Cera Sanitaryware Ltd

₹ 3,983 1.85%
May 20 - close price
About

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.
[1]
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. [2]

Key Points

Strong brand
The company has established presence in the sanitary ware industry through its ‘CERA’ brand and is positioned as the 2nd largest player in organized domestic sanitary-ware industry with 25% market share. Its growth has been aided by its strong marketing & distribution setup and it is the most profitable player in its industry. [1]

  • Market Cap 5,180 Cr.
  • Current Price 3,983
  • High / Low 6,450 / 3,515
  • Stock P/E 33.7
  • Book Value 773
  • Dividend Yield 0.50 %
  • ROCE 22.0 %
  • ROE 16.3 %
  • Face Value 5.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 20.57%
  • Debtor days have improved from 57.00 to 41.54 days.

Cons

  • The company has delivered a poor sales growth of 7.35% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
267 327 321 293 143 318 310 431 223 393 387 439
232 286 278 251 136 277 270 368 203 335 326 356
Operating Profit 35 42 43 42 7 40 40 63 20 58 61 82
OPM % 13% 13% 13% 14% 5% 13% 13% 15% 9% 15% 16% 19%
3 4 4 4 7 4 8 2 6 7 4 0
Interest 1 1 1 1 1 1 1 1 1 1 1 2
Depreciation 8 8 8 9 8 8 8 8 7 8 8 8
Profit before tax 29 37 38 36 4 35 39 56 17 56 56 73
Tax % 35% 18% 26% -6% 34% 25% 25% 23% 25% 25% 25% 29%
Net Profit 19 30 28 38 3 26 29 43 13 42 42 52
EPS in Rs 14.67 23.09 21.81 29.58 2.24 20.21 22.37 33.08 9.93 32.36 32.50 40.04

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
243 319 488 664 822 917 1,011 1,182 1,344 1,209 1,202 1,442
196 266 412 569 703 776 841 1,014 1,152 1,045 1,052 1,221
Operating Profit 47 53 76 95 119 141 171 168 191 164 150 221
OPM % 19% 17% 16% 14% 14% 15% 17% 14% 14% 14% 12% 15%
4 7 9 6 5 10 11 14 15 14 22 17
Interest 3 4 7 6 8 5 5 5 3 4 4 5
Depreciation 7 8 9 12 15 16 18 22 23 33 33 30
Profit before tax 42 48 68 82 101 129 158 154 180 141 134 203
Tax % 36% 34% 32% 37% 33% 36% 34% 35% 36% 18% 25% 27%
Net Profit 27 32 46 52 68 83 104 100 115 116 101 149
EPS in Rs 20.97 25.31 36.52 41.02 52.02 64.17 79.94 77.08 88.46 89.14 77.89 114.84
Dividend Payout % 12% 12% 11% 12% 12% 14% 15% 16% 15% 15% 17% 30%
Compounded Sales Growth
10 Years: 16%
5 Years: 7%
3 Years: 2%
TTM: 20%
Compounded Profit Growth
10 Years: 17%
5 Years: 9%
3 Years: 10%
TTM: 53%
Stock Price CAGR
10 Years: 32%
5 Years: 7%
3 Years: 12%
1 Year: 1%
Return on Equity
10 Years: 18%
5 Years: 16%
3 Years: 15%
Last Year: 16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
6 6 6 6 6 6 6 6 6 6 6 6
Reserves 105 133 173 218 345 415 518 598 694 766 868 999
Borrowings 38 48 61 48 68 35 34 24 18 33 28 37
89 108 139 181 224 290 302 320 371 320 381 385
Total Liabilities 239 295 380 453 644 747 861 949 1,089 1,126 1,283 1,427
78 90 125 152 215 226 266 279 305 350 330 321
CWIP 6 11 4 5 8 4 0 5 11 1 1 1
Investments 8 1 1 12 48 67 119 139 212 262 513 567
146 192 249 284 374 449 475 525 561 512 440 539
Total Assets 239 295 380 453 644 747 861 949 1,089 1,126 1,283 1,427

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
27 4 42 63 41 116 112 72 114 123 262 98
-28 -15 -36 -48 -117 -38 -92 -36 -102 -76 -243 -70
3 6 2 -25 76 -48 -20 -34 -27 -53 -13 -21
Net Cash Flow 2 -5 9 -10 -1 30 -0 1 -15 -6 7 7

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 58 52 62 59 72 75 80 83 81 67 63 42
Inventory Days 211 281 160 125 120 109 98 104 101 128 96 154
Days Payable 57 58 47 45 46 48 58 50 53 52 81 74
Cash Conversion Cycle 213 275 176 139 145 137 120 136 129 142 78 122
Working Capital Days 59 84 68 55 67 59 55 64 63 73 30 170
ROCE % 34% 31% 35% 35% 32% 30% 31% 26% 27% 19% 16% 22%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
54.75 54.75 54.48 54.48 54.48 54.48 54.48 54.48 54.48 54.48 54.48 54.48
7.65 7.77 7.85 14.26 15.22 15.25 15.03 15.44 15.34 17.95 18.75 19.92
12.32 13.38 14.21 10.18 10.10 10.21 10.81 10.39 11.12 11.82 10.96 9.98
25.28 24.10 23.46 21.08 20.21 20.06 19.68 19.69 19.07 15.75 15.82 15.62

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