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Anand Rathi Report
Cera Sanitaryware Ltd.’s H1 remained soft as revenue was flat at Rs 8.9 billion. Ebitda declined 11.4% YoY, while PAT inched up 1.7% YoY to Rs 1.2 billion. Demand was subdued in H1, led by heatwaves in some regions, slowdown due to general elections in Q1 and prolonged rains in Q2.
Input cost pressure hurt the gross margin, which fell 21 bps YoY to 53.6%. Operating de-leverage hurt the Ebitda margin, which dipped 190 bps YoY to 14.6%.
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