By Aditya Raghunath
Investing.com -- Somany Ceramics Ltd (NS: SOCE ) reported strong numbers for the quarter ended March 31, 2021 with revenue from operations going up 58% to Rs 564 crore. The company reported a net profit of Rs 35 crore compared to a loss of Rs 9 crore in the March 2020 quarter.
The March 2021 quarter also saw foreign institutional investors (FIIs) increase their shareholding in the company from 1.9% to 2.6%.
“We have reported a growth of 58% in our topline during the quarter as compared to the 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,” said Somany Ceramics.
In a note, ICICI Securities said, “Somany’s working capital management and net debt reduction (down from Rs 444 crore in FY20 to Rs 173 crore in FY21) have been the key positives.”
The stock has been moving up this fiscal year. It is trading at Rs 561.6 as of this report, up over 31% from its March 31 closing price of Rs 427.1.
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