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IDBI Capital Report
Somany Ceramics Ltd.’s Q1 FY23 result was in-line with our estimates on all parameters. Despite steep increase in gas prices, the company managed to hold margins on a sequential basis.
The management guided that though Morbi’s tile manufacturers have opted for a long shut down, Somany Ceramics’ plants should be operational and there won’t be any negative impact on sales volume.
Net sales increased by 69.5% YoY to Rs 5,591 million, while Ebitda came in at Rs 449 million, up by 94.8% over Q1 FY22.
The company reported net profit of Rs 206 million, higher by 362.6% YoY. Somany Ceramics’ capacity expansion in added products and focus on strengthening distribution network bodes well for future earnings growth.
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