Kajaria Ceramics (KJC) reported Q4FY23 consolidated revenue growth of 9.4% YoY driven by tiles volume growth of 7.9% YoY (4-year CAGR of 5.6%) while realisation remained flat YoY/QoQ. EBITDA margin declined 46bps YoY (+241bps QoQ) to 14.6% due to higher raw material costs (+35bps YoY) and higher ‘other expenses’ (+73bps YoY).