Kajaria Ceramics Ltd (Kajaria) reported another strong quarterly performance, particularly on operating margin front. Robust demand in retail market of from tier-I and smaller cities aided sales volume growth, while opening up of metros further strengthened demand trajectory. We believe with an all-round Q3FY21 performance, Kajaria has once again proved its leadership position in the domestic tile industry. Net sales increased by 13.1% YoY to Rs8,383mn, while EBITDA came in at Rs1,818mn, up by 63.3% YoY. The company reported net profit of Rs1,210mn, a robust growth of 98.8% over Q3FY20. While reiterating healthy volume growth outlook of higher mid-teens, the management has revised EBITDA...