Somany Ceramics increasingly focused on the high-end segment

India’s second largest ceramics group closed the 2023-24 financial year with a 4.6% growth of consolidated revenues and expects to achieve double-digit growth this year.

Somany Ceramics, India’s second largest ceramics group, closed the 2023-24 financial year (year ending 31/3/2024) with positive results despite the slowdown in the Indian domestic market. Turnover grew by 4.6% year-on-year to INR 25.8 billion (more than US $307 million) following the previous year’s 18% increase, and margins resumed growth (+2.2%). This success was a result of the strategies the company has adopted to maintain its growth as well as the significant investments it has made in the last two years.

As MD & CEO Abhishek Somany explained, “Although 2023-24 was a tough year for domestic sales, we outperformed sector growth and improved our margins. In order to achieve this, we worked extensively on our product portfolio, on market expansion in both domestic retail and projects sectors, and on cost optimisation through various initiatives. Our Bathware segment also saw healthy growth with many new additions to our product portfolio.

Last year was also the year of the start-up of the new 4 million sqm Somany Max Factory, equipped with Continua+ technology and the recent market launch of the new Coverstone range of slabs in the sizes 800x2400 mm, 800x2600 mm, 800x2800 mm, 800x3000 mm, 1200x1800 mm and 1200x2400 mm, with 15 mm and 9 mm thicknesses.

With the Indian real estate industry expected to remain buoyant for the next 5-7 years, the ceramic tile consumption in India is likely to show a strong recovery from 2025 onwards. This positive scenario allows Somany Ceramics to expect to achieve double-digit growth in the topline this year, along with an improvement in operating margins.

Read the complete interview with Abhishek Somany published in CWR No. 158