Kajaria Ceramics: Q4 FY24 sees 5.2% slide in net profit

09 May 2024 CW Team

Due to rising expenses and sluggish demand, Kajaria's consolidated net profit decreased 5.2% year over year to Rs 1.02 billion in the fourth quarter. LSEG data shows that analysts had anticipated earnings to increase to Rs 1.26 billion on average.

Kajaria Ceramics, the top tile manufacturer in India, releases results for the January March quarter. Analysts suggest that the Red Sea crisis dampened exports and that there was little domestic demand for tiles during the January March quarter. In the first three quarters of fiscal 2024, the tile industry had very little volume increase, which is consistent with this pattern.

Tiles are widely used in residential and commercial construction projects, but domestic demand has not yet increased in tandem with the real estate industry's recovery. Kajaria's sales volume only increased 5.5% from January to March as a consequence. In the fiscal year 2023's fourth quarter, it had increased by 11%.

Operating revenue for Kajaria increased by 3% to Rs 12.41 billion. Kajaria's revenue from operations rose 3% to Rs 12.41 billion. Ashok Kajaria, chairman of the company, stated in a statement that they maintained a positive outlook for the tile industry's demand in FY25. He further mentioned that the momentum of exports is likely to sustain and that strong real estate demand will drive an improvement in off-take for tiles in fiscal 2025.

Analysts had anticipated that as Kajaria utilises inexpensive bio fuel, its power supply and fuel expenses would decrease. Even though these expenses were already down, the business still had to pay for inventory and spend more on supplies and machinery.

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