 "Somany Ceramics hits 52-week high on strong Q4 results")
Somany Ceramics has moved higher to touch its 52-week high of Rs 495, up 15% on the BSE, after reporting a strong 76% year on year (YoY) growth in net profit at Rs 26 crore for the quarter ended March 31, 2016 (Q4FY16). Net sales grew by 12.7% at Rs 514 crore on YoY basis.
Meanwhile, EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved to 8.9% from 6.8%.
The company said correction in gas prices and anti dumping duty on Chinese vitrified tiles have increased competitive edge for tiles manufacturers especially the branded tiles players.
Implementation of Government policies remains the single largest catalyst to boost sentiment and demand across categories of buyers. Investing in branding activities should be continued to create a stronger brand recall amongst buyers, it added.
The company’s expansion of Kassar plant (Haryana) for 4 million square metres (MSM) of glazed vitrified tiles (GVT) was successfully completed and commercial production was commenced from March 28, 2016. With this, the total access to tiles manufacturing capacity increased to around 60 MSM.
At 10:49 am the stock was up 10% at Rs 474 on the BSE. A combined 93,845 shares changed hands so far against an average of sub 50,000 shares that were traded daily in past two weeks on the BSE and NSE.
Meanwhile, EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved to 8.9% from 6.8%.
The company said correction in gas prices and anti dumping duty on Chinese vitrified tiles have increased competitive edge for tiles manufacturers especially the branded tiles players.
Implementation of Government policies remains the single largest catalyst to boost sentiment and demand across categories of buyers. Investing in branding activities should be continued to create a stronger brand recall amongst buyers, it added.
The company’s expansion of Kassar plant (Haryana) for 4 million square metres (MSM) of glazed vitrified tiles (GVT) was successfully completed and commercial production was commenced from March 28, 2016. With this, the total access to tiles manufacturing capacity increased to around 60 MSM.
At 10:49 am the stock was up 10% at Rs 474 on the BSE. A combined 93,845 shares changed hands so far against an average of sub 50,000 shares that were traded daily in past two weeks on the BSE and NSE.
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