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Nirmal Bang Report
We recently interacted with the President of the Morbi Ceramics Association, Mr. Nilesh Jetpariya. The key takeaways from the concall are as follows:
Exports have declined sharply due to shortage of containers, elevated freight costs (which have increased from ~$7,000-8,000/container to $15,000/container) and anti-dumping duty imposed by Europe, Taiwan and Gulf Cooperation Council on exports.
Weak exports have resulted in Morbi manufacturers increasing supply in the domestic market to liquidate inventory.
Spike in natural gas price is hurting profitability of the overall industry; manufacturers in Morbi have witnessed higher input costs (an increase of ~10-15% QoQ) on the back of higher gas prices, raw material, freight and labor costs.
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