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IDBI Capital Report
Cera Sanitaryware Ltd.’s Q3 FY22 result was in-line with our estimates on key parameters. Strong demand traction and consistent price hike taken aided healthy net sales growth and supported margin improvement.
Net sales increased by 28.1% YoY to Rs 4,045 million, while Ebitda came in at Rs 666 million, a robust growth of 54.3% YoY.
The company reported net profit of Rs 448 million, up by 45.8% over Q3 FY21. Our interaction with the management suggest that Cera Sanitaryware is poised to benefit from healthy industry demand and better product mix and improved net sales realisation will drive sustainable earnings growth in future.
We have broadly maintained our earnings estimates for FY23E/FY24E. After a recent correction in stock price the valuation are looking attractive.
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