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ICICI Securities Report
Our recent checks suggest that the top branded ceramic tile players have sustained their impressive recovery (witnessed post-July 2020) into Q3-to-date as well.
This is largely attributable to market share gains for top branded players with Morbi firms intensifying their focus on exports. Pricing too has remained stable across ceramic, polished vitrified tiles and glazed vitrified tiles categories.
With Morbi exports likely to sustain their growth momentum in the near to medium term, we expect branded players to continue to gain market share.
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