Furniture-Furnishing-Paints company Cera Sanitaryware announced Q4FY23 & FY23 results: Q4FY23 vs Q4FY22: Revenue from operations (net of taxes): Rs 5,304 million vs Rs 4,387 million, up 20.9% EBITDA (excluding other income): Rs 851 million vs Rs 824 million, up 3.3% % of sales: 16.0% vs 18.8%, down 280 bps PAT: Rs 629 million vs Rs 521 million, up 20.7% % of sales: 11.9% vs 11.9%, 0 bps YoY EPS diluted: Rs 48.39 vs Rs 40.04, up 20.7% FY23 vs FY22: Revenue from operations (net of taxes): Rs 17,962 million vs Rs 14,418 million, up 24.6% EBITDA (excluding other income): Rs 2,851 million vs Rs 2,212 million, up 28.9% % of sales: 15.9% vs 15.3%, up 60 bps PAT: Rs 2,097 million vs Rs 1,494 million, up 40.4% % of sales: 11.7% vs 10.4%, up 130 bps EPS diluted: Rs 161.20 vs Rs 114.84, up 40.4% Commenting on the performance, Vikram Somany, Chairman & Managing Director, said, “We are pleased to report our best ever quarterly performance in Q4FY23 with revenues of Rs 530 crore and PAT of Rs 63 crore. For FY23 the topline was Rs 1,796 crore an increase of 24.6% over FY22’s topline of Rs 1,442 crore. EBITDA for FY23 was Rs 323 crore an increase of 32% over FY22’s EBITDA of Rs 244 crore. Profit after tax for FY23 was Rs 210 crore an increase of 41% over FY22 at 149 crore. ROCE has increased from 19.64% to 23.13% an increase of 18%. This has been achieved even though Rs 687 crore has been parked in safe instruments yielding lower returns. Our sanitaryware and faucet ware divisions, which made up 53% and 35% of our Q4FY23 revenue respectively, registered 18% and 29% revenue growth respectively, on a y-o-y basis. We have focused on driving an improved product mix with new products comprising products launched over the last 3 years representing 34% of the turnover in Q4FY23. Efforts to improve productivity at our plants combined with cost optimization measures have elevated our EBITDA margin in a sustainable manner. Further, we have made considerable progress on initiatives to further solidify our business performance. Our retailer loyalty program has made considerable progress with over 1.46 lakh invoices uploaded by over 14,600 retailers providing CERA with rich data and insights into end consumer buying patterns. Cash and cash equivalents were Rs 687 crore as of March 31, 2023. As earnings have grown, the Board of Directors has recommended an increased dividend of Rs 50 per share which equates to 1000% of face value. This is higher than the combined dividend of Rs 35 per share, equating to 700% of the face value distributed in FY22. Looking ahead, we are confident that our diverse product offerings, extensive distribution network, well-established brand recognition, strong financial standing, and expansion plans will enable us to achieve sustained growth in our key business segments. We are also pleased to report that the company made notable progress in expanding the production capabilities of its faucet ware division. We are confident that our faucet ware capacity expansion project will be completed well on schedule. Progress was made in the due diligence for a suitable land parcel for the new Sanitaryware facility.” Result PDF
Cera Sanitaryware announced Q3FY23 results: Q3FY23: Q3FY23 revenue stood at Rs 4,558 million EBITDA for the quarter amounted to Rs 866 million PAT stood at Rs 564 million Commenting on the performance, Mr. Vikram Somany, Chairman & Managing Director, said,“We are pleased to report continued momentum in our performance in Q3FY23 with revenues higher by 18% and PAT higher by 33% on a YoY basis. Our sanitaryware and faucetware divisions, which made up 54% and 33% of our Q3FY23 revenue respectively, registered a 19% and 12% YoY increase. Our overall performance has been positively impacted by the sustained interest from customers to improve and upgrade their homes. During the quarter gone by, we were able to achieve the optimal level of inventory days that we have been working towards for several quarters. Additionally, during Q3FY23, Cera did not have any lost sales for the seventh consecutive quarter. We are also pleased to report that the Company made notable progress in expanding the production capabilities of its faucetware division. We are confident that our faucetware capacity expansion project will be completed well on schedule. Furthermore, progress was made in selecting a suitable piece of land in the State of Gujarat for the construction of our new Sanitaryware facility. The trend of premiumization across our new-age and high-margin products remains strong, and customers are clearly demonstrating a preference for items with improved features, sleek design, and a growing technological presence. Our new Lustre Series products, which include Rose Gold, French Gold, and Platinum sanitaryware and faucetware options, have been wellreceived by customers. The response to our recent ad campaign, featuring new brand ambassadors and our increased investment in advertising and publicity, has been overwhelmingly positive. Looking ahead, we are confident that our diverse product offerings, extensive distribution network, well-established brand recognition, strong financial standing, and expansion plans will enable us to achieve sustained growth in our key business segments. By focusing heavily on retail sales, we are well suited to capitalize on the brand promise that Cera has built over the last four decades.” Result PDF