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IDBI Capital Report
Cera Sanitaryware Ltd.'s Q1 FY23 result was above our and consensus estimates on key parameters. The company continued to witness strong demand for products and stated the replacement demand remained positive.
On a low base of Q1 FY22, which was impacted due to Covid-19, net sales improved by 78% YoY to Rs 3,972 million. Ebitda came in at Rs 628 million, a robust growth of 196.8% YoY, while Cera Sanitaryware reported net profit of Rs 395 million, up by 199.3% YoY.
The management reiterated that going forward focus would be on capacity addition, improving product mix and further strengthening distribution reach. We have broadly maintained our earnings estimates for FY23E/FY24E.
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