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ICICI Securities Report
Cera Sanitaryware Ltd.'s Q4 FY21 performance was impressive and largely in line with our expectations (revenues up 39.2% QoQ at Rs 4.3 billion versus our estimate of Rs 4.2 billion) despite losing Rs 300 million in Q4 revenues (Rs 1 billion in H2 FY21) on account of workers strike in its core sanitaryware segment in the first half of the quarter.
Ebitda margin at 14.6% was up 180 basis points QoQ led by strong margin recovery in the core sanitaryware and faucet segments, cost optimisation and cost control.
Management also sounded upbeat on growth prospects guiding for 15-17% normalised revenue growth in FY22 with demand expected to improve in both retail and projects space in H2 FY22.
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