Monday, October 11, 2010

Kajaria Ceramics Q2FY11 Results Expectations - Net Sales Rs 2.1 bn, APAT Rs 131 mn


Kajaria Ceramics is expected to release their Q2FY11 numbers today i.e. October 12th, 2010.

Increased volumes due to commissioning of a vitrified tiles facility along with improved realisations are expected to result in 15% YoY growth in revenues to Rs 2.1 bn. Marginal decline of 40 bps is expected in EBITDA margins to 16% resulting in EBITDA of Rs 341 mn. Increased topline and lower interest cost is expected to result in 50% growth in PAT to Rs 131 mn resulting in AEPS of Rs 1.8.

For H1FY11, we expect the company to report 20% growth in revenues to Rs 4.1 bn. EBITDA margins however are likely to remain flat at 16% while aggregate AEPS for H1FY11 stands at Rs 3.3 over Rs 2.0 last year. For the full year FY11, we estimate EPS of Rs 6.7.

We have a BUY recommendation on the stock with a price target of Rs 91.

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