One of India’s leading consumer and appliances and building products companies, Hindware Home Innovation Limited announced its financial results for the quarter and a half year ended September 30, 2022.
Formerly Somany Home Innovation Limited, Hindware Home Innovation Limited consolidated revenue from operations stood at Rs 1,393 crore, registering a growth of 45 per cent in H1 FY23. EBITDA grew 75 per cent 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 per cent. EBITDA grew 11 per cent 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 per cent Y-o-Y. EBITDA grew by 119 per cent 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 per cent 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 and fittings reported revenue from operations of Rs 1,111 crore, registering a growth of 48 per cent Y-o-Y in H1 FY23. EBITDA stood at Rs 114 crore, up 72 per cent on a Y-o-Y basis. For Q2 FY23, the building products business, reported revenues from operations worth Rs 576 crore higher by 19 per cent on a Y-o-Y basis, while EBITDA grew 16 per cent 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 per cent 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.
Image credits: Hindware Home Innovation Limited (for representational purpose)