Sunday, August 3, 2014

KAJARIA CERAMICS LTD - QTRLY RESULTS - Q1 FY 2014-15 (JUNE 14) - NET SALES UP 19%YoY - NET PROFIT UP 50% YoY - IMPRESSIVE EXPANSION PLANS



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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