reports
Somany Ceramics Limited: 2 directors
Two Directors at Somany Ceramics Limited sold 695,383 shares at 850.000INR. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...
- Rohit Dokania
Somany Ceramics' Q3FY20 results (Outperformer) - Weak gross margin per...
Q3FY20 consolidated results highlights Tiles: Tiles vol. grew ~4.2% yoy to ~13.3mn sq.m. (1% miss), a decent performance as DSO continues to trend lower at 67 vs ~75 as of H1FY20 and 84/89 in June/Mar 2019). Realisations fell ~2.7%/2.2% yoy/qoq to ~Rs286 due to lower GVT/PVT prices. Tiles revenue grew ~1.3% yoy to ~Rs3.8bn (4% miss). Sanitaryware revenue was in-line at ~Rs511m (+5.7% yoy). Total revenue at ~Rs4.4bn grew 2.5% yoy (in-line). However, weaker realizations and sales of old Kadi ...
- Rohit Dokania
Somany Ceramics' Q2FY20 results (Outperformer) - Healthy performance; ...
Q2FY20 consolidated results highlights Operational Highlights: Tiles volume grew 4.8% yoy to ~12.6 mn sq. m. (in-line), a commendable performance as this comes in a tightened receivable scenario (DSO down to 75 days as of H1, vs 84/89 in June/Mar 2019). Blended realisation grew 2%/1.4% yoy/qoq to ~Rs292 due to higher JV revenue, lower outsourcing, and additional GVT volumes in the mix. Tiles revenue grew 6.8% yoy to ~Rs3.7bn (in-line). Sanitaryware revenue grew 6.8% yoy to ~Rs502m (5% miss). ...
- Rohit Dokania
Somany Ceramics' Q4FY19 results (Upgrade to Outperformer) - Disruption...
Q4FY19 results highlights Operational Highlights: Tiles vol. fell 3% yoy to ~15.4MSM (exp. Of 4% growth) – the decline is not bad, given that it has come in a scenario where receivables have been tightened (89 days vs 107 yoy). Blended realisation fell marginally by 0.6% yoy vs exp of flat largely led by strong improvement in outsourced volume realisations. St. Performance: Rev. fell by 2.2% yoy to ~Rs5.15bn (7% miss) led by 3.8% yoy fall in Tile segment rev. (9% miss) while Bathware segment...
- Rohit Dokania
Somany Ceramics' Q3FY19 results (Neutral) - Bottoming out but wait for...
Q3FY19 results highlights Operational Highlights: Tiles vol. grew by 8% yoy to ~12.8MSM (in line with exp. of 8.7%). Volume growth, though not spectacular, is decent in light of SOMC’s focus on lowering receivables. Blended realisation was up 2.9% yoy vs exp of flat largely led by strong improvement in outsourced volume realisations (possibly due to improved mix as loss of Commander JV volumes are now met through outsourcing). St. Performance: Rev. grew by 12.2% yoy to ~Rs4.26bn (in line) le...
- Rohit Dokania
Somany Ceramics' Q2FY19 results (Neutral) - Another weak quarter; more...
Q2FY19 results highlights Operation Highlights: Tiles vol. fell ~4% yoy to ~12 mn sq. m. (IDFCe: -5%). In-house (incl. JV) volume fell ~7% yoy to 9.1 mn sq. m. while outsourced volumes rose ~9% yoy to 2.7 mn sq. m. Blended realisation fell ~7% yoy/2% qoq, a reflection of the inferior product mix. This was visible on gross margins which came off 220 bps yoy to 36.2%. Sanitaryware revenue grew ~15% yoy to ~Rs469m (2% miss). St. Performance: Rev. fell 8% yoy to ~Rs3.9bn (4% miss) – due to volum...
- Rohit Dokania
Somany Ceramics' Q2FY19 results (Neutral) - Another weak quarter; more...
Q2FY19 results highlights Operation Highlights: Tiles vol. fell ~4% yoy to ~12 mn sq. m. (IDFCe: -5%). In-house (incl. JV) volume fell ~7% yoy to 9.1 mn sq. m. while outsourced volumes rose ~9% yoy to 2.7 mn sq. m. Blended realisation fell ~7% yoy/2% qoq, a reflection of the inferior product mix. This was visible on gross margins which came off 220 bps yoy to 36.2%. Sanitaryware revenue grew ~15% yoy to ~Rs469m (2% miss). St. Performance: Rev. fell 8% yoy to ~Rs3.9bn (4% miss) – due to volum...
- Rohit Dokania
Somany Ceramics' Q1FY19 results (Downgrade to Neutral) - Goalpost of â...
Q1FY19 results (standalone) Tiles volume grew 17.9% yoy to 11 MSM on a very favourable base of decline of 15.8% in Q1FY18 and was lower than our exp. of +23% yoy given overall weak demand and Somany’s focus on curtailing debtor days. Within segments, outsourced volume grew ~66% yoy (stop-gap measure for slow ramp-up in various newly reopened lines), while own manufacturing/JV volumes grew by 10%/11% yoy respectively. Blended realization fell by 3.6% yoy (fell by 1.1% qoq) as realisations are ...
- Rohit Dokania
Somany Ceramics' Q4FY18 results (Outperformer) - Disrupted FY18; all e...
Q4FY18 results (standalone) Tiles volume grew 2.3% yoy to 15.9 MSM (on a very high base of 12.6% yoy but came in lower than our exp. of 7%). Within segments, outsourced volume grew ~49% yoy (stop-gap measure for slow ramp-up in various newly reopened lines), while own manufacturing/JV volumes declined 3%/9% yoy respectively. Blended realization was flat yoy (+1.7% qoq) despite the higher share of outsourced sales. Reported revenue declined 4.9% yoy to ~Rs5.3bn (4% miss). Adjusting for excise...
- Rohit Dokania
Somany Ceramics' Q3FY18 results (Outperformer) - Disappointing quarter...
Q3FY18 results (standalone) Tiles volume grew at a healthy 6% yoy rate (base demonetisation qtr had a 1% yoy growth) to 11.8 mn sq. m. (IDFCe: +5% yoy) despite the quarter experiencing some wash out in sales due to dealers wait-and-watch strategy (prior to GST revision to 18%). December month was particularly strong for the company. Within segments, outsourced volumes more than doubled yoy as they replaced the Kassar production during the quarter while the Kadi plant ramp up was slow. Own Ma...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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