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IDBI Capital Report
Cera Sanitaryware Ltd.'s Q1 FY24 result was broadly inline with our estimates on key parameters. The company continued its robust performance led by healthy demand, particularly in business-to-consumer market.
Sanitaryware and faucetware divisions, which made up 53% and 35% of Q1 FY24 revenue respectively, witnessed a 7% and 8% YoY growth. Net sales improved by 8% YoY to Rs 4,289 million, while Ebitda came in at Rs 704 million, a growth of 12%YoY.
Cera reported net profit of Rs 567 million, up by 43.6% compared to Q1 FY23. The management reiterated that capacity expansion is well on track in faucetware and should be operational from August, 23.
We have broadly maintained our earnings estimates for FY24E/FY25E. Maintain 'Hold' with a revised target price of Rs 8,113 (earlier Rs 7,418), assigning 35 times price-to-earnings ratio on FY25E.
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