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ICICI Securities Report
Our interaction with dealers and industry participants indicates demand trends for sanitaryware and faucetware continued to remain steady in Q2 FY23 despite a strong H1 CY22.
The demand continues to be driven by residential housing market and home improvement market. We believe demand trends should also remain healthy going ahead as underlying drivers remain intact.
In Q2 (July-September) there were no price hikes in sanitaryware and faucetware segments by Cera Sanitaryware Ltd. but the entire benefit of price hikes (~3% in sanitaryware and ~5% in faucetware) taken during mid Q1 FY23 would be seen and thus, would negate raw material price pressures and maintain margins.
We expect Cera to witness revenue/profit after tax compound annual growth rate of 16.6%/23.9%, respectively, over FY22-25E led by faucetware and sanitaryware segments with continuous high return ratios.
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