Sanitaryware player HSIL today reported a 19.73 per cent decline in its net profit at Rs 23.50 crore for the September quarter.
The company had posted a net profit at Rs 28.54 crore during the same period previous fiscal, Hindustan Sanitaryware and Industry (HSIL), which sells products under the Hindware brand, said in a regulatory filing.
Besides, the company announced demerger of its consumer products distribution and marketing business into new entity Somany Home Innovation Ltd (SHIL).
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It also demerged its furniture and home decor retail business into SHIL as also the distribution and marketing business relating to building product into another new entity Brilloca Ltd which is wholly-owned subsidiary of SHIL.
The undertakings being demerged are focused on servicing end-consumers in the market and are involved in branding, marketing, sales, distribution, trading, service etc, the company said.
"The scheme of demerger once implemented will significantly unlock the value of the respective businesses of HSIL and will support the long term growth," HSIL Ltd Vice Chairman and Managing Director Sandip Somany said.
HSIL stock closed 2.02 per cent up at Rs 477.05 on BSE.
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