In Q2FY24, Kajaria Ceramics (KJC) reported in-line consol. revenue growth of 4.1% YoY driven by tiles volume growth of 6.3% YoY (4-year CAGR of 7.6%), while realisation declined 3.4% YoY (-1.2% QoQ). EBITDA margin expanded 402bps YoY (+12bps QoQ) to 16% on a low base due to lower RM cost (-616bps /-197bps YoY/QoQ, including power and fuel cost), resulting in EBITDA/APAT growth of 38.9%/48.9% YoY.