What is CMP in the Stock Market?
In previous times, the stock market was a physical space that traders set up offices and desks at, and stocks, shares and bonds were traded in physic…
30 Jun, 2023
4 min read
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We remain committed to fostering innovation, driven by the ever-changing preferences of our customers, asserts Sandeep Sikka, Group CFO, Hindware Home Innovation
In Q4FY23, the company’s revenue surged by 12% on a YoY basis while the net profit dipped by 39% from last year’s same quarter. What were the contributing factors which led to performance?
In the face of a demanding macro environment, we achieved a resilient performance, concluding the year on a positive trajectory. In Q4FY23, our consolidated revenue witnessed a substantial growth of 12%, and we observed an improvement in EBITDA margins from 10% to 12% year-on-year. Within our bathware business, margins experienced a positive shift from 13% in Q3 to 15% in Q4. Additionally, our plastic pipes and fittings segment achieved an impressive double-digit margin of 11%.
Throughout the year, we remained committed to executing our strategic plan, which encompassed various key initiatives. These included the introduction of innovative products, expanding our distribution network through collaborations with new distributors, establishing brand shops, and extending our presence to tier 4 and 5 towns. Additionally, we made substantial investments in integrated marketing campaigns and advertising to bolster brand awareness and recognition.
Moreover, we focused on implementing efficient production processes, optimising supply chain management, implementing cost control measures as well launching new products across categories to enhance profitability. These concerted efforts aligned with our strategy and played a significant role in driving our overall performance for the year.
Truflo, the company's Plastic Pipes and Fittings brand, has successfully upheld its status as the fastest-growing brand in its segment. What key factors do you attribute to the sustained growth of Truflo? Moreover, what are the company's plans and objectives for Truflo, aiming to maintain its position as the fastest-growing brand in the plastic pipes and fittings segment?
During the fiscal year 2023, our Plastic Pipes and Fittings brand, Truflo, demonstrated exceptional performance by retaining its position as the fastest-growing brand in its segment.
It recorded an impressive 29% increase in revenue, with a 7% year-on-year growth in Q4FY23 and a sequential growth of 11%. This remarkable growth can be attributed to various factors, including the brand's robust customer connection and increased customer loyalty. The successful launch of a second manufacturing plant, along with the expansion of our distribution network and the introduction of new products, also contributed significantly to this outstanding growth.
We are committed to maintaining our momentum in the upcoming quarters as we continue to strengthen e our position in this category. Additionally, in line with our strategic goals, our greenfield project in Roorkee is progressing according to plan, and we anticipate the commencement of operations at the new plant by the middle of the fiscal year 2025. We remain focused on achieving our objectives and driving growth consistently and sustainably.
What is the current competitive landscape for your company, and what are your plans for enhancing your competitive position?
Within our Building Products business, which includes sanitaryware, faucets, and plastic pipes and fittings, and our Consumer Appliances business, we offer a diverse range of smart appliances. The competitive landscape for each of these segments is unique and highly competitive. To stay ahead in the market, players continuously strive to differentiate themselves through various strategies such as product innovation, maintaining high product quality, implementing competitive pricing strategies, and delivering exceptional customer service.
Our company's strategic approach remains consistent across all segments. We are committed to driving product innovation, meeting evolving customer needs, and expanding our distribution and retail reach. Additionally, we place great emphasis on launching integrated marketing campaigns to enhance brand awareness and recognition. Another crucial aspect of our strategy is providing exceptional after-sales service, ensuring customer satisfaction and loyalty.
By focusing on these key areas, we aim to maintain our competitive edge and meet the demands of the market effectively.
How does the collaboration with Dalmia Group (Hippo Store) as an SIS operation fit into the company’s long-term objectives?
The collaboration with Dalmia Group (Hippo Store) as a Shop-in-Shop (SIS) operation for our bathware and furniture retail business is in line with our company's long-term objectives. By implementing SIS operations within Hippo Stores, we aim to enhance our retail presence and increase our brand visibility by leveraging the existing customer base and footfall of Hippo Stores.
It also provides an opportunity to reach a broader customer segment through the established network and customer trust associated with Hippo Stores. Lastly, the SIS operation enables us to showcase our bathware and furniture products in a dedicated space, thereby enhancing the overall customer experience and fostering stronger brand recognition.
In light of the global trend towards smart appliances, what approach does the company have in mind to venture into the smart appliances segment?
Our Hindware Smart Appliances brand offers a strong proposition – a brand that is smart, futuristic, and centred around customer needs while leveraging advanced technology.
We have a diverse array of intelligent appliances, including chimneys, water purifiers, and water heaters. Recognising the growing prominence of digital technologies, we integrated Google Home voice control into our products in FY22. Moreover, most of our products are equipped with Alexa functionality, allowing consumers to operate them effortlessly using voice commands. Our unwavering commitment to research and development has resulted in the successful registration of 33 patents since the company's inception.
We remain committed to fostering innovation, driven by the ever-changing preferences of our customers.
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