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Nirmal Bang Report
Tiles demand continues to remain sluggish due to sticky inflation and delay in a meaningful uptick in the real estate cycle.
Exports have been affected by disruptions in the Red Sea trade with increasing freight costs; overall, exports have demonstrated strong 37% YoY growth to Rs 153 billion (April-December 2023).
Growth should accelerate FY25 onwards on the back of a pick-up in home sales, rapid urbanisation, rising discretionary income and growing preference towards tiles for flooring.
Gas prices have moderated by ~Rs 1.3/standar cubic metre versus the Q3 FY24 average. Lower raw material costs and softer gas prices versus the high base of Q4 FY23 are expected to support improvement in Ebitda margins YoY.
Kajaria Ceramics Ltd. and Somany Ceramics Ltd.'s revenue are expected to grow by 5% YoY and 4.8% YoY in Q4 FY24.
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