Orient Bell advanced 4.02% to Rs 623 after the company announced completion of expansion at its Hoskote plant, Bengaluru, Karnataka involving capex of Rs 34 crore well ahead of schedule.
With this expansion, the total capacity of the company has increased from 32 million square meters per annum (MSM p.a.) to 33.8 MSM p.a., which includes 10 MSM p.a. of the associated entities.Aditya Gupta, chief executive officer of Orient Bell commented, Over the last 2 years we have made significant investments to ramp up and modernize our facilities. Apart from other investments made concurrently to strengthen marketing and distribution, Rs 70 crore has been invested on five growth capex projects to add incremental volume potential of 5.5 MSM p.a.
The projects were incubated with clear focus on 2 fronts - one being flexibility to offer new or improved products to suit changing customer preferences and the other to strengthen our footprint in our existing markets. The completion of Hoskote project is special as this now enables us to participate more meaningfully in the bigger and higher growth markets of South & West.
Orient Bell is engaged in the manufacturing, trading and selling of ceramic and floor tiles. The company reported a consolidated net profit of Rs 7 crore as against a net loss of Rs 5.12 crore in Q1 FY23 over Q1 FY22. Net sales rose 77% YoY to Rs 153.19 crore in Q1 FY23.
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