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KAJARIA CERAMICS increases its risk exposure and slightly lowers to Ne...
KAJARIA CERAMICS (IN), a company active in the Building Materials & Fixtures industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 4 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date October 29, 2021, the closing pri...
Kajaria Ceramics Limited: 5 directors
Five Directors at Kajaria Ceramics Limited sold 27,338 shares at between 1,010.961INR and 1,030.388INR. The significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's dir...
MOSL: ANNUAL REPORT THREADBARE (ART) | KAJARIA FY19: Return ratios con...
ANNUAL REPORT THREADBARE (ART) | KAJARIA FY19: Return ratios continue to decline Kajaria’s FY19 annual report analysis highlights the impact of macroeconomic weakness leading to continued pressure on its return ratios (RoE down 310bp to 15.5%/post-tax RoCE down 160bp to 14.4%). This was led by (a) EBITDA margin decline (tiles business) to 15% (v/s 17% in FY18) on rising fuel costs and decreasing unit realization, and (b) rising capital intensity to finance capex for tiles, bath-ware and pl...
- Rohit Dokania
Kajaria Ceramics' Q3FY20 results (Neutral) - Near-term outlook remains...
Q3FY20 results highlights Tiles: Volume stood at ~20.4m, registering a growth of just 0.5% yoy (IDFCe: +5.2%), while blended realisation fell 3.3% yoy (down 0.7% qoq). Market weakness, and mix issues (higher outsourcing) led to overall tiles revenue decline of 2.8% yoy to ~Rs6.8bn (5% miss). Sanitaryware / Plywood: Sanitaryware revenue grew 1.4% yoy to ~Rs495m (4% miss), a reflection of real estate weakness. Plywood revenue in Q2 stood at ~Rs81m (+29.2% yoy; 5% miss). Cons. revenue fell ~2....
- Rohit Dokania
Kajaria Ceramics' Q2FY20 results (Downgrade to Neutral) - Fairly value...
Q2FY20 results highlights Tiles: Volume growth of 1.1% (IDFCe: 7.5%) at ~19.8m sq.m while blended realisation fell ~3% yoy (improved 1.6% qoq). Realisation uptick qoq is encouraging but weak market conditions, compounded by flooding in Central/North/East India hurt volume performance. Tiles revenue fell ~2% yoy to ~Rs6.7bn (5% miss). Sanitaryware/Plywood: Sanitaryware rev. fell 2.1% yoy to ~Rs426m (11% miss), a reflection of real estate weakness. Plywood revenue in Q2 stood at ~Rs70m (vs ~Rs...
- Rohit Dokania
Kajaria Ceramics' Q1FY20 results (Outperformer) - Realisation surprise...
Q1FY20 results highlights Tiles: Volume up 9.6% yoy to ~19.6 mn sq. m. (IDFCe: +7%). Growth continues to come through market-share gains from unorganized players (overall industry growth muted at 0-2%). Blended realisation fell 3.8% yoy/1.2% qoq mainly on account of mix issues (higher ceramic/PVT). Tiles revenue grew ~5.4% yoy to ~Rs6.5bn (in-line). Sanitaryware/Plywood: Sanitaryware grew 3.8% yoy to ~Rs412m (10% miss). Plywood revenue in Q1 stood at ~Rs81m (vs ~Rs73m qoq). Cons. revenue gr...
- Rohit Dokania
Event update: Kajaria Ceramics (Outperformer) - Biggest beneficiary of...
We met the management of Kajaria Ceramics (KJC) at their annual analyst meet. Following are the key takeaways: Tiles volume growth guidance at 15%+: Mr. Kajaria is ‘confident’ of 15%+ volume growth in Tiles despite flat industry growth estimated in FY20E. Growth will be driven by strong momentum for branded players in Tier II & III towns (esp. post-GST), significant addition of exclusive showrooms (to be ramped up to 400 from existing 240, over the next two years) and Morbi units being under ...
- Rohit Dokania
Kajaria Ceramics' Q4FY19 results (Outperformer) - Improving micro, imp...
Q4FY19 results highlights Tiles: Volume grew 11.2% yoy to ~22.5 mn sq. m. (IDFCe: +11.7%). KJC continues to gain market-share from unorganized players as the latter continue to remain under severe stress. Blended realisation, however, fell ~3.3% yoy/~3.8% qoq, mainly due to mix issues (higher outsourcing). Tiles revenue grew ~7.5% yoy to ~Rs7.6bn (5% miss). Sanitaryware/Others: Sanitaryware grew ~10.6% yoy to ~Rs528m (10% miss) on high base. Plywood revenue in Q4 stood at ~Rs73m (nil yoy). ...
- Rohit Dokania
Management Speak: Kajaria Ceramics (Outperformer) - Biggest beneficiar...
We met Mr. Sanjeev Agarwal, CFO of Kajaria Ceramics (KJC) and following are the key takeaways: Industry volume growth meagre, KJC gaining market-share: Overall tile industry continues to be under pressure given that real estate builders are going through their worst phase and unorganised industry has higher skew towards them. However, KJC is hopeful of delivering 12-14% volume growth in Q4FY19E and is confident of delivering at least early double digit volume growth in FY20E. Pricing environ...
- Rohit Dokania
Kajaria Ceramics' Q3FY19 results (Outperformer) - Performance of a lea...
Q3FY19 results highlights KJC’s tiles volume continued to surprise, this time growing by ~16% yoy to ~20.3 mn sq. m. (3% beat). Part of the volume growth has been fuelled through Kerala reconstruction efforts (post the floods in August) and the rest can be attributed to better brand, distribution and WC management (Morbi is struggling with WC issues). Industry volumes would have been flat yoy. Blended tiles realization declined 2.2% yoy (flat qoq). In-house realization fell 1% qoq, but JV/Tr...
- Rohit Dokania
Kajaria Ceramics' Q2FY19 results (Outperformer) - Volume growth surpri...
Q2FY19 results highlights KJC’s tiles volume registered a surprise 10.5% yoy growth to ~19.5 mn sq. m. (IDFCe: +1.2%). Despite the base being relatively soft (~6% yoy in Q2FY18 aided by GST restocking), the performance is commendable given that the quarter had issues like the Trucking Strike (July) and Kerala Floods (in August; 12-13% of rev.). Blended tiles realization declined 3.3% yoy, but has improved by 1.3% on a sequential basis. KJC had taken a price hike of 1-2% in ceramic products i...
- Rohit Dokania
Kajaria Ceramics' Q1FY19 results (Outperformer) - Higher fuel prices h...
Q1FY19 results highlights Tiles sales volume grew by 8.8% yoy, to 17.9MSM (IDFCe: 17.0MSM) on a relatively soft base (+3.8% in Q1FY18). Blended tile realization declined 6.2% yoy due to GVT price correction over last 2 quarters; however, on a sequential basis realisation appears to have bottomed out. Sanitaryware/Faucet revenue grew by strong 68.7% yoy. Cons. rev. grew by 4.6% yoy to Rs6.6bn (in-line). Growth was led by in-house mfg alone (+14.2% yoy) while JV/outsourced revenue fell 12.8%/1...
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