Somany Ceramics , a prominent player in the ceramic tiles and allied products segment, has announced its unaudited financial results for the first quarter ended June 30, 2022. The company demonstrated strong performance in both standalone and consolidated operations.

Financial Highlights

Standalone Performance

Somany Ceramics reported a robust standalone revenue from operations of Rs. 2,06,050.00 lakhs for the quarter. The company's standalone net profit stood at Rs. 2,626.00 lakhs, indicating a solid financial performance in its core operations.

Consolidated Results

On a consolidated basis, the company's revenue reached Rs. 2,10,788.00 lakhs, showcasing the strength of its overall business portfolio. The consolidated net profit for the quarter was reported at Rs. 1,936.00 lakhs. These figures include the financial results of 15 subsidiaries, highlighting the company's expanded operational footprint.

Corporate Governance and Compliance

The financial results were meticulously reviewed by the company's statutory auditors, M/s. Singhi & Co., ensuring transparency and adherence to accounting standards. The Board of Directors approved these results on August 10, 2022, demonstrating the company's commitment to timely financial reporting and corporate governance.

Employee Stock Options

During the quarter, Somany Ceramics granted 3,50,102 stock options to its employees under the Employee Stock Options Plan, 2021. This initiative is likely aimed at enhancing employee motivation and retention.

Business Segment

Somany Ceramics primarily operates in the ceramic tiles and allied products segment, positioning itself as a key player in the industry. The company's focus on this segment has contributed to its strong financial performance.

The reported results for Q1 FY2023 reflect Somany Ceramics' resilience and operational efficiency in a competitive market environment.

Somany Ceramics has announced a partial restoration of operations at its Kassar plant in Bahadurgarh, Haryana, following the resumption of natural gas supply. This development comes after a temporary disruption caused by an incident in GAIL's Gauna-Bawana pipeline.

Partial Restoration of Operations

According to a regulatory filing by the company, the natural gas supply to the Kassar plant, which was earlier fully disrupted, has now been partially restored. As a result, Somany Ceramics has been able to resume operations in part at this facility.

Mitigation Efforts and Production Outlook

The company is currently assessing other options to mitigate the disruption and gradually scale up production at the affected plant. This proactive approach demonstrates Somany Ceramics' commitment to maintaining its operational efficiency despite the challenges faced.

Business Continuity and Sales Impact

Importantly, Somany Ceramics has assured stakeholders that the ongoing disruption will not impact its sales. The company emphasized that all its other manufacturing locations remain fully operational, which should help in maintaining supply chain continuity and meeting market demand.

Management's Statement

Anuj Kalia, Company Secretary & Compliance Officer of Somany Ceramics, stated in the regulatory filing, "The Company is in the process of assessing other options for mitigating the disruption and to gradually scale up the production. All other manufacturing locations of the Company remain fully operational. The sales will not be impacted by the ongoing disruption."

Looking Ahead

Somany Ceramics has committed to keeping the stock exchanges informed of any further material developments regarding the situation at the Kassar plant. This transparency is crucial for investors and stakeholders to stay updated on the company's operational status.

The partial resumption of operations at the Kassar plant is a positive step for Somany Ceramics, indicating the company's resilience and ability to respond quickly to operational challenges. As the situation continues to evolve, market observers will be keen to see how quickly the company can fully restore operations at the affected facility.