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Nirmal Bang Report
The industry registered growth after a soft patch in Q1 FY24. We believe that Q2 FY24 will be more favorable despite monsoon. The industry is expected to report healthy volume growth of 9-10% post monsoon.
Overall, we expect the domestic tiles industry to grow by 9% in FY24. Growth should accelerate on the back of a pick-up in home sales, rapid urbanisation, rising discretionary income and growing preference towards tiles for flooring.
Kajaria Ceramics Ltd. and Somany Ceramics Ltd.'s revenue are expected to grow by 10.4%/12% YoY in Q2 FY24.
We anticipate improved industry wide Ebitda margins on YoY basis in Q2 FY24 due to the expected moderation in gas prices. However, rising spot liquefied natural gas prices and a 10% gas price hike for Morbi players in September 2023 are likely to drive ~8- 10% increase in average fuel costs for the industry in the remaining quarters of FY24.
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