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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.
The industry players had double whammy of higher gas prices as well as slightly subdued demand in Q2 FY23.
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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