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Somany Ceramics posted a weak set of earnings in Q3 which makes it the third straight quarter of earnings disappointment. In an interview with CNBC-TV18, Abhishek Somany, MD of the company spoke about the results and his outlook for the company.
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Somany Ceramics reported a poor set of Q1 numbers. However, the stock recovered post their Q1 results. In an interview to CNBC-TV18, Abhishek Somany, MD of Somany Ceramics gave a sense of what the outlook is going forward.
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In an interview to CNBC-TV18, Abhishek Somany, MD of the company spoke about the results and his outlook for the company.
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"The company should close the year, FY17, with a topline of around Rs 2,300 crore, up about 15 percent from last year’s Rs 2,000 crore", ukumar Srinivas, MD of Shankara Buildpro told CNBC-TV18.
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"The effect of demonetisation has taken a toll on the topline growth but that was expected. This quarter I don‘t see any surprises with demonetisation effects are going to get tapered off", Abhishek Somany, MD of Somany Ceramics told CNBC-TV18.
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The company reported a 10.8 percent rise in volume growth in the second quarter of current fiscal. The net profits also increased to Rs 23 crore in the quarter from Rs 10.6 crore year-on-year.
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Somany Ceramics has requested the government to consider raising the anti-dumping duty on vitrified tiles from USD 1.37 per metre to USD 2, MD Abhishek Somany.
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Going forward, the company expects growth in range of 10-12 percent in FY17, says Abhishek Somany, managing Director of Somany Ceramics.
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In an interview with CNBC-TV18, Abhishek Somany, Joint MD of the company said that he expects the whole year to grow better than the current 9 months of FY16.
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Abhishek Somany, Joint MD of Somany Ceramics said that truck strike and an exceptional loss from last year impacted second quarter earnings.
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Speaking to CNBC-TV18, Abhishek Somany, Joint M D says 60 percent of the sales have come from joint ventures (JV) and outsourcing while 40 percent from manufacturing.
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In the quarter we have grown at about 12 percent and for the year we have grown at about 22 percent on the net front, said Abhishek Somany, Joint MD Of Somany Ceramics.
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The company's strategy of improving its product mix continuously remains, said Abhishek Somany of Somany Ceramics.
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The company's operational income grew 22 percent to Rs 374 crore in September quarter against Rs 306 crore same quarter last year.
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Going forward, out of 20-21 percent growth, about 14-15 percent will come from volume and the balance would come by value, says Somany.
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In an interview with CNBC-TV18, Abhishek Somany, Joint MD, Somany Ceramics, talked about growth prospects of the company, a recent round of fund raising that the company did and how he sees earnings panning out in the next few years.
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Abhishek Somany, Joint Managing Director, Somany Ceramics Ltd is a third generation entrepreneur and part of a Delhi based business family that has seen the capital’s transformation and changing business climate.
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Abhishek Somany, joint managing director speaking to CNBC-TV18 about the deal said, the company has acquired 26% stake in Vintage Tiles at a value of Rs 5.5 crore. "We would start production sometime end of November," he added.
