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20140213 Cera Sanitaryware Ltd IER FirstCut INE739E01017.pdf


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CRISIL IER Independent Equity Research

Q3FY14 Results Summary (Consolidated)
(₹ mn)

Q3FY14

Q2FY14

Q3FY13

1,601

1,588

1,280

0.9

705

769

541

(8.3)

44.0%

48.4%

42.3%

Employee cost

195

180

Other expenses

496

446

EBITDA

206
12.9%

Net sales
Raw materials cost
Raw materials cost (% of net sales)

EBITDA margin
Depreciation
EBIT
Interest and finance charges
Operating PBT
Other income
Extraordinary income/(expense)

q-o-q (%)

y-o-y (%)

9MFY14

9MFY13

y-o-y (%)

25.1

4,455

3,299

35.0

30.3

2,024

1,349

50.0

-439bps

176bps

45.4%

40.9%

453bps

147

7.9

32.4

542

418

29.5

387

11.1

28.2

1,292

986

31.0

193

205

7.0

0.3

598

546

9.5

12.1%

16.0%

74bps

-318bps

13.4%

16.5%

-313bps
38.9

35

31

26

11.5

34.8

94

67

172

162

180

6.1

(4.6)

504

479

5.3

17

16

20

6.1

(14.8)

48

49

(2.8)

154

145

160

6.2

(3.3)

457

430

6.2

12

17

20

(31.5)

(42.3)

42

52

(19.2)

-

-

-

NM

NM

-

-

NM

PBT

166

162

180

2.3

(7.7)

499

482

3.5

Tax

58

56

60

4.1

(2.2)

173

159

8.7

PAT

108

106

120

1.3

(10.4)

326

323

0.9

Adj PAT

108

106

120

1.3

(10.4)

326

323

0.9

6.7%

6.7%

9.4%

3bps

-266bps

7.3%

9.8%

-247bps

Adj PAT margin
No of equity shares (mn)

13

13

13

-

-

13

13

-

Adj EPS (₹)

8.5

8.4

9.5

1.3

(10.4)

25.7

25.5

0.9

Source: Company, CRISIL Research

Revenue growth moderated during the quarter

EBITDA margin contracted y-o-y
(₹ mn)

40%

33%

40%
25%

800
600

1,601

1,588

1,266

1,580

1,280

1,114

905

200

Revenues

Source: Company, CRISIL Research

Q3FY14

Q2FY14

Q1FY14

Q4FY13

Q3FY13

Q2FY13

Q1FY13

Q4FY12

0

2

30%
20%

1,002

400

250

50%

y-o-y growth (RHS)

200

17.3%
15.9%

16.5%

16.0%

15.4%

15.7%

150
100

10%

50

0%

-

12.1%
160

12.9%

156

184

205

243

199

193

206
Q3FY14

1,000

40%

60%

Q2FY14

1,200

43%

Q1FY14

1,400

300

Q4FY13

58%

Q3FY13

52%

55%

Q2FY13

1,600

70%

Q4FY12

1,800

Q1FY13

(₹ mn)

EBITDA

Source: Company, CRISIL Research

EBITDA m argin (RHS)

20%
19%
18%
17%
16%
15%
14%
13%
12%
11%
10%