Kajaria Ceramics tumbles about 19% in six sessions

Kajaria Ceramics fell 9.14% to Rs 464.25 at 12:24 IST on BSE, extending recent steep losses.

Meanwhile, S&P BSE Sensex was down 216.80 points or 0.57% at 37,765.94.

On BSE, 1.72 lakh shares were traded in Kajaria Ceramics counter, compared to a 2-week average of 78,000 shares. The share price hit an intraday high of Rs 511 and an intraday low of Rs 461.20. It hit a 52-week high of Rs 648.85 on 31 May 2019 and a 52-week low of Rs 316.20 on 23 October 2018.

Shares of Kajaria Ceramics plunged 18.71% in six trading sessions to its current market price of Rs 464.25, from a recent closing high of Rs 571.15 on 16 July 2019.

The company's consolidated net profit rose 11.9% to Rs 51.01 crore on a 6.5% increase in net sales to Rs 699.99 crore in Q1 June 2019 over Q1 June 2018. Consolidated EBITDA rose 9.46% to Rs 105.97 crore in Q1 June 2019 over Q1 June 2018. The consolidated EBITDA margin advanced to 15.14% in Q1 June 2019 from 14.73% in Q1 June 2018.

The result was announced during market hours yesterday, 23 July 2019. The stock fell 2.36% to end at Rs 510.95 yesterday.

Ashok Kajaria, chairman of Kajaria Ceramics, said, "Despite subdue demand scenario, our sales volumes and revenue grew by 10% and 7% respectively over the corresponding period in the previous fiscal year. Notwithstanding the on-going liquidity crisis, our working capital days remained under control. The tile industry is going through the transitional phase due to recent shift from Coal Gasifier to Natural Gas, resulting in increased compliance for the unorganised sector which should accelerate the shift towards organised players."

Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India and the 9th largest in the world.

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