Kajaria Ceramics advanced 2.56% to Rs 1,027.50 after the company's consolidated net profit stood at Rs 41.46 crore in Q1 June 2021 (Q1 FY22) as compared to a net loss of Rs 32.94 crore in Q1 June 2020 (Q1 FY21).
Consolidated revenue from operations soared 102.35% to Rs 561.66 crore in Q1 FY22 from Rs 277.56 crore in Q1 FY21. Pre-tax profit was at Rs 56.88 crore in Q1 FY22 as against a pre-tax loss of Rs 33.55 crore in Q1 FY21. The Q1 earnings was declared during trading hours today, 3 August 2021.
On consolidated basis, production grew 820.39% to 13.99 million square metres (MSM) in Q1 FY22 as compared to 1.52 million square metres (MSM) in Q1 FY21. Sales climbed 99.21% to 15.26 MSM in Q1 June 2021 from 7.66 MSM in Q1 June 2020. EBITDA for Q1 FY22 stood at Rs 80.42 crore as compared to an EBITDA loss of Rs (7.57) crore in Q1 FY21. EBITDA margin for Q1 FY22 was at 14.32% as against (2.73)% in Q1 FY21.
The chairman of the company said that: "The Indian economy is seeing a strong resurgence of growth with the gradual lifting of covid restrictions fueled by pent-up demand, historic low financing costs and the concerted efforts of government, industry and citizens to drive vaccination. Already, we see several upward revisions of India's near-term GDP guidance with policy support and investment for infrastructure and real estate sectors. These factors are translating into tailwinds for Kajaria and will help consolidate our leadership position given our strong brands, diversified product portfolio, world-class manufacturing capability and pan-India distribution network."
"Our performance this quarter shows a significant uptick on a Y-o-Y basis, in spite of COVID-19 restrictions and lockdowns continuing in several states. On a Q-o-Q basis, our revenue, profit and EBITDA margins are muted given the unexpected disruption from the second wave, but we see a secular turnaround of demand and key financial metrics starting July. Even as we set forth towards a post-covid world, the wellbeing of our Kajaria family remains our primary focus. We recognize the resilience and support of all our customers, investors and employees through the pandemic and are incredibly excited to partner with you on the tremendous growth opportunities ahead of us."
Meanwhile, the board has accorded its in-principle approval for making cash investment of upto Rs 2.64 crore in the equity shares of an entity (i.e. Special Purpose Vehicle), to be formed by CleanMax Enviro Energy Solutions for solar power captive consumption as required under the provisions of Electricity Act, 2003, at par value. The time period for the completion of acquisition is 12 months (1 year).
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Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India and the eighth largest in the world. It has present annual capacity of 70.40 million sq. meters (MSM) presently, distributed across eight plants - one at Sikandrabad in Uttar Pradesh, one at Gailpur and one at Malootana in Rajasthan, three at Morbi in Gujarat and one at Vijayawada and one at SriKalahasti in Andhra Pradesh.
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