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Business News/ Companies / Company Results/  Kajaria Ceramics Q1 Results: Profit surges to 93.66 crore, net sales up 6%
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Kajaria Ceramics Q1 Results: Profit surges to ₹93.66 crore, net sales up 6%

The firm also reported the standalone net sales of ₹964.42 crore in first quarter of FY24, a rise of 6 percent on a YoY basis.

File: Kajaria Ceramics.Premium
File: Kajaria Ceramics.

Kajaria Ceramics reported a standalone net profit of 93.66 crore in the first quarter of FY24. The firm had posted a net profit of 93.35 crore in the corresponding quarter of last fiscal, it said in a stock regulatory filing on 26 July.

Though the consolidated profit in Q1FY24 was reported a rise of 16 percent from 92.30 crore in Q1FY23 to 107.52 crore.

The firm also reported the standalone net sales of 964.42 crore in first quarter of FY24, a rise of 6 percent on a YoY basis.

The EBITDA for Q1 stood at 136.53 crore, while the EBIDTA margin was reported 14.16 percent.

Apart from this the board of directors approved the additional acquisition upto 18% equity shares of Rs. 10/- each -- of 16,38,368 equity shares of Kajaria Infinity Private Limited, a subsidiary company, at a consideration aggregating upto 16.39 crores subject to applicable laws.

Presently, the Company holds 77% equity shares in Kajaria Infinity and after completion of the proposed acquisition of 16,38,368 equity shares of Kajaria Infinity, holding of the company in the equity shares of Kajaria Infinity would be increased upto 95%. Kajaria Infinity is carrying out the business of manufacturing of tiles.

The firm said that the Nomination and Remuneration Committee of the company on July 26, 2023, allotted 7,000 equity shares of face value of 1 each for cash at 425 each, to the grantee(s) who had exercised their options under ESOP Scheme 2015 of the company.

"Q1 FY24 saw a mixed performance with volume growth witnessing some pressure but margins did show an encouraging reversal driven by softening fuel costs across all plant locations," Ashok Kajaria, Chairman of Kajaria Ceramics said.

"Despite the challenges, we achieved 7% growth in sales volume, selling 25.02 MSM compared to 23.33 MSM in Q1 FY23. Furthermore, consolidated revenue for the quarter reached 1064 crores, representing a 6% growth compared to the same period last year and EBITDA margin stood at 15.90%, a 67 basis points increase over the corresponding previous quarter," he added.

Kajaria Ceramics share traded 4.82% lower on Wednesday at 1386.15 apiece on the BSE.

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ABOUT THE AUTHOR
Saurav Mukherjee
A business media enthusiast...believe to listen more, than just blabbering like others.
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Published: 26 Jul 2023, 03:07 PM IST
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