Investor Update – Q1 FY25
23 July 2024
1/17
Content
Chairman’s Message
Financial Performance – Q1 FY25
Subsidiaries
Expansion on Card
Income Statement
Shareholding Pattern
2/17
Investor Update Q1 FY25
Chairman’s Message
Despite the softness in domestic demand being an election led quarter, our tile volumes in
Q1FY25 grew satisfactorily by 7.8% YoY to 26.98 MSM. The EBITDA margin for the quarter
stood at 15.00%, representing a decline of 90 basis points from the same quarter previous
year, primarily attributed to lower realisations. PAT for the quarter de-grew by 16% to ₹90
crore in Q1FY25 as compared to ₹108 crore in Q1FY24.
We continue to maintain a positive demand outlook for the tile industry in FY25. With
exports momentum likely to sustain and rub-off of strong real estate demand likely to drive
improvement in off-take for tiles in FY25, we expect the tiles industry to fare much better
than it did in FY24.
We are confident of achieving low double-digit volume growth for the current financial year
driven by our extensive and relentless branding and distribution efforts.
3/17
Investor Update Q1 FY25
Tile VolumeData (consolidated)
Production Growth (MSM) - Q1 FY25 Production Growth (MSM) - FY24
21.10 79.74 80.47
18.69
5.87 19.88 20.59
4.65
14.05 15.23 59.86 59.88
Q1 FY24 Q1 FY25 FY23 FY24
Own Manufacturing Subsidiaries Own Manufacturing Subsidiaries
Sales Growth (MSM) – Q1 FY25 Sales Growth (MSM) – FY24
108.14
101.71
26.98
25.01 27.33
25.06
6.57
6.58
19.34 20.87
5.52
4.62
57.31 59.94
13.81 14.89
Q1 FY24 Q1 FY25 FY23 FY24
Own Manufacturing Subsidiaries Outsource Own Manufacturing Subsidiaries Outsource
4/17
Investor Update Q1 FY25
Revenue Growth - consolidated
Rs. / Crores
4578.42
1113.69
4381.94 49.63
1064.24 15.24 37.63 363.47
9.60 315.51
91.02 104.39
77.32
83.71 17.90
14.31 -
980.27
Adheshives 907.15
231.16
239.22 Sanitary ware / Faucets
Adheshives
Plywood Sanitary ware / Faucets
Outsourcing (Tiles) 750.80 785.54 Plywood
Subsidiaries (Tiles) Outsourcing (Tiles)
199.88
178.08 Subsidiaries (Tiles)
Own Manufacturing (Tiles)
Own Manufacturing (Tiles)
2293.52 2295.12
539.32 558.49
Q1 FY24 Q1 FY25 FY23 FY24
5/17
Investor Update Q1 FY25
Profitability - Consolidated
PBT Rs. / Crores
PAT
142.68 107.52
130.42
89.82
Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25
576.82
422.11
470.45
344.50
FY23 FY24 FY23 FY24
6/17
Investor Update Q1 FY25
EBITDA / EBITDA Margin (consolidated) – quarterly progression
179.71 178.77
172.00
169.21 16.02% 167.05
15.52% 15%
15.90%
15.00%
150.00
13.86%
Rs./ Crores
10%
100.00
50.00 5%
Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25
EBITDA (Rs. / Crores) EBITDA Margin (%)
7/17
Investor Update Q1 FY25
Key Ratios(consolidated)…………
Net Debt (Rs. Crore) * Net Debt Equity(X) *
Mar-21 Mar-22 Mar-23 Mar-24 Jun-24 Mar-21 Mar-22 Mar-23 Mar-24 Jun-24
-0.10
-0.13
-236 -0.14
-0.17
-0.18
-349
-349
-373
-390
* Net of cash and cash equivalents
8/17
Investor Update Q1 FY25
Key Ratios(consolidated)
Working Capital (Rs. Crore) Return on Equity (Avg.)
620
601 603
513 18.89
432 565 532 561
17.19 17.08
466 15.49
373 13.50
298 310 293 291
207
Mar-21 Mar-22 Mar-23 Mar-24 Jun-24
Mar-21 Mar-22 Mar-23 Mar-24 Jun-24
Debtors Inventory Creditors
Working Capital (Days)
24.06
21.50 19.67 21.90
59 58 59 18.68
50 52
Mar-21 Mar-22 Mar-23 Mar-24 Jun-24 Mar-21 Mar-22 Mar-23 Mar-24 Jun-24
• ROE as on 30th Jun. 24 taken at average of net worth as on 31st Mar.24 & 30th Jun. 24 and on Q1 FY24 PAT.
• Working capital days excludes capex creditors, capital advances and cash, cash equivalent & bank balance.
• For calculation of Mar-21 working capital days, only Q2 ,Q3 and Q4 FY21 sale has been considered.
9/17
Investor Update Q1 FY25
Subsidiaries
A. KAJARIA VITRIFIED
Kajaria Vitrified Pvt. Ltd. is based in Morbi (Gujarat). Kajaria has 95% stake in the
same. The company has annual capacity of 8.90 MSM of polished vitrified tiles.
The Company has operated at optimum capacity during Q1 FY25.
B. KAJARIA INFINITY
Kajaria Infinity Pvt. Ltd. is based in Morbi (Gujarat). Kajaria Ceramics has 84.59%
stake in the same. Kajaria Infinity has annual capacity of 5.70 MSM of glazed
vitrified tiles and operated at optimum capacity during Q1 FY25.
C. SOUTH ASIAN CERAMICS TILES PVT. LTD.
Kajaria Ceramics has 59.50% stake in South Asian Ceramics Tiles Pvt. Ltd., Telangana.
The Annual production capacity of South Asian Ceramics is 4.75 MSM ceramic floor
tiles. The Company has operated at 91% capacity during Q1 FY25.
D. KERONITE TILES
Kajaria Ceramics has acquired 90% stake in Keronite Tiles Pvt. Ltd., Morbi (Gujarat) on
20th May 2024. The company has annual capacity of 6 MSM of glazed vitrified tiles.
10/17
Investor Update Q1 FY25
Subsidiaries
E. KAJARIA BATHWARE (P) LTD. (KBPL)
Kajaria Bathware is a subsidiary of Kajaria Ceramics Ltd, in which Kajaria owns 85%
and Aravali Investment Holdings, Mauritius, a wholly-owned subsidiary of WestBridge
……..Crossover Fund, LLC owns 15% stake.
a) Sanitaryware: i) KajariaSanitarywarePvt.Ltd.(KSPL):KSPL Plant is situated In
Morbi (Gujarat) having production capacity of 7.50 lac pcs p.a. The Plant has operated
at 76% in Q4FY24.
ii)Kerovit Global Pvt. Ltd. (KGPL): KGPL Plant is also situated
in Morbi (Gujarat) having production capacity of 4.50 lac pcs p.a. The Plant has
started commercial productionon 30th March 2024 and will produce high end products.
b) Faucet: This facility is situated at Gailpur (Rajasthan) having 1.60 million pcs
p.a. Plant has operated at 86% in Q1 FY 25.
F. KAJARIA PLYWOOD PVT. LTD. (KPPL)
Kajaria Plywood Pvt. Ltd, a wholly owned subsidiary of Kajaria Ceramics Ltd.
KPPL is offering plywood and laminate products under the brand of KajariaPLY.
11/17
Investor Update Q1 FY25
Subsidiaries
G. KAJARIA INTERNATIONAL DMCC (wholly owned subsidiary)
Kajaria International DMCC was established to expand its presence in the international
market. The company has undertaken two joint ventures – one in UAE and the other in
UK.
12/17
Investor Update Q1 FY25
Geographical Spread
ASSET OVERVIEW
Total Tile Capacity 92.47 MSM as on 30th June 2024
40.42 MSM
6.50 MSM (Gailpur, Rajasthan)
(Malootana, Rajasthan)
11.40 MSM
(Sikandrabad, U P)
6 MSM Production Capacity (MSM)
(Keronite Tiles,
Morbi, Gujarat) Plant Ceramic Glazed
Polished
Wall & Vitrified Total
Vitrified Tiles
Floor Tiles Tiles
1. Sikandrabad (UP) - - 11.40 11.40
2. Gailpur (Rajasthan) 31.32 - 9.10 40.42
5.70 MSM 4.75 MSM
(Kajaria Infinity South Asian Ceramics 3. Malootana (Rajasthan) - 6.50 - 6.50
(Balanagar, Telangana)
(Cosa), Morbi, 4. Morbi (Gujarat) - 8.90 11.70 20.60
Gujarat)
8.80 MSM 5. Srikalahasti (AP) - - 8.80 8.80
(Srikalahasti, Andhra
6. Balanagar (Telangana 4.75 - - 4.75
8.90 MSM Pradesh)
(Kajaria Vitrified, Total 36.07 15.40 41.00 92.47
(Jaxx), Morbi,
Gujarat)
Note: The Board has approved disposal of machineries of two lines of ceramic tiles of Unit 1 at Gailpur
plant, resulting in reduction of annual production capacity of ceramic tiles to 26.85 MSM from 31.32
MSM. Hence the revised aggregate tile capacity will be 88 MSM per annum from July 2024 onwards.
13/17
Investor Update Q1 FY25
Expansions on card…..
A. Investment in Nepal
The Board in its meeting held on 25th March, 2023, had approved putting up a 5.1 MSM capacity
plant at a project cost of 181.49 crore in Nepal, on joint venture basis between the Company and
various individuals affiliated with Ramesh Corp, Nepal. The project has been delayed due to heavy
rain, and the project commissioning is now expected by Sep. 2024.
B. Investment in Kajaria Ultima Private Limited (KUPL)
The Board in its meeting held on 31st January 2024, has approved an investment upto ₹ 30 crore
in KUPL to purchase land in Morbi. KUPL plans to put up a large format tile manufacturing facility
in Morbi at a later date. After the proposed investment, KUPL will become a wholly owned
subsidiary (WOS) of the company.
C. Investment in manufacturing facility for tile adhesives
The Board in its meeting held on 7th May, 2024, has approved an investment of Rs. 15 crore to set
up a manufacture facility for tile adhesives in Gailpur, Rajasthan. The plant is likely to come on
stream by Dec. 2024.
14/17
Investor Update Q1 FY25
Income Statement
Financial highlights (Rs / Crores)
Q1 FY25 Q1 FY24 Growth FY24 FY23 Growth
Standalone Consolidated Standalone Consolidated Standalone Consolidated Standalone Consolidated Standalone Consolidated Standalone Consolidated
Net Sales 1,001.75 1,113.69 964.42 1,064.23 4% 5% 4,103.02 4,578.42 3,970.75 4,381.93 3% 4%
EBITDA 133.98 167.05 136.53 169.21 -2% -1% 562.39 699.69 514.41 592.01 9% 18%
EBITDA MARGIN 13.37% 15.00% 14.16% 15.90% 13.71% 15.28% 12.95% 13.51%
Depreciation 31.55 42.14 21.82 30.52 45% 38% 110.54 147.99 90.91 132.86 22% 11%
Finance Costs 1.56 4.68 2.54 5.27 -39% -11% 8.17 21.12 10.80 22.32 -24% -5%
Other Income 15.58 10.19 13.92 9.26 12% 10% 68.56 46.24 50.71 33.62 35% 38%
Profit before Share of (loss) / profit from JV,
116.45 130.42 126.09 142.68 -8% -9% 512.24 576.82 463.41 470.45 11% 23%
exceptional items, and Tax
Share of (loss) / profit from JV (2.30) 0.02 (1.20) (0.08)
Exceptional Items - (loss) gain - - - - - - - (7.91)
Profit Before Tax 116.45 128.12 126.09 142.70 -8% -10% 512.24 575.62 463.41 462.46 11% 24%
Tax Expense 29.88 35.80 32.43 33.59 -8% 7% 130.79 143.46 119.02 116.26 10% 23%
Minority Interest 2.50 1.59 10.05 1.70
Profit After Tax 86.57 89.82 93.66 107.52 -8% -16% 381.45 422.11 344.39 344.50 11% 23%
Cash Profit 118.12 131.96 115.48 138.04 2% -4% 491.99 570.10 435.30 477.36 13% 19%
Equity Share Capital 15.93 15.93 15.92 15.92 15.93 15.93 15.92 15.92
EPS (Basic) (Rs.) 5.44 5.64 5.88 6.75 -8% -17% 23.95 26.51 21.63 21.64 11% 23%
15/17
Investor Update Q1 FY25
Shareholding Pattern
As on 31st Jun. 2024
Equity Shares Outstanding – 159.26 millions
8.46%
Public / Others
DII's
27.84% 47.49%
Promoter Group
FII's
16.21%
16/17
Investor Update Q1 FY25
About Us
Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India and
the 8th* largest in the world. It has annual capacity of 88 mn. sq. meters
presently, distributed across Eight plants - one at Sikandrabad (Uttar Pradesh),
one at Gailpur, one at Malootana (Rajasthan), three at Morbi (Gujarat), one at
Srikalahasti (Andhra Pradesh) and one at Balanagar (Telangana).
For further information, please visit www.kajariaceramics.comor contact:
Mr. SanjeevAgarwal Mr. Nehal Shah
CFO DVP Corp. Strategy
+91 11 26946409 (Board), +91 11 26946409 (Board),
+91 11 41064110 (Direct) +91 11 40946553 (Direct)
sanjeev@kajariaceramics.com nehalshah@kajariaceramics.com
Disclaimer: Certain Statements in this document may be forward-looking within the meaning of applicable laws and regulations. And
actual results might differ substantially from those expressed or implied. Such statements are subject to certain risks and uncertainties
like regulatory changes, local political or economic developments, technological risks, and many other factors could cause our actual
results to differ. Kajaria Ceramics Limited will not be in any way responsible for any action taken based on such statements.
* As per Ceramic World Review
17/17
Investor Update Q1 FY25
