Orientbell Tiles registers revenue growth by +21 % y-o-y…

Orientbell Tiles registers revenue growth by +21 % y-o-y...

New Delhi: Orient Bell Ltd., announced its unaudited financial results for the quarter ending December 31st, 2020. Revenue Growth in the quarter was 21% y-o-y led by the renewed focus on New Products, Displays and Channel Engagements compared to 6% y-oy of Q2FY21 spend.

EBITDA margin improved further to 10.7% in Q3FY21 aided by higher volumes, lower fuel costs and cost control excluding the impact of one-time adoption of IND AS 116” Lease Accounting” in Q3FY20, on a L-f-L basis EBITDA margin improved from 6.7% in Q3FY20 to 10.7% in Q3FY21. (Refer https://www.orientbell.com/investor for detailed results)

On a consolidated basis (including OBL’s share of profit from Associates), PAT for Q3FY21 at Rs. 7.5 Crores vs Rs.0.7 Crore in Q3FY20. With a continuous strong focus on Working Capital Management, Cash Conversion Cycle was reduced to 13 days on 31-Dec-2020 from 53 days on 31-Mar-2020. The Net debt was below zero as on 31st December 2020.

Q3FY21 saw an addition of 29 new Orient Bell Tile Boutiques (OBTB’s), with an increase in the total number of active OBTBs to 217 as on 31st December 2020. In addition to this, Marketing investments were increased further during Q3FY21: 2% of topline (~1.8X of Q2FY21 spend) and the revenue from vitrified tiles too improved to 41% vs 40% last year. OBL launched More than 350+ SKUs launched YTDFY21 across existing & New Product categories.

As part of the board meeting, OBL’s Board has approved modernization of an existing wall tile plant at Sikandrabad (Bulandshahr district, UP). The current capacity of this plant is 2.1 MSM p.a. and post modernization the capacity will increase to 2.8 MSM p.a. The modernization will also reduce fuel consumption.

“The modernization will involve a capex of under Rs. 10 Crores and the process will be completed by mid FY22. The CAPEX will be financed from internal cash accruals”, Aditya Gupta, CEO, Orientbell Tiles commented on the occasion.