HIL Ltd (BSE: HIL), flagship company of the C K Birla Group, leader in the Building Material space in India announced the commencement of commercial production of Non Asbestos Roofing Sheets (Green Roofing Solution) under the brand "Charminar Fortune". It is being manufactured at Kondapalli Plant, Andhra Pradesh with effect from 21st December 2017. The Kondapalli Plant has the capacity to manufacture 33,600 MT PA.
"Charminar Fortune" is a new addition to the Company's Roofing products; it is Asbestos free and marketed under the brand "Charminar", one of the most trusted names for building products in the Country for its roofing sheets. It has excellent load bearing capacity, thermal resistance, sound proofing, fire resistance and a life of many decades. This advanced research-based, green roofing solution has been developed in-house by HIL.
The Company's other key expansion project, the greenfield plant for pipes and fittings at Golan, near Surat, is progressing as per plan and expected to be commercialised by April 2018.
HIL has placed strong emphasis on value accretive growth investments. With these announced projects, the Company expects to continue on its profitable growth momentum.
Mr. Dhirup Roy Choudhary, Managing Director & CEO at HIL said, "Charminar Fortune exemplifies the spirit of enterprise within the organisation; it is the outcome of entirely indigenous efforts. We believe we are presenting a unique solution to the world, one that will fit with the contemporary requirements and at the same time provide a superior roofing product. With this initiative HIL thus addresses 100% of the market and especially the institutional category from where we have been absent. Whereas initially the product will be supplied from one of our existing facilities, with the demand scaling up, we intend to bring online additional capacities in the near future."
HIL is looking at a sustained growth-driven model. Sales momentum is reviving on the back of optimised distribution and stronger marketing in the key roofing business, where Charminar retains leadership stance. Contribution from an augmented portfolio in Pipes & Fittings is expected to flow in progressively with the commissioning of additional capacities. With a solutions-centric approach the building solutions business can be scaled up across existing relationships / markets and add further visibility to revenues.
Initiatives taken to streamline costs and to enhance productivities will deliver leverage to margin growth.
Shares of HIL LTD. was last trading in BSE at Rs.1376.95 as compared to the previous close of Rs. 1314.4. The total number of shares traded during the day was 2279 in over 224 trades.
The stock hit an intraday high of Rs. 1399 and intraday low of 1321.1. The net turnover during the day was Rs. 3099814.