Hindware Q4 Results Review - Steady Growth Across Building Product Business, Maintain Buy: Yes Securities

Yes Securities Report

Hindware Home Innovation Ltd. revenue remined flattish on YoY basis at Rs 7.73 billion, a growth of 12% QoQ. Blended operating margins came in 7.2% versus 10.6%/7.3% in Q4 FY23/Q3 FY24, respectively.

Bathware biz sales (54% of revenue) stood at Rs 4.20 billion, a marginal growth of 3% YoY and 5% QoQ (two-year compound annual growth rate stood at 10.4%). Ebitda margins for the segment stood at 15.3% as compared to 15.3%/13.6% in Q4 FY23/Q3 FY24, respectively.

Plastic pipes sales (31% of revenue) grew by 11%YoY and 40%QoQ driven by volume growth of 31% YoY and 35.4% QoQ (two-year volume compound annual growth rate stood at 22.6%). ASP came in at Rs 175 versus Rs 206 (including inventory gains)/Rs 169 in 4Q FY23/3Q FY24, respectively.

Ebitda/Kg stood at Rs 19 versus Rs 22/Rs 13 in in Q4 FY23/Q3 FY24, respectively. Consumer biz revenue (14% of sales) declined by 15%YoY and 4% QoQ and Ebitda loss stood at Rs 67 million versus Rs 46 million in previous quarter and profit of Rs 37 million in Q4 FY23.

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