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IDBI Capital Report
Kajaria Ceramic Ltd. had another quarter of subdued margins, weighed by higher gas prices. The company's Q2 FY23 result was in-line with our estimate on net sales front, however, margins disappointed.
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The industry players had double whammy of higher gas prices as well as slightly subdued demand in Q2 FY23.
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The management guided that near term there could be challenges on margins, however, the demand dynamics over mid-long term remain positive.
Net sales increased by 10.7% YoY to Rs 10.7 billion, while Ebitda came in at Rs 1.2 billion, down by 28.3% over Q2 FY22.
Kajaria reported net profit of Rs 0.7 billion, declined by 42.3% YoY.
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