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Yes Securities Report
Kajaria Ceramics Ltd., reported revenue of Rs 10.77 billion, a 11% YoY and 7% QoQ growth.
Tiles sales grew by 11.4% YoY and 7.3% QoQ wherein volumes remained flattish YoY and increased by 7% QoQ.
Operating margins contracted sharply from 18.5%/15.2% in Q2 FY22/Q1 FY23 respectively to 12% in Q2 FY23 largely owing to higher power cost.
Going ahead, management is confident of achieving 15% volume growth in FY23 owing to expected pick-up in demand.
In order to cater the growing demand, Kajaria Ceramics has planned to add 3 million square metres glazed vitrified tiles capacity at Sikandarabad facility (to commission from June 2023) and to set-up an 8 msm capacity in Nepal via joint venture.
Kajaria Ceramics will incur cumulative capex of ~Rs 2 billion for these tile capacities. Company is also expanding capacities in faucets and bathware for which the company will spend Rs 750 million.
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