Somany Ceramics reports 104.01% growth in Q3 profits

During the quarter ending on December 30, 2023, Somany Ceramics recorded a significant growth of 104.01% in its net consolidated profit. The company reported a profit after tax of Rs 234 million in Q3 FY24, a substantial increase compared to the Rs 114.7 million registered in the corresponding quarter of the previous fiscal year, as disclosed in a filing with the BSE. In terms of net consolidated total income, Somany Ceramics posted Rs 6149.5 million in Q3 FY24, marking a slight decrease of 1.85% from the Rs 6265.1 million reported in the same quarter the previous year. Additionally, the board of directors sanctioned an investment of up to Rs 37.6 million in equity shares of a special purpose vehicle, either existing or to be incorporated by CleanMax Enviro Energy Solutions. This investment is in accordance with the provisions of the Electricity Act, 2003, and is intended for acquiring solar power from an energy-based captive generating plant located in Haryana.