Hindware Home Innovation Limited (formerly Somany Home Innovation Limited), a consumer appliances and building products company, has announced its financial results for the quarter and year ended March 31st, 2023.
In FY23, the company reported consolidated revenue from operations of ₹2,873 crore, representing a growth of 25% compared to the previous year. EBITDA increased by 38% to ₹281 crore in FY23, and in Q4FY23, consolidated revenue from operations reached ₹768 crore, a YoY increase of 12%, with EBITDA growing 33% YoY at ₹90 crore. These results reflect a positive market environment, improved productivity, and enhanced efficiency, resulting in an 8% sequential growth in topline and a 49% expansion in EBITDA.
The Consumer Appliances business maintained its revenue in FY23, despite challenges from the macroeconomic landscape and higher inflation. Revenue from operations increased by 16% to ₹501 crore, and EBITDA expanded by 42% to ₹25 crore. In Q4FY23, revenue from operations and EBITDA amounted to ₹128 crore and ₹4 crore, respectively.
The Building Products business, which includes sanitaryware, faucets, and plastic pipes & fittings, experienced strong growth in FY23. Revenue from operations grew by 29% to ₹2316 crore, and EBITDA expanded by 41% to ₹256 crore. In Q4FY23, the business reported ₹627 crore revenue from operations, a 14% YoY increase, and EBITDA of ₹86 crore, a growth of 35% YoY. The Bathware business achieved industry-leading growth and margins, driven by innovative products, increased brand awareness, a diverse product range, and a strong distribution network. The acquisition of the manufacturing facilities of AGI Greenpac contributed to the business’s operating leverage benefits.
Truflo, the company’s plastic pipes and fittings brand, maintained its position as the fastest-growing in its segment. In FY23, Truflo registered revenue from operations of ₹785 crore, a 29% increase over the previous year, and in Q4FY23, it achieved revenue from operations of ₹219 crore, growing by 7% YoY. The brand’s success can be attributed to a strong brand connection, growing customer loyalty, and the successful launch of a second manufacturing plant.
Mr. Sandip Somany, Chairman of Hindware Home Innovation Limited, expressed satisfaction with the company’s performance, considering the challenges of inflation, elevated interest rates, and geopolitical uncertainties. He highlighted key initiatives undertaken to strengthen growth in the sanitaryware and faucet segment, as well as the significant growth of the Plastic Pipes and Fittings business. Looking ahead, the company will focus on innovation, expanding distribution, and improving operating efficiencies and the supply chain to generate sustainable shareholder returns.