Shares of tile and sanitaryware maker Somany Ceramics surged as much as 14 per cent to hit record high of Rs 558.95 after it swung to profit in March quarter. Somany Ceramics reported consolidated net profit of Rs 31 crore in January-March period against loss of Rs 9.32 crore in the same quarter last year. Its revenue from operations jumped 59 per cent to Rs 562 crore compared with Rs 354 crore in the corresponding period a year ago.
Somany Ceramics' earnings before interest, tax, depreciation and amortization (EBITDA) also known as operating profit came in at Rs 90 crore compared with Rs 14 crore its operating profit margin improved massively to 16 per cent from 3.9 per cent in the same period last year.
During the quarter foreign institutional investors increased their shareholding to 2.6 per cent from 1.9 per cent in the previous quarter, Somany Ceramics said in an investor presentation.
"We have reported a growth of 58 per cent 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," Somany Ceramics added.
As of 11:27 am, Somany Ceramics shares traded 11.32 per cent higher at Rs 545, outperforming the Sensex which was down 0.2 per cent.