HSIL net grows three-fold

Hindustan Sanitaryware and Industries (HSIL) reported a 177% increase in net profit to INR 28 crore for the third quarter of fiscal year 2010-11.
Sales were up 38% to INR 297 crore and margins rose b…

Hindustan Sanitaryware and Industries (HSIL) reported a 177% increase in net profit to INR 28 crore for the third quarter of fiscal year 2010-11. Sales were up 38% to INR 297 crore and margins rose by 508 base points to 9.96% year-on-year for the quarter ended 31 December 2010, the company said. Sandip Somany, JMD, HSIL said, We have achieved the highest quarter sales figures for each of the business divisions as well as for the company as a whole. Significant growth across divisions is an outcome of our focused approach of deeper penetration in the market enabling increase demand, coupled with increased capacity expansion to respond to the improving market dynamics, he added. The glass products and bathroom fittings manufacturer said that its board has approved INR 300 crore were for capital expenditures and it hopes to invest INR 650 crore over the next few years for expansion. HSIL said that it intends to expand sanitaryware production capacity from 2.8 million items to 5 million items per year, with an investment of INR 200 crore.