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May 10, 2019
KAJARIA CERAMICS LIMITED
Investor Update –Q4FY19 / FY19
1/14
Investor Update Q4 FY19 / FY19
Content
Chairman’sMessage
Financial Performance – Q4FY 19 / FY19
Balance sheet perspective
Joint Venture / Subsidiaries
Income Statement
Shareholding Pattern
2/14
Chairman’sMessage
Calendar 2019 started on a satisfying note as sales volumes maintained a steady
growth.
In Q4 FY19, Sales volumes increased by 11% over the corresponding quarter in
the previous year and revenue increased by 9% over the same period. And
despite, competitive pressure and high fuel cost, Net profit for the quarter
remained almost same to the corresponding quarter in the previous year.
From a financial year perspective, while growth was healthy considering the
gloom prevailing in the real estate sector. But profits and profitability dipped
marginally owing to cost escalation.
I am optimistic about our future because of strict implementation of E-way bill pan-
India. Moreover, tile manufacturers in Gujarat, using coal gasifier are under stress
owing to the recent ban on coal gasification mandating them to switch to natural
gas as the fuel source. This would lead to enhanced compliance resulting in
increase in cost, stability in prices which in turn will narrow down the gap with
national brands.
3/14
Investor Update Q4 FY19 / FY19
Tile VolumeData (consolidated)
Production Growth (MSM) - Q4 FY19
Sales Growth (MSM) –Q4FY19
4/14
Production Growth (MSM) - FY19
Sales Growth (MSM) - FY19
10.77 11.35
5.455.89
16.2217.24
0
5
10
15
20
Q4 FY18 Q4 FY19
Own Manufacturing JVs
40.95 46.00
19.4321.33
60.3867.33
0
20
40
60
80
FY18 FY19
Own Manufacturing JVs
11.30 11.49
5.41 6.24
3.534.78
20.24
22.51
0
5
10
15
20
25
Q4 FY18 Q4 FY19
Own Manufacturing JVs Outsource
39.77 44.35
18.8221.27
13.37
14.6871.96
80.30
0
20
40
60
80
FY18 FY19Own Manufacturing JVs Outsource
Investor Update Q4 FY19 / FY19
RevenueGrowth - consolidated
Rs. / Crores
Refer Slide 12 for detailed IncomeStatement 5/14
424.05 418.98
175.09 198.51
103.13137.69
47.77
52.82-
7.31750.04
815.31
0
200
400
600
800
Q4 FY18 Q4 FY19
Plywood
Sanitary ware / Faucets
Outsourcing (Tiles)
JVs (Tiles)
Own Manufacturing(Tiles)
1525.881653.61
661.42
684.24
384.19
416.69
139.11
184.84-
16.822710.60
2956.20
0
500
1000
1500
2000
2500
3000
FY18 FY19
Plywood
Sanitary ware / Faucets
Outsourcing (Tiles)
JVs (Tiles)
Own Manufacturing(Tiles)
Investor Update Q4 FY19 / FY19
Profitability - Consolidated
Rs. / Crores
Refer Slide 12 for detailed IncomeStatement6/14
234.96226.57
20
60
100
140
180
220
260
FY18 FY19
65.97 66.00
0
25
50
75
Q4 FY18 Q4 FY19
Investor Update Q4 FY19 / FY19
EBITDA / EBITDA Margin (consolidated) –quarterlyprogressionR
s./C
rore
s
7/14
120.07
96.81
108.91
120.83 122.94
16.01%
14.73%15.02%
15.93%
15.08%
10%
12%
14%
16%
18%
20%
22%
0
20
40
60
80
100
120
140
Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19
EBITDA (Rs. / Crores) EBITDA Margin (%)
Investor Update Q4 FY19 / FY19
Key Ratios(consolidated)*…………
* Net of cash and cash equivalents
Net Debt Equity(X) *Net Debt (Rs.Crore) *
8/14
0.26
0.13
0.06
-0.08-0.10
0.00
0.10
0.20
0.30
Mar-16 Mar-17 Mar-18 Mar-19
272
161
88
-132-150
-100
-50
0
50
100
150
200
250
300
Mar-16 Mar-17 Mar-18 Mar-19
Investor Update Q4 FY19 / FY19
Key Ratios(consolidated)
# Working capital days’ excludes capex creditors and cash & Bank balance and not comparable with previous periods due to GST.
Return on Equity (Avg.)
## ROE as on 31st Mar. 19 taken at averageofnetworthas on 31st Mar 19 & 31st Mar.18 and on FY19 PAT.
Working Capital Cycle (days)
9/14
26.51
23.58
18.61
15.49
0
10
20
30
40
Mar-16 Mar-17 Mar-18 Mar-19
4446
6058
0
20
40
60
80
Mar-16 Mar-17 Mar-18 Mar-19
Investor Update Q4 FY19 / FY19
A. JAXX VITRIFIED
Jaxx Vitrified is based in Morbi (Gujarat). Kajaria has 82% stake in the same.
Jaxx has combined annual capacity of 10.20 MSM of polished vitrified tiles
comprising 2 plants. Jaxx has operated at full capacity during FY 2018-19.
B. VENNAR CERAMICS
Vennar is based in Vijayawada (Andhra Pradesh). Kajaria has 51% stake in the
same. Vennar has annual capacity of 2.90 MSM of high end ceramic wall tiles.
Vennar has operated at full capacity during FY 2018-19.
C. COSA CERAMICS
Cosa is based in Morbi (Gujarat). Kajaria has 51% stake in the same. Cosa has
annual capacity of 5.70 MSM of polished vitrified tiles. Cosa has operated at full
capacity during FY 2018-19.
10/14
Joint Ventures / Subsidiaries
Investor Update Q4 FY19 / FY19
Joint Ventures / Subsidiaries
D. KAJARIA FLOERA CERAMICS
Kajaria Floera (a wholly owned subsidiary) is putting up a manufacturing facility of
.glazed vitrified tiles with a capacity of 5.00 MSM p.a. in Andhra Pradesh. The Plant is
.expected to be commissioned in August 2019.
E. KAJARIA BATHWARE (P) LTD. (KBL)
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: The Sanitaryware plant is situated in Morbi (Gujarat) having
production capacity of 6.00 lac pcs p.a. The plant is nearing optimum capacity
utilization. The unit is in the process to expand further by 1.50 lac pcs p.a.,
which is expected to be completed in August 2019.
b) Faucet: This facility is situated at Gailpur (Rajasthan) having 1.00 million
pcs p.a. The plant has operated at 65% capacity in FY19 and expected to
attain a 90% capacity utilization in FY20.
11/14
Investor Update Q4 FY19 / FY19
IncomeStatement
Financial highlights (Rs / Crores)
12/14
Q4 FY19 Q4 FY18 Growth FY19 FY18 Growth
Standalone Consolidated Standalone Consolidated Standalone Consolidated Standalone Consolidated Standalone Consolidated Standalone Consolidated
Net Sales 734.27 815.31 701.36 750.04 5% 9% 2726.07 2956.20 2580.68 2710.60 6% 9%
EBITDA 109.01 122.94 106.37 120.07 2% 2% 400.36 449.49 427.89 456.36 -6% -2%
EBITDA MARGIN 14.85% 15.08% 15.17% 16.01% 14.69% 15.20% 16.58% 16.84%
Depreciation 15.52 21.68 16.15 22.86 -4% -5% 63.45 89.06 61.76 88.53 3% 1%
Other Income 10.92 6.53 8.91 5.14 23% 27% 34.81 18.03 23.51 10.84 48% 66%
Interest 0.23 3.27 0.84 4.69 -73% -30% 3.39 15.59 4.48 24.10 -24% -35%
Exceptional Items - loss (gain) 1.43 -4.78 4.84 3.61 -0.75
Profit Before Tax 104.18 103.09 98.29 97.66 6% 6% 373.11 358.03 381.55 355.32 -2% 1%
Tax Expense 35.86 36.23 32.61 28.03 10% 29% 127.21 129.28 129.23 126.72 -2% 2%
Minority Interest 0.86 3.66 2.18 -6.36
Profit After Tax 68.32 66.00 65.68 65.97 4% - 245.90 226.57 252.32 234.96 -3% -4%
Cash Profit 83.84 87.68 81.83 88.83 2% -1% 309.35 315.63 314.08 323.49 -2% -2%
Equity Share Capital 15.90 15.90 15.90 15.90 15.90 15.90 15.90 15.90
EPS (Basic) (Rs.) 4.30 4.15 4.13 4.15 4% - 15.47 14.25 15.88 14.78 -3% -4%
Investor Update Q4 FY19 / FY19
Shareholding Pattern
As on 31st Mar. 2019
Equity Shares Outstanding– 158.95millions
13/14
47.58%
36.15%
0.52%
15.75%
Shareholding
Promoters
Public / OthersNRI's
FIs /FPIS / Mutual Funds
Investor Update Q4 FY19 / FY19
AboutUs
Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India and
the 9th largest in the world. It has an annual capacity of 68.00 mn. sq. meters
presently, distributed across seven plants - one in Sikandrabad (UP), one in
Gailpur (Rajasthan), One in Malutana (Rajasthan), three in Morbi (Gujarat) and
one in Vijaywada(AP).
For further information, please visit www.kajariaceramics.comor contact:
Mr. SanjeevAgarwal, C FO Mrs. Pallavi Bhalla, DGM Investor Relations
+91 11 26946409 (Board), +91 11 26946409 (Board),
+91 11 41064110 (Direct) +91 11 40946552 (Direct)
Email: [email protected] Email: [email protected]
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 basedon such statements.
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