Hindware Home Innovation Limited (formerly Somany Home Innovation Limited), the Consumer Appliances and Building Products Company, has announced its financial results for the quarter and half year ended September 30th, 2022.
In H1 FY23, Hindware Home Innovation Limited Consolidated Revenue from Operations stood at Rs. 1,393 crore, registering a growth of 45%. EBITDA grew 75% to Rs. 131 crore during H1 FY23 as against Rs. 75 crore in H1 FY22. For the quarter, Consolidated Revenue from Operations came in at Rs. 715 crore, up 16%. EBITDA grew 11% to Rs. 64 crore compared to Rs. 58 crore in Q2 FY22.
For the Consumer Appliances business, Revenue from Operations came in at Rs. 254 crore in H1 FY23, registering a healthy growth of 42% Y-o-Y. EBITDA grew by 119% on a Y-o-Y basis to Rs. 16 crore. EBITDA Margins also expanded by ~226 bps during H1FY23 over the corresponding period last year. For Q2 FY23, the segment registered a revenue growth of 12% on a Y-o-Y basis, with EBITDA at Rs. 11 crore during the quarter despite subdued consumer demand amidst an inflationary environment.
The Building Products business which comprises Sanitaryware, Faucets, and Plastic Pipes & Fittings reported Revenue from Operations of Rs. 1,111 crore, registering a growth of 48% Y-o-Y in H1 FY23. EBITDA stood at Rs. 114 crore, up 72% on a Y-o-Y basis. For Q2 FY23, the Building Products business, reported Revenues from Operations worth Rs. 576 crore higher by 19% on a Y-o-Y basis, while EBITDA grew 16% on a Y-o-Y basis to Rs. 53 crore. The sanitaryware and faucets business continues to post industry-leading growth on the back of its innovative product mix, new product launches, and strengthened distribution and retail network despite rising input prices, such as gas.
The Company's Plastic Pipes and Fittings business with revenue growth of 50% Y-o-Y in H1 FY23, continues to be the fastest-growing brand in the industry. With a greater emphasis on CPVC products, the company has been able to continue its growth momentum despite the steep decline in PVC prices over the past few months.
Commenting on the Company's performance, Mr. Sandip Somany, Chairman, Hindware Home Innovation Limited said, "Hindware Home Innovation Limited delivered an encouraging performance during the first half of the financial year despite inflationary pressures and input price volatility. Our topline increased by 16% and 45% on a year-over-year basis in Q2 & H1 FY23, highlighting the resilience of our business model. We have sought to offset rising input prices by implementing price hikes in sync with the market and also improving operational efficiencies."
He further added, "We will continue to leverage the strength of our business capabilities, brand, and distribution to create value for all our stakeholders."
Shares of Somany Home Innovation Limited was last trading in BSE at Rs. 352.90 as compared to the previous close of Rs. 342.55. The total number of shares traded during the day was 3556 in over 487 trades.
The stock hit an intraday high of Rs. 358.95 and intraday low of 343.10. The net turnover during the day was Rs. 1254471.00.