Kajaria Ceramics (500233) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 tile volumes grew 7.8% year-over-year to 26.98 million sq. meters despite soft domestic demand in an election-led quarter.

• EBITDA margin was 15.00–15.01% in Q1 FY25, with a decline of 90 bps year-over-year due to lower realizations.

• PAT for Q1 FY25 was INR 89.82–90 crore, down 16% from Q1 FY24.

• Management maintains a positive demand outlook, targeting low double-digit volume growth for FY25.

• Unaudited standalone and consolidated financial results for Q1 FY25 were approved and released, with statutory auditor review confirming compliance.

Financial highlights

• Consolidated revenue for Q1 FY25 rose 5% year-over-year to INR 1,113.69 crore.

• EBITDA stood at INR 167.05 crore with a margin of 15.00% in Q1 FY25.

• Profit before tax for Q1 FY25 was INR 128.12–130.42 crore.

• EPS (Basic) declined 17% year-over-year to INR 5.64.

• Working capital days increased to 59 as of June 30, 2024.

Outlook and guidance

• Management guides for 11–12% volume growth and 8–9% revenue growth for FY25, with EBITDA margin guidance at 15–17%.

• Exports momentum and strong real estate demand expected to drive improved tile off-take in FY25.

• Board and management focus on operational efficiency and capacity optimization after production capacity reduction.