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IDBI Capital Report
Kajaria Ceramic Ltd.'s Q3 FY24 result was broadly in-line with our estimate on net sales front, while margins were miss. Despite challenging demand environment, the company reported 6% YoY volume growth at 27 msm. Better product mix and prudent cost optimization led to healthy operating margin improvement in Q3 FY24.
The management reiterated that focus will remain on value added tiles and premium sanitaryware and faucets in upcoming quarters. Net sales increased by 5.6% YoY to Rs 11.5 billion, while Ebitda came in at Rs 1.7 billion, higher by 34.3% YoY.
Kajaria Ceramics reported net profit of Rs 1 billion, improved by 46.6% over same quarter last year.
We roll over to FY26E and maintain 'Buy' with a revised target price of Rs 1,600 (from Rs 1,522), assigning 40 times price earning ratio on FY26E.
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