Cera Sanitaryware Q1 Review - Subdued Earnings Owing To Lockdown: IDBI Capital
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IDBI Capital Report
Cera Sanitaryware Ltd.’s Q1 FY22 results was below our and consensus estimates.
Statewide lockdown amid second wave of Covid-19 weighed on demand for building material products, which dented earnings in the quarter.
On a low base of Q1 FY21, current quarter performance is encouraging, however on a sequential quarter, result has been subdued.
Net sales increased by 56% YoY to Rs 2,282 million, while Ebitda came in at Rs 208 million, a robust growth of 450% YoY.
Cera Sanitaryware reported net profit of Rs 116 million, up by 792% YoY.
Our interaction with the management suggests that demand has picked up from June onwards and business loss should get covered in upcoming quarters.
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