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Somany Ceramics Shares :After reporting a 27% increase in net profit for the three months ending March, Somany Ceramics shares rose 17% on May 16.
Sales rose 8.3% to Rs 731.81 crore from Rs 675.46 crore in the same quarter last year.
Somany Ceramics stock rose 15.8% to Rs 719.3 on the NSE at 12.15 pm.
Somany’s tile volume rose 7% YoY and 20% QoQ. Tile demand remained modest throughout the quarter due to home improvement slowdown and greater competition, while volumes rose.
Somany Ceramics Shares Update Today
Due to real estate demand tailwinds, aggressive distribution expansion in smaller areas, and Morbi players’ export concentration, the firm’s management is hopeful about recovery in the second half of FY25.
Management also forecasts double-digit growth in sanitaryware and faucets.
Nuvama Institutional Equities reported that SOMC has improved balance sheet health and reduced working capital days to 8 from 31 in FY23 amid a challenging demand backdrop.
The firm raised its target price to Rs 914 from Rs 907 and maintained its buy rating. ICICI Securities maintained its buy rating at Rs 916 each.
Company shares have gained 30% in trade during the past year. Over the same period, the Nifty 50 has climbed 22%.
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