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ICICI Securities Report
Cera Sanitaryware Ltd. reported in-line standalone revenue growth of 17.8% YoY in Q3 FY23 with sanitaryware / faucetware revenues growing 19% / 12% YoY, while tile revenues grew 34% YoY on a low base.
Operating margin expanded 20 basis points YoY (flat QoQ) resulting in Ebitda/adjusted profit after tax growth of 19.3% / 33.3% YoY.
Management stated that demand conditions remain healthy supported by pick-up in the home improvement market and continued momentum in new home sales.
Cera has maintained its guidance for doubling of revenues in ~3.5 years (from FY22) and improving margins by 50-75 bps every year.
We continue to like Cera due to its significant presence in sanitaryware and faucetware, demand for which continues to rise on the back of an improving housing market.
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