o PBT of ₹42 crore, growth of 56% Y-o-Y
Consolidated Financial Performance Highlights: H1 FY2022
o Revenue from Operations of ₹959 crore, growth of 57% on Y-o-Y basis
o EBITDA of ₹75 crore, growth of 137% on Y-o-Y basis. EBITDA margins of 7.8%
o PBT of ₹129 crore from a loss of ₹5 crore in H1 of last year