HSIL June qtr net zooms sixfold to Rs 13 cr

Somany Group firm Hindustan Sanitaryware and Industries (HSIL) today posted a near six-fold jump in its net profit to Rs 13.53 crore in the quarter ended June 30, 2010, over the same period in the previous fiscal.

The company, which had a net profit of Rs 2.41 crore in the corresponding quarter of the last fiscal, attributed the growth to expansion of its product portfolio during the period.

"Various initiatives of HSIL concluded positively in the first quarter. The building products division formally launched ceramic tiles... Crabtree Faucets was incorporated as part of our business and brand portfolio," HSIL said in a statement.

In March, the company had acquired the bathroom fittings division of Havells India, under the brand name 'Crabtree'.

Besides, the company also said that streamlining of its Bhongir glass facility in Andhra Pradesh has resulted in "strong revenue contribution and EBITDA margin improvement".

During the quarter, the company's net sales grew by 38 per cent to Rs 215.8 crore from Rs 156.66 crore in the year-ago period.

Going forward, the company said that its recent acquisition of UK-based Barwood Products will give it an opportunity to strengthen its international presence.

"As we celebrate 50 years of consistent growth and business  success, we have formally entered the international market with our acquisition of Barwood Products in the UK. This will open up the UK and European markets for the broader Hindware product spectrum as well," HSIL Joint Managing Director Sandip Somany said.