Cera Sanitaryware Ltd

About [ edit ]

Incorporated in July 1998, Cera Sanitaryware Ltd is headed by Mr Vikram Somany; the company manufactures sanitaryware and faucets and outsources wellness products and tiles. The sanitaryware and faucet plants are in Kadi, Gujarat, with capacity of 36 lakh and 18.5 lakh pieces per annum, respectively.
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The Company has been constantly launching new designs in Sanitaryware, Faucets and Tiles. The new designs are indigenously developed by in-house teams, after feedback from the market. This helps the Company to be seen a leader in product offerings. #

Key Points [ edit ]
  • Market Cap 5,069 Cr.
  • Current Price 3,898
  • High / Low 4,251 / 2,100
  • Stock P/E 52.4
  • Book Value 616
  • Dividend Yield 0.33 %
  • ROCE 19.0 %
  • ROE 15.8 %
  • Face Value 5.00

Pros

  • Company is almost debt free.
  • Company's median sales growth is 16.87% of last 10 years

Cons

  • The company has delivered a poor sales growth of 8.03% over past five years.
  • Dividend payout has been low at 14.94% of profits over last 3 years
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
361 281 331 319 413 267 327 321 293 143 318 310
310 245 285 273 349 232 286 278 251 136 277 270
Operating Profit 51 35 46 46 64 35 42 43 42 7 40 40
OPM % 14% 13% 14% 14% 15% 13% 13% 13% 14% 5% 13% 13%
Other Income 5 2 4 4 6 3 4 4 4 7 4 8
Interest 2 1 0 1 1 1 1 1 1 1 1 1
Depreciation 7 5 6 6 7 8 8 8 9 8 8 8
Profit before tax 47 32 43 44 61 29 37 38 36 4 35 39
Tax % 35% 35% 35% 35% 38% 35% 18% 26% -6% 34% 25% 25%
Net Profit 31 21 28 28 38 19 30 28 38 3 26 29
EPS in Rs 23.54 15.77 21.64 21.81 29.25 14.67 23.09 21.81 29.58 2.24 20.21 22.37

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
160 191 243 319 488 664 822 917 1,011 1,182 1,344 1,209 1,064
130 155 196 266 412 569 703 776 841 1,011 1,153 1,047 934
Operating Profit 30 36 47 53 76 95 119 141 171 171 191 162 129
OPM % 18% 19% 19% 17% 16% 14% 14% 15% 17% 14% 14% 13% 12%
Other Income 0 2 4 7 9 6 5 10 11 11 16 15 24
Interest 4 3 3 4 7 6 8 5 5 5 3 4 4
Depreciation 6 6 7 8 9 12 15 16 18 22 23 33 34
Profit before tax 20 30 42 48 68 82 101 129 158 154 180 141 115
Tax % 34% 34% 36% 34% 32% 37% 33% 36% 34% 35% 36% 18%
Net Profit 13 20 27 32 46 52 68 83 104 100 115 116 97
EPS in Rs 10.57 15.56 20.97 25.31 36.52 41.02 52.02 64.17 79.94 77.08 88.46 89.14 74.40
Dividend Payout % 9% 8% 12% 12% 11% 12% 12% 14% 15% 16% 15% 15%
Compounded Sales Growth
10 Years:20%
5 Years:8%
3 Years:6%
TTM:-20%
Compounded Profit Growth
10 Years:19%
5 Years:11%
3 Years:5%
TTM:-16%
Stock Price CAGR
10 Years:35%
5 Years:14%
3 Years:10%
1 Year:79%
Return on Equity
10 Years:20%
5 Years:18%
3 Years:17%
Last Year:16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
3 3 6 6 6 6 6 6 6 6 6 6 6
Reserves 68 85 105 133 173 218 345 415 518 598 694 766 795
Borrowings 36 27 38 48 61 48 68 35 34 24 18 33 26
57 75 89 108 139 181 224 290 302 320 371 320 330
Total Liabilities 163 191 239 295 380 453 644 747 861 949 1,089 1,126 1,157
74 69 78 90 125 152 215 226 266 279 305 350 341
CWIP 0 2 6 11 4 5 8 4 0 5 11 1 3
Investments 0 0 8 1 1 12 48 67 119 139 212 262 392
89 120 146 192 249 284 374 449 475 525 561 512 422
Total Assets 163 191 239 295 380 453 644 747 861 949 1,089 1,126 1,157

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
18 23 27 4 42 63 41 116 112 72 114 123
-4 -1 -28 -15 -36 -48 -117 -38 -92 -36 -102 -76
-3 -9 3 6 2 -25 76 -48 -20 -34 -27 -53
Net Cash Flow 11 12 2 -5 9 -10 -1 30 -0 1 -15 -6

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 25% 30% 34% 31% 35% 35% 32% 30% 31% 26% 27% 19%
Debtor Days 70 63 58 52 62 59 72 75 80 83 81 67
Inventory Turnover 2.40 2.31 2.29 1.90 2.55 3.39 3.63 3.66 3.80 4.06 3.97 3.20

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
54.75 54.75 54.75 54.75 54.75 54.75 54.48 54.48 54.48 54.48 54.48 54.48
8.38 8.82 8.24 7.56 7.65 7.77 7.85 14.26 15.22 15.25 15.03 15.44
8.37 8.08 8.88 10.62 12.32 13.38 14.21 10.18 10.10 10.21 10.81 10.39
28.50 28.35 28.13 27.07 25.28 24.10 23.46 21.08 20.21 20.06 19.68 19.69

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