Tile maker Somany Ceramics Ltd on Tuesday (September 12) said the company is not planning any price cuts to stimulate demand.

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In a recent interview with CNBC-TV18, Abhishek Somany, the managing director and CEO, of Somany Ceramics, "We are giving some sops to dealers in terms of some schemes, etc. but there has not been a need for any major price cut."

One of the significant points emphasised by Abhishek Somany was the company's commitment to not resorting to price cuts as a means to stimulate demand.

In a market where price competition is often the norm, Somany Ceramics is taking a different approach. By not compromising on product quality and pricing integrity, the company aims to attract discerning customers who value durable and aesthetically pleasing ceramic products.

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Another key revelation from the interview was Somany Ceramics' resolve to maintain its margin guidance for the fiscal year 2024, which stands at an impressive 9.5-10 percent.

While discussing the performance of the company in the second quarter, Abhishek Somany acknowledged that there was pressure on volume growth during this period.

“We are very hopeful that the second half of the year should pick up,” he said.

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However, he expressed optimism about the volume picking up in the second half of fiscal year 2024.

According to Somany, the volume in the second quarter is expected to be on par with the first quarter. Nevertheless, the company anticipates high single-digit volume growth for the entire fiscal year 2024.

"With H2 and with the production capacity, which we have increased - we should start utilising that - we are still very confident of a double-digit growth," he said.

For more details, watch the accompanying video