Kajaria Ceramics - Strongly Set; Continuity Is The Key: Centrum Broking 

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Centrum Broking Report

Kajaria Ceramics Ltd. continued with strong volume growth aided with healthy operating efficiencies that contributed to strong earnings with Ebitda jumping 63% to Rs 1.82 billion YoY.

The highlight of Q3 FY21 was tiles sales volume jumped 10.5% to 22.59 msm (pushed by outsourced segment volume jump).

The cost stayed under check with a decline of ~6% YoY.

The volume growth was without any adverse impact on realisations that stayed flat YoY at Rs 336/square metre.

With higher contribution from GVT segment (25% vs 23% in Q3 FY20) the gross margins improved to ~42% from 40.5% YoY (41% in Q2 FY21) while Ebitda margins expanded to 21.7% from 15.0% (due to cost efficiencies).

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