Somany Ceramics' board of directors approved an investment of up to Rs 62.5 crore, or up to 50% of the project cost of approximately Rs 125 crore, in a company based in Nepal, through the subscription of share capital and/or unsecured loan and/or any suitable instruments, for the establishment of a manufacturing facility in Nepal on a joint venture basis between the company and Murarka Group, Nepal, according to a BSE filing.

The joint venture will operate and manage a tile manufacturing facility in Nepal with an annual capacity of approximately 3.5 million square metres.

Somany Ceramics and Murarka Group will subscribe to the joint venture shares in an agreed-upon proportion. However, the company's share of the joint venture will not exceed 50%, according to the regulatory filing.

During the quarter ended December 31, 2022, the company's consolidated net profit fell by 66.42 percent. Its profit after tax (PAT) was Rs 11.47 crore in Q3 FY23, compared to Rs 34.16 crore in the previous fiscal's corresponding quarter. Its consolidated total income was Rs 626.51 crore in Q3 FY23, up 6.27 percent from Rs 589.52 crore in the same quarter last year.