KAJARIA CERAMIC LIMITED
QUARTERLY RESULTS
FOR
Q1 FY 2015 (JUNE 14)
Kajaria Ceramics is the
largest manufacturer of ceramic /vitrified tiles in India. It has an annual
capacity of 46.60 mn. sq. meters, distributed across seven plants - one in
Sikandrabad (UP), one in Gailpur (Raj.), four in Morbi (Guj.) and one in Vijaywada
(AP).
Kajaria is the only Indian
ceramic tile company awarded with ‘Superbrand’ status for seventh consecutive
time.
RESULTS TABLE
|
KAJARIA CERAMICS
|
Q1 FY 15
|
Q1 FY14
|
GROWTH
|
FY14
|
FY 13
|
GROWTH
|
|
Net sales
|
502.93
|
424.12
|
19%
|
1838.75
|
1582.18
|
16%
|
|
EBITDA
|
81.42
|
64.89
|
25%
|
287.00
|
247.68
|
16%
|
|
Profit Before Tax
|
61.20
|
41.66
|
47%
|
199.18
|
157.71
|
26%
|
|
Profit After Tax
|
38.58
|
25.80
|
50%
|
124.22
|
104.51
|
19%
|
|
Equity (FV:Rs.2)
|
15.12
|
|
|
|
|
|
|
EPS(Rs)
|
5.10
|
3.51
|
46%
|
16.71
|
14.20
|
18%
|
As can be seen from the Table, Kajaria has achieved Good Progress in the Q1
FY 15. It has good plans for augmenting its production and sales in future.
EPS in Q1 was Rs.5.1, and annualized EPS will be Rs.20.4. Current Market
Price is Rs. 630. The PE Ratio is 30.9.
Kajaria’s new 3.40 million square
meter (MSM) glazed vitrified tile capacity at Sikandrabad (UP) which commenced
operations in March 2014, is nearing optimum utilisation.
Other capacity augmentation and diversification projects progress is on
schedule.
Kajaria Board has approved a 3 MSM ceramic wall tile capacity
addition at our existing Bhiwadi (Rajasthan) facility.
Going ahead, Kajaria remains optimistic of its growth on the back of an
improving business environment and growing consumer spends as the year
progresses. Kajaria continues to analyse
new organic and inorganic growth initiatives which will facilitate in capitalizing
on emerging opportunities.
SUBSIDIARIES ETC :
A. SORISO CERAMICS
Acquired 51%
stake in Soriso Ceramic Pvt Ltd, based in Morbi, Gujarat in February 2011 with
an annual capacity of 2.30 MSM of ceramic floor tiles. Further expanded the
capacity to 4.60 MSM. Production for enhanced capacity started in March 2012.
Soriso has
operated at 91% in Q1FY15.
B. JAXX VITRIFIED
Acquired 51%
stake (now 61%) in Jaxx Vitrified Pvt Ltd, based in Morbi, Gujarat in February
2012, with an annual capacity of 3.10 MSM. Production has commenced in March
2012. Jaxx has acquired another plant with a 2.6 MSM annual capacity of
polished
vitrified tile in April 2013 in Morbi making the total capacity of Jaxx to 5.70
MSM per annum. Jaxx has operated at full capacity in Q1FY15. Production of
brown field expansion of high end polished vitrified tiles for a capacity of
4.50 MSM p.a. is
expected to
commence in middle of August 2014. Kajaria has increased it’s stake in Jaxx to
61% in June 2014.
C. VENNAR CERAMICS
Acquired 51%
stake in Vennar Ceramics Ltd, based in Vijayawada, Andhra Pradesh in April
2012, with an annual capacity of 2.30 MSM of high end ceramic wall tiles.
Production has
commenced on the 1st July, 2012. Vennar has operated at full capacity in
Q1FY15.
D. COSA CERAMICS
Acquired 51%
stake in Cosa Ceramics Pvt. Ltd., based in Morbi, Gujarat – on 16th Oct.’12, with
an annual production capacity of 2.70 MSM of polished vitrified tiles.
COSA has
operated at full capacity in Q1FY15. Cosa is in the process of putting 3 MSM p.a.
capacity of polished vitrified tiles. The production is expected to commence in
August / September 2014.
TAURUS TILES
The Company
has entered into another JV, Taurus Tiles Pvt. Ltd., Which is putting up an 5
MSM polished vitrified tile capacity at Morbi (Gujarat). Kajaria owns 51% equity
in Taurus. The production is expected to commence by December 2014.
F. KAJARIA BATHWARE (P) LTD. (KBL)
a) Sanitaryware:
Kajaria Sanitaryware (P) Ltd., in which KBL holds majority shares, has started
the production of sanitaryware on 6th April 2014. However the full production
will start in August 2014.
b) Faucet:The
Company has initiated putting up a faucet plant of 1.50 million pieces facility
at Gailpur (Rajasthan) at a cost of Rs. 50 crore. The civil work is in
progress.
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