HSIL Limited declares financial results for Q1 FY’15-16

HSIL Limited, the leading bathroom products Company with its brand ‘Hindware’ and second biggest player in Container Glass announced its Q1 results highlighting the company’s intent in growing new business verticals. The brand showed a Capital expenditure of Rs 105 cr and Rs 112 cr approved towards setting up of new plants and Gross sales for the quarter stands at Rs 441.85 cr.

The financial year began with the announcement of a strategic distribution agreement with Groupe Atlantic of France, a USD 1.5 billion leading player in HVAC (heating, ventilation and air conditioning) market in France & Europe for water heaters in India and continuing with this vision of progression, a Capital Expenditure of INR 105 crore for putting up plant for manufacturing of CPVC and UPVC pipes and fitting used in plumbing and sanitation was approved. The addressable market size for these products in India is estimated to be Rs 7000 cr. This product line will be an extension of the building product portfolio.

Sandip Somany, Jt. Managing Director, HSIL Limited, said, “While we will pursue strengthening our core business area, ‘sanitaryware’, bathroom products, as a company we have decided to venture into new business categories. These businesses are in alignment with our existing businesses and the forward looking objective for HSIL is to become a dynamic and robust entity. FY14-15 presented a tough economic and business environment, which is still to pick traction.  However, there is optimism as we look ahead to meeting our business objectives and better overall performance”.