Hindware Home Innovation Ltd. reported an in-line set of performance wherein revenue remained flattish as compared to Q2 FY23 and grew by 11% QoQ. Sanitaryware and faucets segment (57% of revenue) reported a benign growth of 5% YoY and 9% QoQ (two-year compound annual growthr rate came in at 10%) on account of tepid demand.
Ebitda margins of the segment came in at 16.1% verus 12.7%/16.7% in Q2 FY23/Q1 FY24 respectively.
Plastic pipes segment (29% of revenue) grew by 2% YoY and 29% QoQ wherein volumes registered a robust growth of 22% YoY and 25% QoQ (two-year compound annual growth rate stood at 17%), largely due to strong demand from plumbing segment and average selling price came in at Rs 195/kg versus Rs 190/kg in previous quarter.
Ebitda/kg expanded sharply to Rs 21 versus Rs 6.5/Rs 13 in Q2 FY23/Q1 FY24 respectively. Consumer segment sales (14% of revenue), declined by 23%YoY and 8% QoQ and Ebitda loss stood at Rs 27 million versus profit of Rs 107 million/Rs 14 million in Q2 FY23/Q1 FY24 respectively.