In an interview with CNBC-TV18, Somany Ceramics' Abhishek discussed the impact of the shutdown and how he sees the business for the company panning out ahead.
We are on track for what we had predicted: which is approximately a 20 percent growth for the year that might be shade off a little bit because of this hangover.
Abhishek Somany
JMD
Somany Ceramics
After ceramic units in Morbi, Gujarat, went on a one-month strike to protest various issues including state gas price hike, the impact will be felt in the current quarter results of various ceramic companies.
In an interview with CNBC-TV18's Latha Venkatesh and Sonia Shenoy, Somany Ceramics' Joint MD Abhishek discussed the impact of the shutdown and how he sees the business for the company panning out ahead.
Also read: Q3 revenues to take 10% hit; optimistic on FY15: Kajaria
Below is the edited transcript of the interview.
Q: Last quarter the company has suffered from some production loss. What is the prognosis for this quarter and the quarters to come in terms of whether there will be any spillover effect and also what your revenue could look like?
A: The production loss was account of the shutdown we faced in the Morbi region, which is where about 600 units were concentrated in India and that was one of those very freakish moments where Morbi shut down completely.
There is going to be a spillover of about Rs 20-30 crore in this quarter because there is a backlog and we just don't have material to supply. The order book looks extremely strong but with the complete shutdown of Morbi, there is a little bit of hangover there reeling in this quarter.
Having said that, we are pretty much on track of what we have predicted, which is approximately a 20 percent growth for the year that might be shade off a little bit because of this hangover.
Q: When does this problem in Morbi ebb?
A: It has already ebbed. The shutdown was between the November 25 and December 25 and it's behind us. Going forward, things look extremely bright.
Q: You raised money by selling shares preferentially to Latinia Ltd. How much did you raise and what will that be put use to?
A: We raised about USD 8 million and that's going to be used for an aggressive acquisition and also some greenfield projects to fuel 20 percent plus compound annual growth rate (CAGR) growth for the next three years.
Somany Ceramics stock price
On March 22, 2014, Somany Ceramics closed at Rs 168.50, up Rs 1.95, or 1.17 percent. The 52-week high of the share was Rs 173.40 and the 52-week low was Rs 62.10.
The company's trailing 12-month (TTM) EPS was at Rs 6.95 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 24.24. The latest book value of the company is Rs 39.03 per share. At current value, the price-to-book value of the company is 4.32.
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