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ICICI Securities Report
We expect building material companies in our coverage universe to continue reporting strong revenue growth YoY during the quarter ended December 2021 (Q3 FY22) aided by higher volume growth and increased realisations.
We estimate the covered tile companies (Kajaria Ceramics Ltd., Somany Ceramics Ltd.) to witness volume growth of ~15%. In plywood segment, we estimate ~10% YoY volume growth for Greenply Industries Ltd. in India and 13% for Century Plyboard India Ltd.
Among the pipe companies, we expect 20% YoY volume increase for Astral Ltd., 10% for Supreme Industries Ltd. and 5% for Finolex Industries Ltd.
We forecast operating margins to decline YoY across the board (except for medium density fibre segment) due to high base and increased raw material prices, which are passed on with a lag.
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