HSIL Q1 net surges twofold to Rs 28 cr

Hindustan Sanitaryware & Industries (HSIL) today said its net profit surged over two-fold to Rs 28.52 crore for the first quarter ended June 30.

The company had a net profit of Rs 13.53 crore in the same period previous fiscal, HSIL said in a statement.

The company's net sales rose to Rs 304.78 crore for the April-June quarter, compared to Rs 215.88 crore in the same period previous financial year.

Commenting on the results, HSIL Joint Managing Director Sandip Somany said: "All our plants are running at full capacity and our consistent and dedicated efforts on improving plant efficiencies, launching new designs across products segments, focus on premium products segments and investment in brand and expanding distribution network have resulted in robust performance this quarter."

Earlier this year, the company had said it planned to invest Rs 500 crore in the next seven years to set up three new plants in Gujarat.

It has signed a Memorandum of Understanding (MoU) with the state government to set up a plant each for producing sanitaryware, tiles and bathroom fittings.

Shares of HSIL today closed at Rs 221.60 on the Bombay Stock Exchange, up 15.12% from previous close.