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ICICI Securities Report
Somany Ceramics Ltd. posted an impressive Q2 FY21 beat on all counts:
- faster than estimated recovery in volumes (3% YoY growth versus our expectation of 10% decline);
- higher than expected Ebitda margin (11.7% versus estimated 10.5%); and
- sharp improvement in balance sheet quality with strict working capital management leading to a sharp net debt decline of Rs 1.92 billion in H1 FY21.
Gross margin for the quarter was however down 220 basis points YoY.
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