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Prabhudas Lilladher Report
We hosted a call with one of the largest ceramic tile player in Morbi to better understand demand dynamics in domestic and export markets.
Demand traction remains robust led by -
1. revival in domestic housing market supported by government initiated liquidity measures and
2. strong export demand given cost competitiveness along with opening of new markets in U.S. and Brazil.
Improved ceramic market demand augurs well for Gujarat Gas Ltd. as Morbi accounts for over 60% of total sales volumes.
Also, ban on competing dirty fuel has led to restricted competition with propane in summer months, thereby improving Gujarat Gas’s margin visibility.
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