Near-term demand remains a concern for listed tile maker Kajaria Ceramics

Even as the March quarter and FY24 volumes are likely to be on the lower side, management and brokerage commentary suggest that recovery could be strong in FY25

The December quarter performance of the country's largest listed ceramic tile maker, Kajaria Ceramics, was subdued. Weak domestic demand in the quarter weighed on volumes, while revenues were also below par due to muted realisations. The stock has fallen 9 per cent from its highs this month, given a disappointing Q3 and near-term demand concerns for the rest of FY24.

The company's overall sales volumes at 27 million square metres were 6.4 per cent higher year-on-year, while realisations fell by 3 per cent to Rs 374 per square metre. The demand weakness is an ongoing trend, as volumes