News: The topline was up 19.3% YoY at Rs.587 crore led by tiles revenues, which were up 19.7% YoY at Rs.512 crore (~5% volume growth and ~14% realisation improvement). The EBITDA was at Rs.62.4 crore down 1.5% YoY. The resultant margins were at 10.6%, down 223 bps YoY owing higher gas prices. PAT was at Rs.32.2 crore, up 14% YoY, aided by higher other income, lower interest and taxes.
Views: The topline growth momentum in volume has been robust, albeit margins pressure is now visible. Going ahead, key will be management commentary on gas prices (which has moved up sharply) for margins trajectory ahead. The valuations at 28x FY23 P/E leaves little room for upsides.
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