HSIL Q1 net increases over two-fold to Rs 14.99 crore

Sanitary ware and bathroom equipment maker HSIL has reported over two-fold increase in standalone net profit to Rs 14.99 crore for the first quarter ended June 30, 2014.
The company's net profit stood at Rs 5.92 crore in the April-June quarter a year ago, HSIL said in a BSE filing.
Net sales during the quarter under review increased by 14.11 per cent to Rs 407.19 crore, against Rs 356.82 crore in the year-ago period.
"The performance during the quarter is reflective of the progress on several strategic initiatives undertaken in FY13-14. We have a firm growth strategy in place which includes continued strengthening of our distribution network and retail presence in Tier II and III towns," HSIL Joint Managing Director Sandip Somany said.

Shares of HSIL today closed at Rs 246.95 apiece on the BSE, down 0.24 per cent from previous close.