Somany Home Innovation Expects 35% Growth This Fiscal

Somany Home Innovation Ltd (SHIL), which owns brand like Hindware Appliances, is looking at up to 35 per cent growth in business this fiscal on account of growing interest of people for home improvement products. SHIL, which operates under segments such as consumer appliances, home retail solutions and furniture and kitchen fittings business, had reported a revenue of Rs 451.44 crore in FY 2019-20. Under these broad categories, it deals in products like furniture, home decor and furnishing, wall fashion, modular kitchen and wardrobes through its retail stores Evok. "The interest in home improvement needs is very high and as a brand, we are looking at a growth of 30 to 35 per cent over the last year," Somany Home Innovation CEO Rakesh Kaul told media. According to Kaul, this is an exciting time for the company as it has found a new set of consumers looking for products for home improvement needs such as a better chimney, hobs, cooling solution, products for bathroom etc. The company has suffered a hit this year in its air-cooling business, as the majority of the summer season was lost due to lockdown and subsequent market disruptions. According to him, going forward digitalisation would increase rapidly and the omnichannel is going to be the key growth driver of any brand.