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ICICI Securities Report
Our optimism on Cera Sanitaryware Ltd. is led by continued healthy demand environment aided by pick-up in the residential housing market and also from home improvement market.
Our interaction with dealers and management indicates continued demand tailwind even in Q1 in the core segments of sanitaryware and faucetware.
Margins should also remain firm going ahead as the company has taken price increase of ~3% in sanitaryware and ~5% in faucetware during mid-May, 2022 which should negate raw material price pressures.
Management has guided to double the revenue over the next ~3.5 years with margin improvement of at least 50 basis points-75 bps YoY in FY23.
We expect Cera to witness revenue/profit after tax compound annual growth rate of 17%/27%, respectively, over FY22-24 led by faucetware and sanitaryware segments with continuous high return ratios.
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