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Somany Ceramics is this week's top stock; why analysts are bullish.

Date: 04-06-2024
Subject: Somany Ceramics is this week's top stock; why analysts are bullish
The decor solutions provider and tiles manufacturer reported constrained volume growth of 7.3% year-onyear in the March 2024 quarter, amid softer domestic demand and lower exports. However, despite a challenging environment, the revenue and EBITDA surpassed Reuters-Refinitiv estimates by 4% and 11.1%, respectively.

While gross margins contracted by 250 basis points during the quarter due to discounts offered to counter muted demand, lower costs (employee, power & fuel, and other expenses) supported EBITDA margins, which jumped by 180 basis points y-o-y. The stock price has surged over 15% since the declaration of the March quarter results.

The management expects demand to remain subdued in the June 2024 quarter due to the impact of the general elections. However, revival is expected in the second half of 2024-25, supported by a pickup in real estate projects, likely rebound in exports, and the lag effect of new construction projects.

The company offers a diverse range of products, including ceramic and vitrified tiles, sanitaryware, and bath fittings. With a wide distribution network and strong brand value, it is well-positioned to benefit from the buoyant growth prospects of the tile and sanitaryware industries.

Source Name : Economic Times

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