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Nirmal Bang Report
Overall, Kajaria Ceramics Ltd.'s revenue declined by 8.5% QoQ on account of weak exports (due to the Russia-Ukraine conflict). Sales volume declined by 10.2% QoQ to 23.3 million square metre in Q1 FY23.
Ebitda margin increased marginally by 17 basis points to 15.2% despite higher power and fuel costs. Average gas price for Kajaria Ceramics in Q1 FY23 for all its plants, including joint ventures, stood at Rs 55/standard cubic metre versus Rs 49.8/scm in Q4 FY22.
The management has refrained from providing operating margin guidance citing the highly volatile gas prices.
While concerns remain around gas prices, the long-term outlook remains positive, driven by momentum in construction activities in tier I, II and III cities, rapid urbanisation, rising demand for properties, shift in consumer preference for home renovation etc. will drive demand for tiles and ancillary products.
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