After a challenging Q1FY20, there is no respite for building material products companies as sales off take remained subdued in Q2FY20 as well. Kajaria, the largest player of domestic tile industry, reported just 1% YoY sales volume growth in Q2FY20. Though realization has improved marginally by 1.2% over Q1FY20, it is still down by 3.5% YoY. The company reported net sales of Rs 7,147mn (-1.5% YoY) led by lower blended net sales realization. EBITDA came in at Rs 1,052mn (-3.4% YoY), while higher raw material cost weighed on EBITDA margin by 29bps YoY to 14.7%. The company...