Hindware Home Innovation Limited delivers strong topline growth Q2FY23 clocks revenue growth of 16%; H1FY23 revenue expands 45%(Y-o-Y)

Gurugram, November 14 dmanewsdesk: Hindware Home Innovation Limited (formerly Somany Home Innovation Limited), the Consumer Appliances and Building Products Company; today 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 ₹1,393 crore, registering a growth of 45%. EBITDA grew 75% to ₹131 crore during H1 FY23 as against ₹75 crore in H1 FY22. For the quarter, Consolidated Revenue from Operations came in at ₹715 crore, up 16%. EBITDA grew 11% to ₹64 crore compared to ₹58 crore in Q2 FY22. 

For the Consumer Appliances business, Revenue from Operations came in at ₹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 ₹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 ₹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 ₹1,111 crore, registering a growth of 48% Y-o-Y in H1 FY23. EBITDA stood at ₹114 crore, up 72% on a Y-o-Y basis. For Q2 FY23, the Building Products business, reported Revenues from Operations worth ₹576 crore higher by 19% on a Y-o-Y basis, while EBITDA grew 16% on a Y-o-Y basis to ₹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.”

Source: Hindware Home Innovation Limited