Kajaria Ceramics -
Q4 FY 24 concall and results highlights -
Revenues - 1241 vs 1205 cr
EBITDA - 171 vs 176 cr ( margins @ 14 vs 15 pc )
PAT - 104 vs 111 cr
Tiles sold @ 29.57 vs 28.02 MSM ( up 6 pc YoY )
Q4 Revenue breakup -
Tiles - Own manufacturing - 606 vs 599 cr
Tiles - Subsidiaries - 225 vs 231 cr
Outsourced - 259 vs 253 cr
Sanitaryware - 32 vs 18 cr
Plywood - 102 vs 90 cr
Adhesives - 14 vs 11 cr
Manufacturing capacities -
Ceramic wall and floor tiles - 36 MSM
Polished vitrified tiles - 15.4 MSM
Glazed vitrified tiles - 35 MSM
New plant in Nepal ( capacity @ 5.1 MSM ) expected to go live by Jul 24
Company has acquired a Tiles plant in Morbi
( Gujarat ) for 65 cr. It has a production capacity of 6 MSM
Commenced commercial production of sanitary ware from a new facility at Morbi ( current capacity at 4.5 lakh pieces / yr )
Going to spend Rs 15 cr to set up a manufacturing facility for adhesives in Gailpur in Rajasthan
Next 3 yrs guidance ( on a conservative basis ) -
Consol revenues > 6500 cr ( 5500 cr from tiles, rest from others )
Tiles manufacturing capacity @ 150 MSM
EBITDA is the band of 15-17 pc
Aggressively focussing on opening new exclusive branded stores in Tier -1,2,3 towns
To improve distribution to 2000 towns from 1000 towns at present
Generally see strong demand in a RE upcycle wef T+2. Current upcycle started in 2022. Expecting strong demand wef Jun this year
Expecting double digit volume growth in FY 25 ( 11-13 kind of band )
Gas prices continue to remain stable
Institutional : Retail sales mix @ 30:70 vs industry norm of 50:50. That’s why their margins are better
Break up of 30 pc of institutional sales - Govt projects : large builders : mid and small size builders @ 12 : 08 : 10
Institutional sales margins are 4-5 pc lower than retail sales margins
Disc : holding both Somany, Kajaria ceramics, not SEBI registered, biased
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