Kajaria Ceramics Ltd

About [ edit ]

Kajaria Ceramics Ltd is the largest manufacturer of ceramic/vitrified tiles in India. It manufactures, outsources and trades ceramic and vitrified tiles (under its brand name, Kajaria). In addition, KCL sells sanitaryware marketed under the Kerovit brand. It also ventured into the business of Plywood in the year 2018. The company’s manufacturing facilities are located at Sikanderabad (UP), Gailpur (Rajasthan) and Malootana (Rajasthan) and Srikalahasti (Andhra Pradesh) and have an aggregate capacity of 49.2 MSMPA (million sq. meter). In addition, the company has 21.2 MSMPA capacity under various subsidiaries/joint ventures, which takes the cumulative capacity to 70.4 million sq. meters. # #

Key Points [ edit ]
  • Market Cap 15,066 Cr.
  • Current Price 947
  • High / Low 1,000 / 295
  • Stock P/E 65.4
  • Book Value 112
  • Dividend Yield 1.06 %
  • ROCE 18.8 %
  • ROE 15.5 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 20.01%

Cons

  • Stock is trading at 8.48 times its book value
  • The company has delivered a poor sales growth of 5.13% over past five years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
750 657 725 759 815 700 715 741 652 278 713 838
630 560 616 638 692 594 609 630 559 285 569 657
Operating Profit 120 97 109 121 123 106 105 111 93 -8 144 182
OPM % 16% 15% 15% 16% 15% 15% 15% 15% 14% -3% 20% 22%
Other Income 5 2 1 5 5 5 7 5 7 3 5 6
Interest 5 4 5 4 3 5 5 5 5 3 2 3
Depreciation 23 23 23 22 22 26 26 28 28 25 27 28
Profit before tax 98 72 83 100 103 81 81 84 67 -34 119 158
Tax % 29% 37% 39% 34% 35% 38% -15% 27% 27% 2% 25% 23%
Net Profit 66 46 50 66 66 51 93 62 50 -27 89 119
EPS in Rs 4.15 2.87 3.16 4.15 4.15 3.21 5.86 3.87 3.12 -1.70 5.61 7.48
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
348 430 953 1,313 1,583 1,836 2,187 2,413 2,550 2,711 2,956 2,808 2,480
277 371 803 1,105 1,336 1,550 1,831 1,950 2,049 2,254 2,501 2,392 2,069
Operating Profit 71 59 150 208 247 287 355 463 500 457 455 416 411
OPM % 20% 14% 16% 16% 16% 16% 16% 19% 20% 17% 15% 15% 17%
Other Income 1 1 -1 -0 1 1 0 5 11 11 8 24 21
Interest 15 26 30 49 46 41 29 34 34 24 16 20 13
Depreciation 18 22 30 39 45 47 56 73 81 89 89 108 108
Profit before tax 38 11 89 120 158 199 270 361 396 355 358 312 311
Tax % 21% 29% 32% 32% 32% 34% 32% 35% 36% 36% 36% 19%
Net Profit 30 8 61 81 105 124 176 231 253 235 227 255 231
EPS in Rs 2.03 0.55 4.12 5.50 7.11 8.22 11.05 14.56 15.91 14.78 14.25 16.06 14.51
Dividend Payout % 1% 18% 24% 23% 21% 21% 18% 17% 19% 20% 21% 19%
Compounded Sales Growth
10 Years:%
5 Years:5%
3 Years:3%
TTM:-17%
Compounded Profit Growth
10 Years:%
5 Years:7%
3 Years:0%
TTM:-15%
Stock Price CAGR
10 Years:39%
5 Years:17%
3 Years:18%
1 Year:81%
Return on Equity
10 Years:%
5 Years:19%
3 Years:17%
Last Year:16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
15 15 15 15 15 15 16 16 16 16 16 16 16
Reserves 122 128 208 267 346 489 725 956 1,159 1,334 1,559 1,698 1,761
Borrowings 208 345 288 278 320 236 243 294 213 170 120 128 98
103 120 300 331 367 435 575 653 652 620 677 595 496
Total Liabilities 447 608 810 891 1,048 1,176 1,559 1,918 2,040 2,140 2,372 2,437 2,370
259 368 491 521 620 692 860 1,121 1,177 1,145 1,078 1,195 1,151
CWIP 32 3 0 2 8 41 78 8 8 18 93 27 14
Investments 0 1 3 0 0 0 0 0 0 0 0 10 5
155 236 315 368 420 443 621 790 854 977 1,200 1,206 1,200
Total Assets 447 608 810 891 1,048 1,176 1,559 1,918 2,040 2,140 2,372 2,437 2,370

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-8 -29 159 91 98 166 180 316 338 238 317 224
-60 -103 -167 -69 -150 -151 -263 -267 -140 -136 -261 -90
51 131 5 -19 53 -13 87 -39 -168 -72 -114 -140
Net Cash Flow -17 -1 -2 3 0 2 5 10 30 30 -58 -6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 9% 32% 33% 34% 36% 36% 33% 26% 24% 19%
Debtor Days 54 53 36 33 33 33 35 41 49 61 59 52
Inventory Turnover 2.71 4.75 4.78 5.61 4.92 3.86 3.62 3.84 4.14 3.39

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
47.58 47.58 47.58 47.58 47.58 47.58 47.58 47.58 47.58 47.58 47.58 47.54
28.09 26.05 24.29 24.68 25.96 26.01 26.22 23.97 23.14 21.86 23.31 23.68
8.89 9.57 9.73 10.24 10.31 10.24 10.06 13.01 14.89 16.98 16.72 15.33
0.32 0.43 0.43 0.43 0.43 0.43 0.43 0.43 0.43 0.43 0.43 0.43
15.12 16.37 17.98 17.08 15.73 15.75 15.71 15.01 13.97 13.15 11.97 13.03

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