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ICICI Direct Report
Kajaria Ceramics Ltd. reported a washout quarter, as expected, impacted by Covid-19 led lockdown. Sales volumes fell 61% YoY growth to 7.7 million square metres on account of extended impact of lockdown due to Covid-19.
The topline degrew 60% YoY to Rs 277.6 crore with realisations staying firm (up 1.7% YoY). The company reported Ebitda loss of Rs 7.6 crore on account of negative operating leverage.
Weakness at the operating level percolated to profit after tax wherein it reported a loss of Rs 27.1 crore.
It is likely to be a weak FY21 for the tiles industry, as a whole, with a washout H1, discretionary nature of demand and real estate demand pressure. Kajaria Ceramics however, with a net cash balance sheet and superior brand, is likely to tide over the challenging times and even capitalise on market share gain during recovery phase.
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