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Cera Sanitaryware: Good Performance in Bad Times - Views on News from Equitymaster
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Cera Sanitaryware: Good Performance in Bad Times
May 31, 2016

Cera Sanitaryware (Cera) declared results for the quarter ended March 2016. The company reported a revenue growth of 12% YoY during the quarter, while profits came in higher by 35% YoY.

Performance summary
  • Revenues grow by 12% YoY during the quarter ended March 2016.
  • Operating margins expand by 2.8% YoY to 17.2% during the quarter.
  • Net profits rise by 34.7% YoY.
  • During FY16, revenues and profits rise by 13.6% YoY and 23.3% respectively.
  • The company recommended a final dividend of Rs 9 per share for the fiscal year ended 2016; translating to a yield of 0.45%.

    Standalone financial performance
    (Rs m) 4QFY15 4QFY16 Change FY15 FY16 Change
    Net sales 2,504 2,806 12.0% 8,217 9,337 13.6%
    Expenditure 2,144 2,325 8.4% 7,041 7,924 12.5%
    Operating profit (EBDITA) 361 481 33.4% 1,175 1,413 20.2%
    EBDITA margin (%) 14.4% 17.2% 14.3% 15.1%
    Other income 22 36 63.6% 66 100 51.4%
    Depreciation 44.8 42.4 -5.4% 155 163 5.6%
    Interest 24.54 14.24 -42.0% 77 55 -29.3%
    Profit before tax 314 461 46.9% 1,009 1,295 28.3%
    Tax 93 163 76.1% 333 460 38.3%
    Effective tax rate 30% 35% 33% 36%
    Profit after tax/(loss) 221 298 34.7% 677 835 23.3%
    Net profit margin (%) 8.8% 10.6% 8.2% 8.9%
    No. of shares (m) 13
    Diluted earnings per share (Rs)* 64.2
    Price to earnings ratio (x) 31

    (*On a trailing 12-month basis & excluding exceptional Items)

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