Anand Rathi's research report on Kajaria Ceramics
While Kajaria’s Q3 was muted, it is best placed to benefit from lower gas prices and capacity expansion leading to high volumes and margin growth. The inclusion of biofuel, a sharp focus on adding dealers and strong brand positioning are key positives. The B/S continues to be firm, being net-debt-free.
Outlook
We upgrade our rating to a Buy, at a higher TP of Rs.1,231 (earlier Rs.1,200).
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