Somany Ceramics Ltd

About

Somany Ceramics was started by the Shri H. L. Somany in 1971. Over the last 5 decades, the Company has emerged as a leader in the Indian ceramic industry on the back of its ability to evolve with changing décor aesthetics and trends. The Company has a diversified product portfolio ranging from ceramic wall and floor tiles, polished vitrified tiles and glazed vitrified tiles to sanitaryware and bath fittings. [1]

The Company’s operates 11 manufacturing units across the entire country which possess an
installed capacity of ~53 million square metres (msm) of tiles, 1.15 million pieces of sanitaryware per annum and 0.65 million pieces of bath fittings per annum. Company owns 35% of its capacities, 37% are run in Joint Ventures and the rest 28% are run in Partnerships. [2]

Key Points

Robust Distribution Network
The Company has a robust distribution network of more than 8,000 touch-points which comprises ~2,000 active dealers, ~6,000 sub dealers and 328 showrooms/ display centres across the states in India. [1]

See full details
  • Market Cap 3,536 Cr.
  • Current Price 834
  • High / Low 864 / 193
  • Stock P/E 37.0
  • Book Value 155
  • Dividend Yield 0.29 %
  • ROCE 12.6 %
  • ROE 10.9 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 30.83%
  • Debtor days have improved from 67.80 to 51.03 days.

Cons

  • Stock is trading at 5.40 times its book value
  • The company has delivered a poor sales growth of -0.41% over past five years.
  • Company has a low return on equity of 8.33% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
391.39 425.44 518.83 395.51 422.30 436.21 356.05 169.42 423.91 492.49 564.64 329.94
364.91 390.40 448.17 365.19 377.52 395.95 342.19 181.04 374.46 429.18 475.01 306.84
Operating Profit 26.48 35.04 70.66 30.32 44.78 40.26 13.86 -11.62 49.45 63.31 89.63 23.10
OPM % 6.77% 8.24% 13.62% 7.67% 10.60% 9.23% 3.89% -6.86% 11.67% 12.86% 15.87% 7.00%
Other Income 4.29 4.95 -7.31 4.82 -24.35 3.09 3.00 1.89 4.04 3.29 -14.89 5.59
Interest 11.16 11.51 11.67 11.69 13.21 12.42 11.49 11.53 9.82 9.41 9.34 8.08
Depreciation 10.75 11.02 11.45 12.09 14.91 14.27 16.12 14.50 15.04 15.38 16.42 15.06
Profit before tax 8.86 17.46 40.23 11.36 -7.69 16.66 -10.75 -35.76 28.63 41.81 48.98 5.55
Tax % 37.92% 41.87% 28.14% 37.15% 214.95% 24.85% 16.28% 26.26% 25.64% 25.64% 28.01% 37.30%
Net Profit 4.56 9.17 24.09 7.44 6.46 10.42 -9.32 -21.99 20.50 28.22 30.97 4.47
EPS in Rs 1.08 2.16 5.68 1.76 1.52 2.46 -2.20 -5.19 4.84 6.66 7.31 1.05

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
537 713 869 1,043 1,251 1,525 1,685 1,731 1,713 1,715 1,610 1,650 1,811
480 645 794 957 1,169 1,417 1,541 1,497 1,523 1,550 1,477 1,459 1,585
Operating Profit 56 69 75 86 82 108 144 234 189 165 133 192 225
OPM % 11% 10% 9% 8% 7% 7% 9% 14% 11% 10% 8% 12% 12%
Other Income 3 0 1 2 3 7 4 13 10 5 -15 -7 -2
Interest 14 17 21 20 19 21 22 39 40 46 49 40 37
Depreciation 15 17 18 20 22 27 28 31 41 44 59 61 62
Profit before tax 31 34 36 48 44 68 97 177 118 80 10 84 125
Tax % 33% 31% 31% 32% 39% 33% 32% 35% 33% 34% -104% 27%
Net Profit 20 24 25 32 29 46 65 98 70 46 15 58 84
EPS in Rs 5.91 6.92 7.28 9.28 7.43 11.94 15.27 23.16 16.62 10.93 3.54 13.62 19.86
Dividend Payout % 10% 10% 11% 13% 20% 17% 15% 12% 16% 18% 57% 18%
Compounded Sales Growth
10 Years:9%
5 Years:0%
3 Years:-1%
TTM:31%
Compounded Profit Growth
10 Years:11%
5 Years:1%
3 Years:-2%
TTM:1935%
Stock Price CAGR
10 Years:34%
5 Years:6%
3 Years:32%
1 Year:327%
Return on Equity
10 Years:13%
5 Years:11%
3 Years:8%
Last Year:11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
7 7 7 7 8 8 8 8 8 8 8 8
Reserves 76 97 119 146 216 250 420 516 572 605 598 647
Borrowings 162 179 167 162 171 191 243 497 541 574 529 449
161 199 237 306 353 335 372 422 518 477 416 455
Total Liabilities 405 482 529 621 747 784 1,044 1,443 1,639 1,664 1,552 1,560
131 174 191 200 241 264 381 527 648 713 778 757
CWIP 24 3 3 9 3 1 6 56 28 25 6 9
Investments 1 1 5 9 55 47 108 119 114 68 34 90
250 304 330 403 449 473 549 741 849 859 734 704
Total Assets 405 482 529 621 747 784 1,044 1,443 1,639 1,664 1,552 1,560

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
41 24 79 71 74 25 60 117 111 86 153 356
-46 -34 -35 -40 -104 -38 -192 -131 -110 -89 -15 -90
10 11 -37 -28 39 -6 131 10 -10 27 -153 -139
Net Cash Flow 5 0 6 4 9 -19 -1 -4 -9 24 -15 128

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 69 66 59 61 63 62 69 90 107 89 63 51
Inventory Days 101 98 76 71 44 55 50 114 148 142 200 124
Days Payable 73 96 85 95 87 84 72 84 133 113 105 96
Cash Conversion Cycle 97 68 51 37 20 33 46 119 123 118 158 80
Working Capital Days 66 62 45 39 29 38 46 92 103 105 101 56
ROCE % 20% 20% 20% 22% 17% 21% 22% 25% 15% 12% 7% 13%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
51.53 51.53 51.47 51.47 51.47 51.47 51.47 54.70 54.77 54.77 54.77 54.77
4.20 4.58 3.18 3.10 2.96 2.12 1.78 1.61 1.89 2.65 3.48 2.85
21.53 23.05 22.91 21.72 20.87 19.68 18.76 16.73 17.06 20.04 19.16 19.75
22.74 20.84 22.44 23.71 24.71 26.73 28.00 26.96 26.28 22.54 22.59 22.63

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