Kajaria Ceramics Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Kajaria Ceramics' (Kajaria) topline grew 1.5% YoY to | 605.5 crore. It was well above our estimate of | 508.2 crore mainly on account of volume growth of 0.5% to 15.9 million square metre (MSM) vs. our expectation of volume of 13.5 MSM The EBITDA margin contracted 24 bps YoY to 18.4%. It was above our expectation of 16.8% largely on account of lower-than-expected power and fuel cost (16.7% as percentage of sales vs. our estimate of 18.5%)...

Subdued performance in H1FY17 but expecting higher sales growth inH2FY17E: Kajaria Ceramics showed subdued financial performance in Q2FY17. In Q2FY17, the company posted a revenue growth of 3.2% on a YoY basis at Rs.6301 Mn compared to Q2FY16 of Rs.6104Mn. The management has guided and expecting a 10% volume growth in H2FY17E revenues. They said the demand was sluggish in the months of July and August but picking up from September month anticipating festive season ahead.

Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India and the 9th largest in the world. It has an annual capacity of 68.60 mn. sq. meters presently, distributed across nine plants - one in Sikandrabad (UP), one in Gailpur (Rajasthan), One in Malutana (Rajasthan), five in Morbi (Gujarat) and one in Vijaywada (AP). Kajaria Ceramics exports to more than 20 countries round the Globe. Kajaria Ceramics manufactures ceramic/vitrified tiles in India. The business activity of the Company falls within one broad business...

ICICI Securities Ltd | Retail Equity Research Kajaria Ceramics (Kajaria) posted revenue growth of 3.5% YoY to | 628.7 crore, below our expectation of | 661.8 crore mainly on account of subdued volume growth of 3.2% (our estimate: 8.9%) The EBITDA margin expanded 74 bps YoY to 19.9% mainly on account of lower power & fuel costs (declined 314 bps YoY to ~17.5%). However, it was below our estimate of 21.1% mainly on account of higher raw material and manufacturing cost (up 240bps YoY to 36.1%)...

The EBITDA margin expanded 474 bps YoY to 21.3% mainly on account of lower power & fuel costs (declined 246 bps YoY to ~18.1%) due to falling gas prices and above our expectation of 20.0% The bottomline grew at a robust pace of 36.3% YoY to | 63.4 crore and was largely in line with our estimate of | 62.9 crore led by a betterthan-expected EBITDA margin performance WC days reduced to 47 days in Q1FY17 vs. 52 days in Q4FY16 while D/E also dropped to 0.21x in Q1FY17 against 0.28x in Q4FY16 Passage of GST augurs well for domestic industry...

Kajaria Ceramics is the largest tile manufacturer in India, with a 68.6 mn sq. metres (msm) annual capacity (28.9msm ceramic tile, 30.4msm polished vitrified tiles and 9.3msm glazed vitrified tile). Manufacturing capacity is spread across nine plants; five in Morbi, Gujarat with a cumulative capacity of 27.2 msm, one each in Sikandrabad UP (9.5msm), Vijayawada AP (2.3msm), Gailpur Rajasthan (23.1 msm) and Malootana (6.5 msm). Kajaria has a strong distribution network of 900 dealers, 10,000 sales points across the country and 24 display centers are located at all the Kajaria's offices. Kajaria is the only tile manufacturer in India to be awarded...

ICICI Securities Ltd | Retail Equity Research We attended the analyst meet of Kajaria Ceramics. The management has a bullish outlook on the growth prospects of Kajaria, going forward. It has...

ICICI Securities Ltd | Retail Equity Research Kajaria Ceramics (Kajaria) posted revenue growth of 12.0% YoY to | 655.1 crore. It was above our estimate of | 625.5 crore mainly led by...

Kajaria Ceramics is the largest tile manufacturer in India, with a 68.6 mn sq. metres (msm) annual capacity (28.9msm ceramic tile, 30.4msm polished vitrified tiles and 9.3msm glazed vitrified tile). Manufacturing capacity is spread across nine plants; five in Morbi, Gujarat with a cumulative capacity of 27.2 msm, one each in Sikandrabad UP (9.5msm), Vijayawada AP (2.3msm), Gailpur Rajasthan (23.1 msm) and Malootana (6.5 msm). Kajaria has a strong distribution network of 900 dealers, 10,000 sales points across the country and 24 display centers are located at all the Kajaria's offices. Kajaria is the only tile manufacturer in India to be awarded...