Somany Ceramics spurts after turnaround Q4 numbers

Somany Ceramics surged 10.52% to Rs 541.10 after the company's consolidated net profit stood at Rs 35.26 crore in Q4 FY21 compared with net loss of Rs 9 crore in Q4 FY20.

Revenue from operations surged 58.80% to Rs 561.74 crore in Q4 FY21 from Rs 353.72 crore in Q4 FY20. Pre-tax profit stood at Rs 48.98 crore in Q4 FY21 compared with pre-tax loss of Rs 10.75 crore in Q4 FY20.

EBITDA grew 546.7% to Rs 90 crore in Q4 FY21 as against Rs 14 crore in Q4 FY20. EBITDA margin improved to 16% during the quarter compared with 3.9% during the corresponding quarter, last year.

During the financial year, Somany Ceramics' consolidated net profit galloped 214.20% to Rs 61.27 crore on 2.71% increase in revenue from operations to Rs 1,643.71 crore in FY 2021 over FY 2020.

Total consolidated debt stood at Rs 412 crore in FY21 compared with Rs 498 crore in FY20, sliding 17.26% Y-o-Y (year-on-year).

The company said, "We have gone through an unprecedented year and witnessed an overall diverse economic environment. The start to the financial year was full of uncertainties amidst the outbreak of novel coronavirus pandemic; however, the resilience of Indian economy resulted in robust rebound within a remarkable timeline which helped us to close the year on a good note, in fact much better than our anticipation."

"We have reported a growth of 58% in our topline during the quarter as compared to corresponding quarter of last year with consistent profit margin and healthier financial position. The second wave of pandemic has caused obstruction to the vigorous recovery momentum of Indian economy. This has impacted adversely our sales and plant operations. As a result, majority of our plant operated at lower capacity during the months of May and June 2021," it added.

"We strongly believe that we will come out of this crisis again and hence maintain our cautious optimism on resurgence of overall economic environment. Further, we are now eagerly looking forward to completion of our aggressive capex plan; this will help us to monetize emerging opportunities!"

The board has considered and approved issuance of non-convertible debentures (NCDs)/bonds /other similar instruments upto an amount of Rs 50 crore, which is subject to shareholder's approval in the ensuing Annual General Meeting (AGM), to be held for the FY 2020-21.

Somany Ceramics manufactures a range of products including ceramic tile, floor tiles, polished vitrified tiles, digital tiles, wall tiles, wall claddings, sanitary ware, bathroom fittings, and tile laying solutions.

The scrip hit a 52-week high of Rs 558.95 in intraday today.

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