Buy Kajaria Ceramics; target of Rs 950: Sharekhan

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Sharekhan's research report on Kajaria Ceramics

Strong outperformance on all fronts, led by higher than expected volumes, lower gas prices leading to strong rise in OPM. Management expects strong volume led growth along with healthy OPM during FY2022 to FY2024. Key growth triggers such as positive housing sector outlook, rising exports for Morbi players,soft gas prices likely to sustain. Rising net cash position, healthy free cash flow generation and low capex requirement to improve dividend payout.

Outlook

We retain Buy on Kajaria Ceramics with a revised PT of Rs. 950,led by upward revision in estimates and strong 28% CAGR in net earnings estimated over FY2021E-FY2023E.

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