Somany Ceramics (Somany) saw a significant drop in volumes (-16% YoY) on account of disruptions led by a) SAP roll-out (upgraded to S4 HANA; impact in April) and b) de-stocking by channel prior to the GST rollout (impact in June). The consequent negative operating leverage led to a 61% decline in adj. net income (60% below JMFe). While ERP has stabilised fully, GST destocking has not yet reversed. Management remains confident about mediumterm double-digit volume growth and operating margin expansion on the back of investments into brand equity, product portfolio upgrades and an improvement in the retail...