Retail expansion and launch of new innovative products aggressively driving the growth
Bangalore, October 26, 2016: Somany Ceramics Limited, the leading manufacturer of wall and floor tiles, sanitaryware and bath-fittings, posted robust earnings for the quarter ended on September 30th 2016.
Profit before tax for Q2 of FY 2016-17, was INR 35.14 crores, a growth of 113.6% over INR 16.45 crores as compared to the same period last year.
Profit after tax for the quarter was INR 23.01 crores, a growth of 116.1% over INR 10.65 crores for the corresponding quarter of 2015-16.
Commenting on the results, Mr. Abhishek Somany, Managing Director, Somany Ceramics Ltd., said, “We continued our efforts towards investing in brand and marketing besides focusing on improving product mix. This has resulted into good performance for the quarter and helped us achieve above average industry performance. Also the macro economic factors of the Indian Economy remain positive which should benefit our industry going forward.”
Key Highlights of Q2 FY’16:
· Gross Sales increased by 10.8%
· PAT at INR 23.01 crores up by 116.1%
BSE Code – 531548
NSE Code – SOMANYCERA
Founded in 1969 by Mr. H.L. Somany Ltd. in collaboration with Pilkington’s Tile Holding, UK, Somany Ltd. is among the frontrunners in the ceramic tile industry in India. The Company currently has access to manufacturing capacity of about 60 msm of tiles per annum spread across two owned manufacturing plants in Haryana and Gujarat (25.55 msm), two subsidiary plant (8.87 msm) & four associate plants (16.83 msm) in Morbi, Gujarat and other outsourcing tie ups (9 msm). Somany Ceramics Ltd. is the first and the only company in the Indian tile industry to have a patent for its highly abrasion-resistant tiles, VC Shield, making it the country’s most durable tile. Somany Ceramics Ltd. has strong brand image and pan India presence with a wide distribution network of around 10000 touch points which include dealers, sub-dealers and showrooms/display centres. Somany Ceramics Ltd. also received ‘The American Ceramic Society’s Corporate Technical Achievement Award 2014’ for the development of Veil Craft (VC) Shield floor tiles.