Kajaria Ceramics (KJC) reported below par performance and was mainly impacted by dismal sales volume. Sales volume (tiles) grew merely by 1% YoY to 19.75msm (our expectation / street expectation was 7.5% / 10%). Revenue declined marginally by 1.5% YoY to Rs7.14bn as against expectations of Rs7.4bn. EBITDA stood at Rs1.05bn (-3.4% YoY and -0.7% QoQ) marginally below our estimates of Rs1.1bn and EBITDA margin stood at 14.7% vs. 15% in last year and 15.1% in 1QFY20. Average realisation for tiles improved sequentially by 1.7% to Rs337/SM mainly led by favourable product mix, while operating cost/tonne deteriorated by 2% QoQ at Rs309/SM due to surge in input costs. PBT stood at Rs807mn (-2.8% YoY and flat QoQ) below our expectations...