Kajaria Ceramics Q4FY25 Consolidated Results

• Kajaria reported consolidated net revenues of Rs. 1,221.9 crores for Q4FY25, marking only 1.1% YoY increase and 0.9% below our estimate due to soft demand in both the domestic and export markets. Sales volume grew by only 2% YoY in Q4FY25, reaching 30.11 MSM.
• Operating profit margin stood at 11.3%, down 300 bps YoY, and below our estimate of 13.4%. The decline was primarily due to another muted quarter in the bathware division, some losses in the UK operations, and provisions for doubtful debts in the plywood division, as the company decided to close this division.
• Consolidated net profit stood at Rs. 73 crore, reflecting a 30% YoY decline.
• The industry scenario remains challenging. The company will reassess its cost structure and implement necessary measures to become more competitive, grow better than the industry, and improve margins moving forward. Currently, we have a positive outlook on the stock. A detailed update will be provided following the management interaction.

Results (Consolidated)                                                                     Rs cr.

Actual vs. Estimates                                     Rs cr.