ICICI Securities Ltd | Retail Equity Research Kajaria Ceramics' (Kajaria) topline grew 9.9% YoY to | 719.7 crore marginally better than our estimate of | 689.1 crore mainly on account of volume growth of 10.9% to 19.3 million square metre (MSM) vs. our expectation of volume of 18.2 MSM The EBITDA margin contracted 203 bps YoY to 18.0%. It was below our expectation of 19.1% on account of higher advertisement & promotion spends and hike in gas prices...