New Delhi: Hindustan Sanitaryware Industries Ltd (HSIL), the market leader in sanitaryware products and a leading manufacturer of container glass has registered a 27 per cent increase in net sales and 279 per cent net profit in the third quarter ending 31st December 2003.
Sales during this period were Rs 199.16 crore compared to Rs 156.7 crore last year, operating profit grew by 27 per cent to Rs 38.38 crore, from Rs 30 crore in the corresponding period last year. Its net profit jumped by an impressive 279 per cent to Rs 9.2 crore from Rs 2.43 crore for the same period last year.
During the first nine months of the fiscal, the interest outgo of the company decreased by 28 per cent to Rs 9.42 crore from Rs. 13 crore last year. The earning per share of the company saw a significant increase from Rs 4.33 to Rs 16.43 during this period.
Mr. Sandip Somany, joint managing director, HSIL said, "This year has been good for the sanitaryware industry with the impetus coming from housing due to the lower interest rates on home loans. Aiming to be a complete bathroom solution provider, we have expanded our range of offerings, with a product launch every three months. The premium sanitaryware segment is also doing well as the Indian consumer is moving up the value chain. Simultaneously, our glass division has also witnessed a surge in demand".
The company says its Sanitaryware division achieved higher sales due to a culmination of efforts and strategies employed - with newly launched advanced collections, especially the premium ranges and the ones enabling efficient utilization of water, being received exceptionally well in the market. The division continues to perform well on the export front as well.
The glass container division of the company also continues to experience an impressive top-line growth, leading to efficient plant capacity utilization.