Cera Sanitaryware reported a muted performance, slightly missing our estimates. It registered a Revenue growth of 8% to ? 428.9 Cr led by healthy replacement demand, with Sanitaryware / Faucetware / Tiles divisions growing at 6% / 11% / 8% respectively. The EBITDA / PAT witnessed a robust growth by 38% / 42% respectively, with EBITDA / PAT margins expanding by 431bps / 318bps at 20% / 13.2% respectively owing to the easing prices of Raw materials.