 "Kajaria Ceramics Q1 results: PAT falls to Rs 89.82 cr, misses estimates")
Indian tile maker Kajaria Ceramics posted a first-quarter profit that fell more than expected on Tuesday, as elections during the quarter led to softness in domestic demand and on muted exports.
The company said its consolidated net profit fell to Rs 89.82 crore ($10.7 million) in the quarter ended June 30 from Rs 108 crore a year ago.
Analysts, on average, had expected a profit of Rs 98.95 crore, according to LSEG data.
KEY CONTEXT
Demand for ceramic tiles was soft in the quarter on muted infrastructure spending during the national election, which was spread across the April-June period.
Analysts also pointed to increased competition among domestic players as exports from India - one of the world's largest exporters of ceramic tiles - slowed on account of the Red Sea Crisis.
Also Read
The U.S. seeking to impose anti-dumping duty on ceramic tiles from India further weighed on exports, reports suggested.