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ICICI Securities Report
Kajaria Ceramics Ltd. makes a roaring comeback in Q2 FY21 with 100% plus volume recovery (versus its guidance of 80% plus post Q1 result) and 20% plus Ebitda margin (versus 14-15% consensus estimates and our estimate 16.4%).
This was largely driven by market share gains from Morbi players and aggressive cost control measures undertaken by the company post Covid-19 outbreak.
Key takeaways from Q2 FY21 result conference call -
1. Sustainance of double-digit growth in October 2020 as well after 15% growth witnessed in September 2020; and
2. 18% plus Ebitda margin in the near term driven by operating leverage, superior product mix, stable product pricing and benign fuel costs, and certain cost-cutting initiatives are likely to sustain.
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