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IDBI Capital Report
Kajaria Ceramics Ltd.'s Q1 FY22 result was in-line with our estimate on net sales front, however, margins disappointed.
Statewide lockdown amid second wave of Covid-19 dented sales volume in the quarter.
On a positive note, healthy demand recovery was witnessed from early June and it further improved in July.
Net sales increased by 102% YoY to Rs 5,617 million, while Ebitda came in at Rs 804 million compared to negative Ebitda of Rs 76 million in Q1 FY21.
Kajaria Ceramics reported net profit of Rs 415 million.
The management has guided robust sales volume growth of 15%-16% and net sales growth of 20% for FY22E.
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