Cera Sanitaryware Ltd

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]

See full details
  • Market Cap 7,292 Cr.
  • Current Price 5,607
  • High / Low 5,700 / 2,486
  • Stock P/E 64.8
  • Book Value 686
  • Dividend Yield 0.23 %
  • ROCE 15.4 %
  • ROE 12.0 %
  • Face Value 5.00

Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 8.17 times its book value
  • The company has delivered a poor sales growth of 5.95% over past five years.
Loading peers table ...

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
332 320 417 271 329 325 298 146 324 316 438 228
285 274 350 236 286 280 256 142 283 273 368 207
Operating Profit 48 47 66 35 43 45 42 4 41 43 70 21
OPM % 14% 15% 16% 13% 13% 14% 14% 3% 13% 14% 16% 9%
Other Income 5 5 7 3 5 5 5 7 4 9 4 7
Interest 2 2 3 3 2 2 3 2 2 2 3 2
Depreciation 7 7 8 9 10 10 11 10 10 10 10 9
Profit before tax 44 43 62 27 36 38 34 -1 33 40 62 16
Tax % 34% 36% 38% 36% 18% 25% -4% -40% 30% 24% 23% 30%
Net Profit 29 28 38 17 30 28 37 0 25 30 46 12
EPS in Rs 21.94 21.34 29.52 13.19 22.72 21.81 28.63 0.35 18.93 23.01 35.19 9.39

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
917 1,009 1,185 1,352 1,224 1,224 1,306
776 833 1,008 1,153 1,057 1,066 1,131
Operating Profit 141 176 177 199 167 158 175
OPM % 15% 17% 15% 15% 14% 13% 13%
Other Income 10 15 14 18 17 25 25
Interest 5 10 10 9 10 10 10
Depreciation 16 22 27 28 39 40 39
Profit before tax 129 158 155 180 135 134 151
Tax % 36% 37% 32% 36% 18% 25%
Net Profit 83 102 103 115 113 101 113
EPS in Rs 64.17 78.23 79.33 88.51 87.08 77.48 86.52
Dividend Payout % 14% 15% 15% 15% 15% 17%
Compounded Sales Growth
10 Years:%
5 Years:6%
3 Years:1%
TTM:19%
Compounded Profit Growth
10 Years:%
5 Years:4%
3 Years:0%
TTM:18%
Stock Price CAGR
10 Years:40%
5 Years:17%
3 Years:32%
1 Year:123%
Return on Equity
10 Years:%
5 Years:16%
3 Years:14%
Last Year:12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
6 6 27 27 27 27
Reserves 414 516 599 694 764 865
Borrowings 67 102 75 70 91 79
316 320 364 420 358 427
Total Liabilities 804 945 1,045 1,191 1,219 1,378
230 345 360 385 439 415
CWIP 65 0 5 20 1 1
Investments 47 91 109 178 228 474
461 509 572 608 552 487
Total Assets 804 945 1,045 1,191 1,219 1,378

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
114 102 75 124 129 268
-83 -102 -41 -110 -80 -242
-0 1 -34 -29 -55 -19
Net Cash Flow 31 0 1 -15 -6 7

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 75 80 83 81 66 62
Inventory Days 112 125 137 130 161 116
Days Payable 55 71 67 67 63 90
Cash Conversion Cycle 133 134 153 144 164 88
Working Capital Days 59 63 71 69 79 39
ROCE % 29% 24% 25% 17% 15%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
54.75 54.75 54.75 54.75 54.75 54.48 54.48 54.48 54.48 54.48 54.48 54.48
8.82 8.24 7.56 7.65 7.77 7.85 14.26 15.22 15.25 15.03 15.44 15.34
8.08 8.88 10.62 12.32 13.38 14.21 10.18 10.10 10.21 10.81 10.39 11.12
28.35 28.13 27.07 25.28 24.10 23.46 21.08 20.21 20.06 19.68 19.69 19.07

Documents