Somany Ceramics posted its Q4FY21 earnings. The company however posted an exceptional loss of around Rs 18 crore due to a default in the debt paper of a National Company Law Tribunal (NCLT). Abhishek Somany, MD, Somany Ceramics, discussed the performance.

“This debt paper is being serviced; the interest is being serviced perfectly but we thought it prudent in the current market situation to make a provision for it. So, in case something bad is to happen, there would be no surprise at a later date,” he said.

Somany sees demand coming back very sharply. “There was a euphoria of rebuilding and renovating homes,” he shared.

In terms of volume growth, he mentioned, “It has been fairly good, it is about 58 percent in Q4. Going forward, if we had to disregard the three months of the pandemic, we were looking at an excess of 20 percent growth. So around 20 percent of volume growth, going forward. We still want to maintain that. We are being cautious with the third wave of COVID-19 which is being predicted.”

“This year, May was a washout and June seems to come back. So net-net, it is going to be a much better quarter than last year’s Q1. We are still extremely bullish about the way forward,” he added.

For the full interview, watch the accompanying video.

(Edited by : Dipika)

First Published:Jun 17, 2021 10:14 AM IST