The company through its wholly owned subsidiary is setting up a new greenfield manufacturing plant for the Plastic Pipes & Fittings business in Roorkee, Uttarakhand with an investment of ~ ₹180 crore

Gurugram : 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, 2022. The new name i.e. Hindware Home Innovation Limited* is effective from 23rd May 2022, and it aligns with the mother brand Hindware to leverage its legacy.

For FY22, Hindware Home Innovation Limited* Consolidated Revenue from Operations stood at ₹2,294 crore, registering a growth of 29%. EBITDA stood at ₹204 crore, having grown 27% and PAT stood at ₹203 crore, registering a growth of 271%.

For Q4 FY21-22, the Company registered revenue of ₹686 crore, reporting a growth of 12% and PAT came in at ₹40 crore during the quarter under review, registering a growth of 81% Y-o-Y. EBITDA came in at ₹67 crore.

The Building Products segment includes Sanitaryware, Faucets and Plastic Pipes & Fittings businesses. The segment delivered one of the best performances during the year and for the quarter. In FY22, revenue stood at ₹1,795 crore registering a growth of 42%. In Q4 FY22, revenue from operations grew by 20% Y-o-Y and stood at ₹550 crore. The segment outperformed the market on the back of product and design leadership, brand awareness, a diverse product portfolio, and a strong distribution network, helping both the Sanitaryware and Faucets businesses to grow substantially. The Plastic Pipes and Fittings business also continued to show strong revenue and volume growth, retaining its position of being the fastest growing brand in the country in this segment.

In FY22, our Consumer Appliances business recorded revenue from operations at ₹431 crore. In Q4 FY22, the industry witnessed high input & raw material prices leading to subdued demand resulting in the business to record revenue from operations at ₹121 crore. The Company is one of the pioneers in delivering innovative products since its inception and has the widest range of IoT product portfolio in the consumer appliances segment. The Company is one of the pioneers in delivering innovative products since its inception and has the widest range of IoT product portfolio in the consumer appliances segment.

The Plastic Pipes & Fittings business continues to grow exponentially and to penetrate into new markets, is setting up a greenfield Plastic Pipes and Fittings plant in Roorkee, Uttarakhand with an investment of ~ ₹180 crore. The facility is spread across 12 acres and will have a manufacturing capacity of 12,500 MT per annum, which is expected to be operational by the end of March 2024.

Commenting on the Company’s performance, Mr. Sandip Somany, Chairman, Hindware Home Innovation Limited* said, “Despite the ongoing challenges in the macro environment, the Company concluded the year on a healthy note. On a consolidated basis, the Company delivered a robust performance primarily on account of our strengthened Building Products business including Plastic Pipes & Fittings segment. The Company demonstrated exceptional agility and delivered yet another quarter of consistent performance. While raw material inflation continues, we are continuously monitoring the situation, building operational efficiencies, and implementing price hikes to reduce the impact on our margins. On the segmental front, our Building Products segment continues to outperform the market, reflecting the strength of our strategy and excellent business model, while our Plastic Pipes & Fittings business continue to be growing at a faster rate.”

He further added, “Having become an end-to-end integrated player post the acquisition of the Building Products Manufacturing business, we believe the business is well placed to derive efficiencies of scale and supply chain to deliver improved profitable growth.”