Building Material - MDF Imports Continue To Decline; Tile Exports Soften But Still Healthy: ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Tile exports in June 2024 softened month-on-month but still remained healthy, while MDF imports continued on a declining trend YoY. Medium-density fiberboard imports volume fell 10.8% YoY to 19,506 tonne (plus 1.9% MoM), and in Q1 FY25, it declined 31% YoY. The decline in MDF imports is due to high ocean freight rates. We see higher ocean freight rates as a likely near-term deterrent for MDF imports reaching their elevated levels seen in FY24.Tile exports, in June 2024, grew ~13.6% YoY on a low base (-14% MoM), staying healthy at 41.4 MSM. For Q1 FY25, tile exports were flat YoY and stood at 136 MSM with GCC countries (~16%), U.S (~8%) and Russia (~6%) being the top export destinations.The MoM slowdown seen in tile exports is due to high ocean freight rates. Tile industry participants highlight near-term exports may remain tepid due to higher freight rates; however, they expect growth to revive when freight rates normalise.PVC resin imports grew healthy 69.3% YoY/-8.3% MoM and 28.9% YoY in Q1; laminate exports grew 14.9% YoY/4.1% MoM and +3% YoY in Q1. We prefer Kajaria Ceramics Ltd. in tiles segment and Greenpanel Industries Ltd. in woodpanel segment..Click on the attachment to read the full report:.CESC Shares Gain After Unit's Renewable Energy Push.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Building Material - MDF Imports Continue To Decline; Tile Exports Soften But Still Healthy: ICICI Securities

As per industry participants, higher ocean freight rates may impact near-term laminate exports, says the brokerage.

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Building Material - MDF Imports Continue To Decline; Tile Exports Soften But Still Healthy: ICICI Securities

As per industry participants, higher ocean freight rates may impact near-term laminate exports, says the brokerage.

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