Gurugram (Haryana) [India], February 12 (ANI/BusinessWire India): Somany Home Innovation Ltd (SHIL), a fastest-growing player in consumer appliances and a leader in building product business with 3 distinct distribution channels to the market today announced its financial results for the quarter ended December 31, 2020.
Revenue from operations for Q3 FY21 increased by 24.1 per cent YoY to Rs 551.4 crore on the back of robust performance. EBITDA grew 73.6 per cent Y-o-Y to Rs 59.7 crore on the back of improved product mix and better efficiencies. The consolidated EBITDA margin stood at 10.8 per cent, expanding by 309 bps YoY. PAT at Rs37.7 crore, grew by 305.9 per cent as compared to Q3 of FY 2019-20.
Segmental financial overview
* Consumer Appliances Business
Revenue increased by 39.1 per cent at Rs 156.3 crore driven by improved sales from particularly Kitchen appliances and Water heaters
EBIT grew by 375.3 per cent at Rs 16.2 crore
* Building Products Business
Revenue increased by 22.8 per cent to Rs 377.4 crore
EBIT grew by 51.7 per cent at Rs 33.8 crore
Commenting on the company's performance, 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 the development of CPVC and 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 has been able to maintain a strong double-digit growth on a continuously expanding base, contributing to both topline and bottom line. Our established and expansive three-pronged distribution presence now offers us a long runway of opportunity."
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