Kajaria Ceramics Ltd's (Kajaria) Q4FY21 result was in-line with our estimates on key parameters. Strong demand recovery boosted sales volume and resulted in highest ever net sales for Kajaria. Further, EBITDA margins improved with higher plant efficiency, better performance from subsidiaries & higher capacity utilization. Net sales increased by 46.1% YoY to Rs9,525mn, while EBITDA came in at Rs1,909mn, up by 104.5% YoY. The company reported net profit of Rs1,312mn, a robust growth of 166.5% over Q4FY20. After a strong demand recovery in H2FY21, second wave of Covid-19 has played a spoil sport and demand took a hit amid statewide lockdowns. The management remained cautious and refrained...