Investor Update – Q2 FY25
22 Oct 2024
1/17
Content
Chairman’s Message
Financial Performance – Q2 FY25
Subsidiaries
Expansion on Card
Income Statement
Shareholding Pattern
2/17
Investor Update Q2 FY25
Chairman’s Message
Despite the sustained softness in domestic demand, our tile volumes in Q2FY25 grew
by 8.5% YoY to 28.70 MSM.
EBITDA margins remained soft at 13.5% for the quarter driven by muted margins
reported by the bathware division which was largely attributable to losses incurred in
the recently commissioned sanitaryware unit in Morbi and additional overheads
incurred by Keronite unit in the tiles division which commenced operations during the
quarter.
PAT for the quarter de-grew by 22% to ₹84 crore in Q2FY25 as compared to ₹108 crore in
Q2FY24.
We continue to maintain a positive demand outlook for the tile industry. With the rub-off
of strong real estate demand likely to drive improvement in off-take for tiles in H2FY25,
we expect the tiles industry to fare much better than it did in H1FY25.
3/17
Investor Update Q2 FY25
Tile VolumeData (consolidated)
Production Growth (MSM) - Q2 FY25 Production Growth (MSM) - H1 FY25
43.02
21.92 38.70
20.01 11.94
6.07 9.74
5.10
28.96 31.08
14.91 15.85
Q2 FY24 Q2 FY25 H1 FY24 H1 FY25
Own Manufacturing Subsidiaries Own Manufacturing Subsidiaries
Sales Growth (MSM) – Q2 FY25 Sales Growth (MSM) – H1 FY25
28.70 55.69
26.47 51.48
7.63 14.20
6.86 13.44
5.43 10.96
4.82 9.44
14.79 15.64 28.60 30.53
Q2 FY24 Q2 FY25 H1 FY24 H1 FY25
Own Manufacturing Subsidiaries Outsource Own Manufacturing Subsidiaries Outsource
4/17
Investor Update Q2 FY25
Revenue Growth - consolidated
Rs. / Crores
2292.96 33.40
2185.85
22.63
1179.27 18.16 181.16
315.51
1121.62 169.00 35.36
13.03
83.71 90.14
37.78
85.29 17.46 -
23.47
502.86
Adheshives
Adheshives 486.07
271.70
246.85 Sanitary ware / Faucets
Sanitary ware / Faucets
Plywood Plywood
Outsourcing (Tiles) Outsourcing (Tiles)
394.38
194.51 Subsidiaries (Tiles) 360.59
182.51 Subsidiaries (Tiles)
Own Manufacturing
Own Manufacturing
(Tiles)
(Tiles)
570.46 587.30 1109.78 1145.80
Q2 FY24 Q2 FY25 H1 FY24 H1 FY25
5/17
Investor Update Q2 FY25
Profitability - Consolidated
PBT Rs. / Crores
PAT
147.65
107.96
123.46
84.27
Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25
290.33
215.48
253.88
174.09
H1 FY24 H1 FY25 H1 FY24 H1 FY25
6/17
Investor Update Q2 FY25
EBITDA / EBITDA Margin (consolidated) – quarterly progression
16.02%
15.52%
15.00% 15%
150
13.86%
13.47
Rs./ Crores
179.71 178.77
172.00
167.05
158.90 10%
100
50 5%
Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25
EBITDA (Rs. / Crores) EBITDA Margin (%)
7/17
Investor Update Q2 FY25
Key Ratios(consolidated)…………
Net Debt (Rs. Crore) * Net Debt Equity(X) *
Mar-21 Mar-22 Mar-23 Mar-24 Sep-24 Mar-21 Mar-22 Mar-23 Mar-24 Sep-24
-0.10
-0.12
-0.13
-236
-0.17
-0.18
-349 -349 -337
-373
* Net of cash and cash equivalents
8/17
Investor Update Q2 FY25
Key Ratios(consolidated)
Working Capital (Rs. Crore) Return on Equity (Avg.)
620 646
601
513 18.89
432 17.19 17.08
565 578 15.49
532
13.10
466
373
339
298 310 293
207
Mar-21 Mar-22 Mar-23 Mar-24 Sep-24
Mar-21 Mar-22 Mar-23 Mar-24 Sep-24
Debtors Inventory Creditors
Working Capital (Days) ROCE (Avg.)
24.06
59 58 59 21.50 21.90
52 19.67
50 18.23
Mar-21 Mar-22 Mar-23 Mar-24 Sep-24 Mar-21 Mar-22 Mar-23 Mar-24 Sep-24
• ROE as on 30th Sep. 24 taken at average of net worth as on 31st Mar.24 & 30th Sep. 24 and on H1 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 Q2 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 Q2 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 Q2 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 optimum capacity during Q2 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.
The Company has operated at 38% capacity during Q2 FY25.
10/17
Investor Update Q2 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) Kajaria Sanitaryware Pvt. Ltd. (KSPL): KSPL Plant is situated
in Morbi (Gujarat) having production capacity of 7.50 lac pcs p.a. The Plant has
operated at 65% in Q2FY24.
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 production on 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 Q2 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 Q2 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 Q2 FY25
Geographical Spread
ASSET OVERVIEW
Total Tile Capacity 93.10 MSM as on 30th Sep. 2024
35.95 MSM
(Gailpur, Rajasthan)
6.50 MSM
(Malootana, Rajasthan) 11.40 MSM 5.10 MSM
(Sikandrabad, U P) (Nawalparasi, Nepal)
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) 26.85 - 9.10 35.95
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, 7. Nawalparasi (Nepal) 2.55 2.55 5.10
(Jaxx), Morbi,
Gujarat) Total 34.15 15.40 43.55 93.10
13/17
Investor Update Q2 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. This plant is operational now, commercial
production has started from 8th 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 Q2 FY25
Income Statement
Financial highlights (Rs / Crores)
Q2 FY25 Q2 FY24 Growth H1 FY25 H1 FY24 Growth
Standalone Consolidated Standalone Consolidated Standalone Consolidated Standalone Consolidated Standalone Consolidated Standalone Consolidated
Net Sales 1,062.49 1,179.27 1,010.22 1,121.62 5% 5% 2,064.24 2,292.96 1,974.64 2,185.85 5% 5%
EBITDA 138.75 158.90 146.07 179.71 -5% -12% 272.73 325.95 282.60 348.92 -3% -7%
EBITDA MARGIN 13.06% 13.47% 14.46% 16.02% 13.21% 14.22% 14.31% 15.96%
Depreciation 29.13 40.58 27.25 36.07 7% 13% 60.68 82.72 49.07 66.59 24% 24%
Finance Costs 2.31 4.73 1.41 4.26 64% 11% 3.87 9.41 3.95 9.53 -2% -1%
Other Income 17.84 9.87 13.87 8.27 29% 19% 33.42 20.06 27.79 17.53 20% 14%
Profit before Share of (loss) / profit from JV,
125.15 123.46 131.28 147.65 -5% -16% 241.60 253.88 257.37 290.33 -6% -13%
exceptional items, and Tax
Share of (loss) / profit from JV (2.92) (0.22) (5.22) (0.20)
Exceptional Items - (loss) gain - - - - - - - -
Profit Before Tax 125.15 120.54 131.28 147.43 -5% -18% 241.60 248.66 257.37 290.13 -6% -14%
Tax Expense 32.25 35.00 33.68 36.61 -4% -4% 62.13 70.80 66.11 70.20 -6% 1%
Minority Interest 1.27 2.86 3.77 4.45
Profit After Tax 92.90 84.27 97.60 107.96 -5% -22% 179.47 174.09 191.26 215.48 -6% -19%
Cash Profit 122.03 124.85 124.85 144.03 -2% -13% 240.15 256.81 240.33 282.07 0% -9%
Equity Share Capital 15.93 15.93 15.93 15.93 15.93 15.93 15.93 15.93
EPS (Basic) (Rs.) 5.83 5.29 6.13 6.78 -5% -22% 11.27 10.93 12.01 13.53 -6% -19%
15/17
Investor Update Q2 FY25
Shareholding Pattern
As on 30th Sep. 2024
Equity Shares Outstanding– 159.26 millions
8.05%
Public / Others
DII's
Promoter Group
28.39%
47.49%
FII's
16.07%
16/17
Investor Update Q2 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 93.10 mn. sq. meters
presently, distributed across nine plants - one at Sikandrabad (Uttar Pradesh), one
at Gailpur, one at Malootana (Rajasthan), three at Morbi (Gujarat), one at
Srikalahasti (Andhra Pradesh), one at Balanagar (Telangana) and one at
Nawalparasi (Nepal).
Forfurther 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 Q2 FY25
