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 year ended March 31st, 2023.
The Company reported Consolidated Revenue from Operations at ₹2,873 crore, registering a growth of 25% in FY23. EBITDA expanded by 38% to ₹281 crore during FY23 as against ₹204 crore in FY22. In Q4FY23, Consolidated Revenue from Operations stood at ₹768 crore translating to an increase of 12% Y-o-Y, while EBITDA grew 33% Y-o-Y at ₹90 crore. Against the backdrop of an improving market environment and a strong focus on productivity and efficiency, there was a sequential growth of 8% in the topline and an expansion of 49% in EBITDA.
In FY23, the Consumer Appliances business maintained its revenue despite a challenging macroeconomic landscape resulting from higher inflation. In FY23 Revenue from Operations increased 16% over the previous year to ₹501 crore while EBITDA expanded by 42% to ₹25 crore. In Q4FY23, the Revenue from Operations and EBITDA amounted to ₹128 crore and ₹4 crore, respectively.
In FY23, the Building Products business which comprises Sanitaryware, Faucets, and Plastic Pipes & Fittings grew strongly by 29% over FY22 to ₹2316 crore with EBITDA expanding by 41% to ₹256 crore. In Q4FY23, the business reported ₹627 crore Revenue of Operations, higher by 14% on a Y-o-Y basis while EBITDA was ₹86 crore, registering a growth of 35% Y-o-Y. The Bathware business achieved industry-leading growth and margins on the back of an innovative product portfolio, enhanced brand awareness, diverse product range and strong distribution network. In addition, the business reaped the operating leverage benefits gained from the acquisition of the manufacturing facilities of AGI Greenpac.
The Company’s Plastic Pipes and Fittings brand Truflo maintained its position as the fastest-growing in its segment. In FY23, the brand registered Revenue of Operations of ₹785 crore, a 29% increase over the previous year, and in Q4FY23, registered Revenue of Operations of ₹219 crore, growing by 7% Y-o-Y. This remarkable growth has been driven by a strong brand connection, increasing customer loyalty, and the successful launch of a second manufacturing plant.
Commenting on the Company’s performance, Mr. Sandip Somany, Chairman, Hindware Home Innovation Limited* said, “We have delivered a strong performance, despite inflation, elevated interest rates, and geopolitical uncertainties. We undertook several key initiatives to further strengthen our industry-leading growth in the sanitaryware and faucet segment and the results are visible. Our Plastic Pipes and Fittings business continues to be the fastest-growing brand in the segment and we anticipate exceeding our target of achieving ₹1,000 crore in sales before FY25.
He further added, “Going forward, our focus will continue to be on innovation, expansion of our distribution, and enhancing our operating efficiencies and supply chain to generate reliable, sustainable shareholder returns.”