Somany Ceramics (SOMC) reported Q1FY24 consolidated revenue growth of 4.9% YoY driven by tile vol growth of 8.1% YoY (4-year CAGR of 6.7%), while tile realisation declined 2.2 % YoY (flat QoQ). Consol EBITDA margin increased 59bps YoY (-35bps QoQ) to 8.6% primarily due to lower RM costs (down 97bps YoY, including power and fuel cost), resulting in EBITDA growth of 12.6% YoY while APAT declined 4.4% YoY (due to higher interest cost).