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HDFC Securities Institutional Equities
We continue to like Kajaria Ceramics Ltd. for its market share gain and superior margin in the tiles segment (function of its robust distribution and cost controls) and its fast expansion in the bath ware and ply businesses.
In Q4 FY22, Kajaria Ceramics's consolidated revenue grew 16% YoY, led by 13% net sales realisation surge.
However, higher gas prices pulled down Ebitda by 13% YoY. Ebitda margin cooled off 5% YoY.
Kajaria Ceramics expanded its tiles capacity by 17% in April-May 2022. It also hiked prices by ~2% in tiles from May 01 to pass on soaring fuel prices.
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