For FY14, Kajaria Ceramics reported higher net profit at Rs124 crore on 16% growth in its sales
Kajaria Ceramics, India's largest manufacturer of ceramic tiles, posted a full year net profit due to robust sales growth.
For the 12 months to end-March, Kajaria Ceramics said its consolidated net profit increased 19% to Rs124.22 crore from Rs104.51 crore while its total revenues, including sales, grew 16% to Rs1,840.04 crore from Rs1,583.28 crore, a year ago period.
“Attaining leadership position is one thing. Retaining that spot is quite the other. EBIDTA and net profit increased 16% and 19% respectively over the previous year, a satisfying performance considering the persisting business challenges,” said, Ashok Kajaria, chairman and managing director, Kajaria Ceramics in a statement.
Kajaria Ceramics' board of directors of has approved raising stake in Jaxx Vitrified Pvt Ltd to 61% from current holding of 51% for a sum of Rs3.50 crore. Apart from this, during FY14 it also acquired 51% stake in Soriso Ceramics, Cosa Ceramics in Gujarat and Vennar Ceramics in Andhra Pradesh.
Kajaria Ceramics has also decided to acquire 51% stake in Taurus Tiles Pvt Ltd located in Morbi (Gujarat) by subscribing to the equity shares of the company. The company has commissioned 3.40 msm annual capacity of glazed vitrified tile at Sikanderabad on 28th March 2014.
"Taurus Tiles is in the process of setting up a plant having 5 MSM (million square meter) annual capacity of Polished Vitrified Tiles," Kajaria Ceramics said in a regulatory filing.
For the quarter to end-March Kajaria Ceramics said its consolidated net profit surged 36.85% to Rs42.11 crore from Rs30.77 crore while its total revenues, including sales, grew 19.9% to Rs524.27 crore from Rs437.29 crore, same period last year.
Kajaria Ceramics hit its 52-week high at Rs520.80 on Wednesday.
At 11.53am, Kajaria Ceramics was trading 1.4% up at Rs490 on the BSE, while the S&P BSE Sensex was marginally higher at 22,376.
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