Somany Ceramics’ net profit dips 35% in Q1 FY24, Real Estate News, ET RealEstate

August 26, 2023

NEW DELHI: Somany Ceramics has reported a dip of 35.07 per cent in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 12.57 crore in Q1 FY24 as against Rs 19.36 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 588.90 crore in Q1 FY24, a growth of 4.58 per cent from Rs 563.10 crore it recorded in the similar quarter last year.

The board of directors have decided to divest its investment in Somany Fine Vitrified, a subsidiary, with effect from July 1, 2023, it said in the regulatory filing.

“We have achieved volume growth of 8% during Q1, while aiming at a double-digit growth, despite tough market conditions. We have further strengthened our working capital during the quarter and continue to adhere to robust credit discipline, which we had put in place few years ago,” the company said in its investors presentation.

  • Published On Aug 10, 2023 at 04:45 PM IST

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