Q1FY24 Quarterly Result Announced for Cera Sanitaryware Ltd.
Furniture-furnishing Paints company Cera Sanitaryware announced Q1FY24 results: Revenue from operations (net of taxes) of Rs 4,272 million in Q1FY24 vs Rs 3,958 million in Q1FY23, up 7.9% YoY EBITDA (excluding other income) of Rs 685 million in Q1FY24 vs Rs 612 million in Q1FY23, up 11.9% YoY PAT of Rs 564 million in Q1FY24 vs Rs 396 million in Q1FY23, up 42.3% YoY EPS Diluted of Rs 43.35 in Q1FY24 vs Rs 30.47 in Q1FY23, up 42.3% YoY Commenting on the performance, Vikram Somany, Chairman & Managing Director, said, “We are pleased to report increased profitability in our performance in Q1FY24, enabling us to begin FY24 on an encouraging note. During the quarter gone by, our revenues were higher by 7.9% and PAT was higher by 42.3% on a YoY basis. Notably, our sanitaryware and faucetware divisions, which made up 53% and 35% of our Q1FY24 revenue respectively, witnessed a 7% and 8% YoY growth. As part of our ongoing efforts to drive an improved product mix, we have successfully launched new products over the past three years, contributing 29% to the Q1FY24 turnover. These endeavours, combined with our unwavering focus on enhancing productivity and implementing effective cost optimization measures, have led to the elevation of our EBITDA and PAT margins. Furthermore, we have made remarkable progress in our initiatives aimed at solidifying our business performance. Our retailer loyalty program has witnessed substantial growth, with over 1.85 lakh invoices uploaded by more than 15,300 retailers, providing us with valuable data and insights into end consumer buying patterns. Additionally, as of June 30, 2023, our cash and cash equivalents stood at Rs 755 crore. Moreover, we are at the cusp of commercial production of the expanded production capacity and capabilities of our faucet ware division. Additionally, we have made significant headway in the due diligence process for a land parcel for our greenfield Sanitaryware facility. Looking ahead, we hold a strong belief that our diverse product offerings, expansive distribution network, well-established brand recognition, robust financial position, and expansion strategies will pave the way for us to achieve sustained growth in our core business segments. With a positive trajectory and a determined focus on key objectives, we are well-positioned to capitalize on the numerous growth opportunities that lie ahead." Result PDF03-08-2023