External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Covid to impact Q1; mid teen growth guidance for FY22 Volume growth was led by strong traction in tier II, III and below cities, aiding capacity utilisation (at ~97% in Q4) and now contributes 75% to revenues. Furthermore, volume diversion towards exports by Morbi players (~40% Morbi volumes exported now vs. ~25% earlier), is also improving the demand and pricing scenario for organised player. Going forward, the company expects 60-70% of overall targeted sales during Q1FY22 owing to the second wave.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Covid to impact Q1; mid teen growth guidance for FY22 Volume growth was led by strong traction in tier II, III and below cities, aiding capacity utilisation (at ~97% in Q4) and now contributes 75% to revenues. Furthermore, volume diversion towards exports by Morbi players (~40% Morbi volumes exported now vs. ~25% earlier), is also improving the demand and pricing scenario for organised player. Going forward, the company expects 60-70% of overall targeted sales during Q1FY22 owing to the second wave.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), BOB Capital Markets Ltd

BOB Capital Markets Ltd.

<p>SOMC reported consolidated Q4FY21 revenue growth of 59% YoY with tile volumes up 52% off a low base due to the national lockdown last year</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

SOMC reported consolidated Q4FY21 revenue growth of 59% YoY with tile volumes up 52% off a low base due to the national lockdown last yearContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Somany Ceramics (BUY): Strong operational performance, BUY remains

India

Somany Ceramics Limited manufactures ceramic wall and floor tiles. The Group exports its products to Europe, the Middle East, Australia, New Zealand, Mauritius, South Africa and Sri Lanka.

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Somany Ceramics (SOMC IN)

Somany Ceramics: Strong All-Round Show

Covid to impact Q1; mid teen growth guidance for FY22 Volume growth was led by strong traction in tier II, III and below cities, aiding capacity...

ICICI Securities Limited

Somany Ceramics (BUY): Strong operational performance, BUY remains

SOMC reported consolidated Q4FY21 revenue growth of 59% YoY with tile volumes up 52% off a low base due to the national lockdown last year

BOB Capital Markets Ltd.

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