CMP:
Rs. 2,532.50 ; Market Cap: Rs. 3,293.74 Cr; 52
Week High/Low: Rs. 2,780.00 / Rs. 1,709.95
Total
Shares: 1,30,05,874 shares; Promoters : 71,20,639 shares –54.75 %; Total Public
holding : 58,85,235 shares – 45.25 %; Book
Value: Rs. 323.71; Face Value: Rs. 5.00; EPS: Rs. 75.98; Dividend: 180.00 % ;
P/E: 33.46 times; Ind. P/E: 35.08; EV/EBITDA: 18.85.
Total
Debt: Rs. 35.08 Cr; Enterprise Value: Rs. 3,269.43 Cr.
CERA SANITARYWARE LIMITED: Cera Sanitaryware Limited was incorporated
in 1980, and is headquartered in Kadi, India.
The company was formerly known as Madhusudan Oils and Fats Limited and changed
its name to Cera Sanitaryware Limited in November 2002. Cera Sanitaryware Limited manufactures and sells
sanitary ware and faucet ware products in India. The company offers sanitary
ware products, including EWC’s, kids range products, wash basins, urinals,
cisterns, seat covers, sensors, and bath accessories; special needs products
consisting of cranes, shower chairs, wall mounted and U shaped rails, wall
mounted inverted rails, and corner and wall mounted grab bars; and faucets,
such as fittings, basin mixers, showers, bath tub spouts, flush valves and
cocks, angle cocks, taps, and accessories. The company announced its bonus
shares last July 2010 in ratio of 1:1. It also provides wellness products
comprising steam shower rooms, shower rooms and cubicles, shower partitions,
indoor swimming pools, bath tubs, shower panels, and pressure pumps; kitchen
sinks and mirrors; and personal care products comprising hand dryers, perfume
sprayers with remote control, automatic soap dispensers, and hair dryers, as
well as wall and floor tiles. Cera has emerged as the third largest
player in the sanitary ware industry in India. The company enjoys 24 % market
share in the organised segment. It has installed manufacturing capacity of 2.7
mn pieces p.a. in sanitary ware and 2,500 pieces per day in faucet ware in Kadi
(Gujarat). As of May 2016, Cera has 1,000 distributors - dealers, 14,000
retailers and 12 major stock points across India. CERA’s subsidiary includes
Madhusudan Industries Ltd; Madhusudan Holdings Ltd; Madhusudan Fiscal Ltd;
Vikram Investment Co. Ltd; Cera Foundation; Swadeshi Fan Ind. Ltd. CERA SANITARYWARE is locally compared with Kajaria Ceramics,
Grindwell Norton, Acrysil India Ltd, La Opala RG, Asian granite India Ltd, Euro Ceramics,
Hindustan Sanitaryware India Ltd, Morganite Crucible India Ltd, Murudeshwar
Ceramics, Nitco tiles Ltd, Orient Bell Ltd, Regency Ceramics, Restile Ceramics,
Somany Ceramics, Kisan mouldings Ltd, and Globally compared with China Ceramics Co
Ltd of China, Ziyang Ceramics of China, Topps Tiles of China, China GengSheng
Minerals Inc of China, INTL DE Ceramica Com of USA, EGE Seramik of Turkey, Dynasty
Ceramics of Thailand, Ceramica San Lorenzo, CARBO Ceramics Inc of USA,
Fairmount Santrol Holdings Inc. of USA, Compagnie De Saint Gobain SA of France,
U.S. Silica Holdings, Inc of USA, Arab Ceramics Co of Saudi Arabia, Al Anwar
Ceramic Tiles Co of Saudi Arabia, Saudi Ceramics Co of Saudi Arabia, Saudi
Vitrified Clay Pipes Company of Saudi Arabia, General Comapany for Ceramic and
Procelain Products SAE, Forage Orbit Garant Inc of Canada,Ceramika Nowa Gala Sa
of Turkey, Usak Seramik Sanayi As of Turkey, Dvarcioniu Keramika AB of
Lithuania, Goh Ban Huat Berhad of Malaysia, Chang Yih Ceramic JSC of Vietnam,
Royal Ceramics Lanka Ltd of Sri Lanka, Konoshima Chemical Co Ltd of Japan, Roy
Ceramics Se of Germany, Troax Corp Publ AB of Sweden, Expedit AS of Denmark,
Exel Composites Oyi of Finland, Royal Ceramic Industry Public Co Ltd of
Thailand, CMC Joint Stock Co of Vietnam, Shabir Tiles & Ceramics ltd of
Pakistan, Onex Corporaion of Japan, Sapura Industrial Berhad of Malaysia,
Nansin Company Ltd of Japan, Masonite International Corp of USA, Owens Corning
of USA, Nci Building Systems Inc of New York, Masco Corp of USA.
Investment Rationale:
Cera Sanitaryware
incorporated in the year 1998 is a pioneer in the sanitary ware segment in
India. Cera Sanitaryware Limited, India’s fastest growing company in the
sanitary ware segment in India. It has an extensive product portfolio that
includes high end showers, steam cubicles, and whirlpools, besides
sanitary-ware and faucets, such extensive product ranges has made CERA the
primary choice of customers looking for stylish products in a contemporary
lifestyle. It’s also the first sanitary ware company to use natural gas, for
its commercial needs, Cera has been on the forefront of launching a new and versatile
colour range and introducing the bath suite concept. CERA’s constant
innovations have given several path breaking contributions to the industry. Some
of its innovations have become benchmarks for the industry- like water-saving
twin-flush coupled WCs, 4-litre flush WCs, and one-piece WCs. Advanced
technology has been the forte of CERA. Its state-of-the-art manufacturing plant
has been following the highest standards of quality with an emphasis on
sustainability since its inception in 1980. The
total size of the Indian sanitary ware and bathroom fittings industry is at Rs.
9,500 Cr in FY16, of which the sanitary ware accounts for roughly Rs. 3,500 Cr and
is growing at an average rate of 20 %. The remaining Rs. 6,000 Cr is attributed
to bathroom fittings, also growing at an average rate of 18 %. The outlook for
the industry is robust on the back of country’s very low sanitation coverage,
housing shortage and potential for the replacement market. The contribution
from the replacement is very low at 8 % in comparison to 80 % in the developed
economies. In the sanitary ware industry, the organized market is 65 % while
the unorganized market is about 35 % and in the bathroom fittings, the
organized market share is around 45 % and the unorganized market is about 55 %.
According to the report on world health statistic by World Health Organization
(WHO), the sanitation coverage in India is very low at 36 %. This in itself
shows the growth potential for the industry in a country which has a population
of over 121 Cr and is expected to grow to 135 Cr by 2021, as per census 2011.
Further, the growth would be boosted by the government initiatives such as
affordable housing, Swachh Bharat Abhiyan and development of 100 smart cities.
In Union Budget for 2015-16, the finance minister has announced 100 %
sanitation by October 2019 with a provisional amount of Rs. 3,625 Cr, including
Rs. 1,000 Cr for urban sanitation. It has also allocated Rs. 10,025 Cr for
rural housing and Rs. 4,150 Cr for Urban housing with an objective of providing
housing for all by 2022. In the recent union cabinet meeting, the government
has approved development of 100 smart cities along with the new urban renewal
mission with a planned outlay of Rs. 100 lakh Cr. The Indian tile Industry is expected to
witness better days over the medium-term. This optimism is based on important
realities. Over the last two decades, India’s urban population increased from
21.7 Cr to 37.7 Cr and this is expected to reach 60 Cr, or 40 % of the
population by 2031. By then, India is expected to have 68 cities with
population of more than one million – driving housing demand. India is one of the
few countries with a third-quartile median age of 27 years, which represents a
younger, ambitious and forward-looking population. As the internet penetration
deepens, consumption is seen to increase. The proportion of people employed in
the country's workforce will continue to rise. By 2030, India is expected to
constitute 28 % of the world's workforce with the worker-to-dependent ratio
expected to be 2.1 (14 in 1990). Besides, steady urbanisation will graduate
labour markets from low paying agricultural jobs to better-paying manufacturing
and service engagements. India’s sanitaryware and bathroom
fittings industry is undergoing a transition phase. The consumers are now
moving from low-end basic product to middle and high end premium segments. This
is in conjunction with the growing urbanization and ever increasing
middle-income segment. As per the National Council for Applied Economic
Research (NCAER), the middle-income segment has grown from 1.1 Cr households in
2001-02 to 3.1 Cr household by 2010-2011 and is expected to grow to 5.3 Cr by
2015-16 and 11.4 Cr by 2025-2026. This shift will benefit the industry players
in terms of higher margin and ability to pass on the cost increase to the
consumers. The
recent reduction in interest rates augurs well for the housing sector. Beside,
declining commodity prices are expected to reduce inflationary pressure on the
Indian economy, creating a foundation for further interest rate reduction. This
should improve housing demand. Reduction in international crude prices should
optimise the energy bill strengthening business profitability. Cera in the
sanitary ware segment has strong positioning and over the years has gradually
increased its market share in the sanitary ware from 18 % in FY09 to 23 % in
FY15. The company is also growing higher than most of its peers and industry.
The company started the faucet business by trading activity and today it has
built-up huge capacity to encash the opportunity in the under-penetrated faucet
ware market. The revenue contribution from the faucet business has increased
from 14 % in FY13 to 17 % in FY17E, with the increasing capacity the
contribution is expected to increase further. Recently, the company has also
expanded its business activities in the tiles business through contract
manufacturing with the unorganized players. The products launched by the
company in the tiles business have been widely accepted and as a result, the
contribution from the tiles business has also increased from just 2 % in FY13
to 13 % in FY15. The diverse product offering has helped the company to achieve
higher revenue growth, even when the economy and the industry were under
pressure. Lately, the company is also evaluating opportunities for entering into
a joint venture for the manufacturing of sanitary ware and Tiles. Faucet ware
industry size at Rs. 6,000 Cr is double the size of sanitary ware, showing huge
growth potential going forward. The contribution of the organized market is 45 %
and is growing rapidly. The company already supplies to the industry in the
mass segment through outsourcing but now the company is targeting the premium
segment and in this direction, the company has increased its production
capacity by 166 % to 24.3 Cr pcs p.a i.e approx. 6,658 pcs. per day from 91 lakhs
pcs p.a i.e 2,500 pcs per day. The plant located at kadi, Gujarat is further
expandable to 10,000 pcs per day. Currently, jaguar has dominating in this
segment with almost 40 % market share. The company is going aggressively on
branding and expects to garner 3 % market share in the near future. Meanwhile, CERA has
also expanded the sanitary ware production capacity from 27 lakhs pcs p.a to 30
lakhs pcs p.a in FY15. The company is also planning to increase the sanitary
ware capacity to 33 lakhs pcs by FY16E. In the last couple of years, the
company has reported healthy growth in its sanitary ware business and has
gained market share from 18 % in FY09 to 23 % at the end of FY15. The industry
has huge opportunity as the organized sanitary ware market is growing faster
than the unorganized market and now account for 65 % of the total industry size
of Rs.3,500 Cr. For the additional capacity, for both faucet ware and sanitary ware,
the total capex is approx Rs. 100.30 Cr, which would be funded from the amount
raised through preferential issue and remaining from internal accruals.
Recently, the company has raised Rs. 70.6 Cr by way of preferential allotment
of 3,51,000 equity share at Rs. 2,011.5 per shares. The company has been using
full utilization of its existing capacity and post expansion, and is expected
that the company to make full utilization of its increased capacity in the due
course. Company’s Brand loyalty and strategic marketing network have paid
dividend to the company in terms of robust revenue growth of 36 % CAGR in the
last four years. The company has strong pan India presence with 1400 dealers
and 14000 retailers targeting both its retail and institutional customers. And
to supplement its network the company also has 20 stock points across the
country. The company has also initiated touch and feel experience to its
customers by setting up bath studios. In order to target premium and luxury
customers, the company has exclusive display centre, cera style studio which
are located in the prime locations across the major cities. Cera style
gallaries are the display and sales touch points owned and managed by its
trading partners. Cera style centres are the display centres targeting smaller
trade retail parners. The company has increased its Cera style studios from
just one at Ahmedabad in FY06 to ten by the end of FY15. The company is also
fast growing its Cera style gallaries and expects to touch 200 gallaries in the
near future. With cera style centres, the company is penetrating into the tier
2 cities such as North-East and West Bengal. In South, the company has dominant
position in Kerala and is now building up its positioning in Tamil Nadu and
Andhra Pradesh. The
Sanitary ware industry is generally growing at average rate of 14 % to 16 %,
annually. The FY 2015-16 was exceptionally subdued due to various economic
reasons more for the entire realty and construction industry across pan India
with growth percentage coming down drastically. Despite this, 'CERA' during FY
2015-16 registered top line growths of around 13.63 % amidst subdued business
conditions. The efforts are on not only to sustain CAGR last 3 years but also
to improve upon. The industry structure remains unchanged viz. Indian
manufacturers in organized and unorganized sectors; International brands with
or without manufacturing in India and imports from countries like China. The
growth of the Company has been much above the market growth and is largely on
account of its continued efforts in leveraging the high brand value and product
optimization besides deeper penetration in tier 2 markets. These efforts are
further fortified by strong and structured marketing efforts, good product
quality and after-sales service, and backed by a very loyal distribution
network across India. CERA has been growing despite of the threats like international
brands and slowdown in housing construction. The demand in mid-segment housing
is less affected and the Company’s ability to pitch in the mid-segment will
help maintain the growth rate. The announcement by Central Government about
launch of 100 smart cities across India, can give a boost to construction
industry and thereby for demand for sanitary ware. Another significant action
plan by Central Government, "Swachh Bharat Abhiyan", can also be a
booster to sanitary ware in general. Also, the newly introduced real estate
regulatory authority bill is likely to help streamline the housing construction
activities.
Outlook and Valuation:
Cera
Sanitaryware is a complete building solution provider and have raised itself
from a provider of single sanitaryware product in the 1980’s to now vast range
of product portfolio and today it has become a complete building product
solutions provider by offering products like sanitaryware, faucetware, wellness
& allied products and tiles. In the sanitaryware segment, the company has
strong positioning in the mass segment which accounts of almost 60 % of the
organized sanitaryware market. The company has in-house manufacturing facility
for sanitaryware and faucetware at Kadi, Gujarat. Launched in 1980, 'CERA' is a
pioneer in the Sanitaryware segment in India. The first Sanitaryware Company to
use natural gas, 'CERA' has been on the forefront of launching a versatile
colour range and introducing the bath suite concept. It also launched
innovative designs and water-saving products. In 2011-12, the company ventured
into commissioning its state-of-the-art faucet ware manufacturing facility
where only quality products, new designs and innovation are the focal points.
During last quarter of FY 2012-13, 'CERA' forayed into ceramic, vitrified and
digital tiles for floor as well as for walls. Company’s initiative to provide
touch and feel experience to its customers through its CERA Style Studios, has
paid off well. CERA Style Studios are located in up market locations in
Ahmedabad, Mumbai, Kochi, Bengaluru, Hyderabad, Gurgaon, Chandigarh, Chennai,
Thiruvananthapuram and Kolkata. CERA Style Galleries, display and sales touch
points of CERA, owned and managed by its trade partners, are increasing month
after month. For smaller trade retail partners, CERA encourages display in the
form of CERA Style Centre. This will help further penetrate into smaller towns
and outlets, thereby increasing the visibility of brand CERA. CERA also
launched CERA Style Studios on Wheels, a novel concept to take CERA products to
the doorsteps of key decision makers like architects, developers, etc. The
Company also strengthened CERA Care, its after-sales division with induction of
technicians for taking care of its services in all key cities of the country. Currently,
the facility has an installed capacity to produce 3 million pcs of sanitaryware
and 2.34 million pcs of faucetware. The company is also engaged in contract
manufacturing for sanitaryware and faucetware and outsourcing activities for
wellness & allied products, Vitrified and Ceramic Tiles. Over the years,
the company has built-up strong marketing network to promote and sell its
products. As on March 2015, it has 1400 dealers and 14000 retailers. All the
products of the company are sold under single brand ‘CERA’, and it enjoys
strong positioning in the mass segment. It has strong positioning in the
southern market, with 40 % of its total revenue coming from south. Over the
years, it has gradually increased its market share in the sanitaryware from 18 %
in FY09 to 23 % in FY16. The company is also growing higher than most of its
peers and industry. The company started the faucet business by trading activity
and today it has built-up huge capacity to encash the opportunity in the
under-penetrated faucetware market. India’s sanitaryware and bathroom fittings
industry is undergoing a transition phase. The consumers are now moving from
low-end basic product to middle and high end premium segments. This is in
conjunction with the growing urbanization and ever increasing middle-income
segment. As per the National Council for Applied Economic Research (NCAER), the
middle-income segment has grown from 1.1 Cr households in 2001-02 to 3.1 Cr household
by 2010-2011 and is expected to grow to 5.3 Cr by 2015-16 and 11.4 Cr by
2025-2026. This shift will benefit the industry players in terms of higher
margin and ability to pass on the cost increase to the consumers. The total
size of the Indian sanitaryware and bathroom fittings industry is at Rs. 9,500
Cr in FY15, of which the sanitaryware accounts for roughly Rs. 3,500 Cr and is
growing at an average rate of 20 %. The remaining Rs. 6,000 Cr is attributed to
bathroom fittings, also growing at an average rate of 18 %. The outlook for the
industry is robust on the back of country’s very low sanitation coverage,
housing shortage and potential for the replacement market. The contribution
from the replacement in this sector in India is very low at 8 % in comparison
to 80 % in the developed economies. In the sanitaryware industry, the organized
market is 65 % while the unorganized market is about 35 % and in the bathroom
fittings, the organized market share is around 45 % and the unorganized market
is about 55 %. According to the report on world health statistic by World
Health Organization (WHO), the sanitation coverage in India is very low at 36 %.
This in itself shows the growth potential for the industry in a country which
has a population of over 125 Cr and is expected to grow to 135 Cr by 2021, as
per census 2011. Further, the growth would be boosted by the government
initiatives such as affordable housing, Swachh Bharat Abhiyan and development
of 100 smart cities. In Union Budget for 2015-16, the finance minister has
announced 100 % sanitation by October 2019 with a provisional amount of Rs. 3,625
Cr, including Rs. 1,000 Cr for urban sanitation. It has also allocated Rs. 10,025
Cr for rural housing and Rs. 4,150 Cr for Urban housing with an objective of
providing housing for all by 2022. In the recent union cabinet meeting, the
government has approved development of 100 smart cities along with the new
urban renewal mission with a planned outlay of Rs. 1 Trillion. Cera maintains a strong market position in the mass market segment,
because of its ‘value for money’ proposition and a wide brand appeal.
Currently, the company derives bulk of its sanitary ware revenue from these
segments. Competitive intensity is also relatively lower in these segments
because of the lower presence of foreign players. Led by various government
schemes, such as affordable housing, and the shift in consumer sentiment
towards organised players, and is expected this segment to grow at a steady
pace. The company did not have a second brand to cater to the premium market,
and the mass-market perception associated with the CERA brand limited its
ability to compete with the leading domestic and premium brands. Although the
segment accounts for only 10 % of the sanitary ware market, it is one of the
fastest growing. The company has addressed this concern through its marketing-and-distribution
agreement with the Italian company, ECE Banyo, manufacturer of the luxury
sanitary ware brand, ISVEA. Cera is currently in the process of a pan-India
launch of ISVEA’s products, the company’s ability to gain a substantial market
share in this highly competitive segment characterised by the presence of
several domestic (HSIL and Parryware) and international players (Kohler, ToTo,
Duravit and American Standard) - is a monitorable. Apart from the tie-up, Cera
has also consciously taken efforts to premiumise its product portfolio, by
gradually launching products with innovative designs and importing high-end
products. This has reflected in the steady increase in the company’s
realisations of self-manufactured products and share of imports. We believe
premiumisation of its product portfolio is a key positive, as it is expected to
provide a fillip to revenue and aid margin expansion. The government plans to
make the Goods and Service Tax (GST) effective from June 2017. The Ministry of
Finance has finalised a four-tier rate structure – 5 %, 12 %, 18 % and 28 %.
Mass consumption goods are expected to fall in 5 %, and luxury goods, tobacco,
etc. to fall in 28 %, whereas most other goods and services are expected to
fall in the 18 % category. Some of the key benefits of GST for building
products players are highlighted below: The current effective indirect tax rate
for most building product companies is in the range of 22 %-29 %, and it does
not allow a set-off of tax paid on services. After GST implementation, the
effective tax for these companies is expected to go down to 18 % to 20 %, as
the base rate comes down and also as companies will be entitled for set off
benefits. This is to be margin accretive for building product players. Currently,
building product companies set up additional depots, employ more C&F agents
in different states to bypass CST. With GST, it is expected that there will be
rationalisation of warehouses and an effective inventory/supply chain
management. This is also expected to reduce the logistics cost for companies
owing to better turnaround time and consolidation of warehouses. Currently, the
unorganised sector accounts for 30 % to 35 % of the industry. The GST is
expected to accelerate the shift towards the organised segment, as the law is
expected to reduce/eliminate tax sops enjoyed by unorganised players, leading to
higher compliance. This will create a level-playing field and benefit organised
players such as Cera. The company’s balance sheet quality is robust, driven
by an efficient working capital management, low leverage and a healthy cash
balance. Working capital days remained at 45-55 days during FY11-16, one of the
best in the industry. The efficient working capital management has enabled it
to consistently generate positive cash flow from operations and maintain a
cash-rich balance sheet. Its leverage declined to 0.1 times in FY16 from 0.3
times in FY11; making Cera almost debt-free. A strong balance sheet provides
additional headroom for growth and makes the company less vulnerable to
external shocks. While soaring aspirations has been an important
ingredient for increasing offtake, the primary trigger has been the
significantly enhanced tile availability. This has worked towards making the
product more affordable. Hence, what was once considered a rich man's foot-step
luxury has now transcended into an Indian's regular wall and flooring solution.
While this change remained concentrated in metros and urban India in earlier
years, this transformation is currently sweeping Tier II and Tier III towns in
India. The Indian tile industry is poised to experience significant growth over
the coming year. This optimism stems from the important realities that are
expected to catalyse tile demand pan-India. Going ahead, the business landscape
appears promising because of passing of GST Bill. OROP; Normal monsoon;
a 25 bps cut in interest rates by the RBI are expected to increase disposable
income in the hands of the average Indian leading to increased discretionary
spending. And this is just the beginning. India's 'Housing for All' programme
proposes to build six crore houses by 2022 - four crore of them in rural and
two crore in urban India. On financial side, Revenue
is estimated to increase at a CAGR of 19.3 % over FY16-19 to Rs. 15.2 bn, driven by the
faucet and tiles segments. Tiles segment is expected to grow 30 % over
FY16-19E, followed by the faucet (20% CAGR) and the sanitary ware (18 %)
segments. Consequently, the share of the sanitary ware segment is expected to
decline to 57.9 % in FY19 from 62.3 % in FY14. EBITDA margin is expected to
expand 110 bps to 16.5 % over FY16-19, driven by: a higher share of in-house
manufacturing facility for tiles; premiumisation of the product portfolio,
post-marketing arrangement with ECE Banyo and launch of high-end faucets; lower
power and fuel costs, following the installation of solar panels and wind
turbines, as well as lower crude oil prices; and growth in realisation, once
demand recovers in FY18. Adjusted PAT is expected to grow at a three-year CAGR
of 26 %. Sturdy growth is expected to stem from healthy revenue and EBITDA
growth. RoCE is expected to improve to 33.6 % in FY19 from 29.1 % in FY16,
driven by healthy EBITDA and low leverage. RoE is expected to increase to 24.0 %
in FY19 from 21.1 % in FY16, because of strong PAT margin and faster asset
turnover. At the current market price of Rs. 2532.50, the stock is trading at a PE of 31.57 x FY17E and 25.29 x FY18E respectively. The company can post Earnings per share (EPS) of Rs. 80.20 in FY17E and Rs. 100.10 in FY18E. CERA is confident of sustaining its growth in coming years with its business strategies of continuously upgrading product basket, leveraging on strong brand image, optimizing product potential capacity utilization and distribution network with all backed up by well-structured sales & marketing plans.
| KEY FINANCIALS | FY16 | FY17E | FY18E | FY19E |
|---|---|---|---|---|
| SALES (₹ Crs) | 935.80 | 1,026.50 | 1,236.00 | 1,522.00 |
| NET PROFIT (₹ Cr) | 81.50 | 104.30 | 130.10 | 163.00 |
| EPS (₹) | 62.70 | 80.20 | 100.10 | 125.40 |
| PE (x) | 38.60 | 30.20 | 24.20 | 19.30 |
| P/BV (x) | 7.50 | 6.20 | 5.10 | 4.20 |
| EV/EBITDA (x) | 21.40 | 17.80 | 14.50 | 11.90 |
| ROE (%) | 21.10 | 22.50 | 23.20 | 24.00 |
| ROCE (%) | 29.10 | 31.60 | 33.00 | 33.60 |
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*As the author of this blog I disclose that I do hold CERA SANITARYWARE Ltd in my investment portfolio.
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Disclaimer:
Disclaimer:
This is a personal blog and presents entirely personal views on stock market. Any statement made in this blog is merely an expression of my personal opinion. These informations are sourced from publicly available data. By using/reading this blog you agree to (i) not to take any investment decision or any other important decisions based on any information, opinion, suggestion, expressions or experience mentioned or presented in this blog (ii) Any investment decisions taken if any would be his/hers sole responsibility. (iii) the author of this blog is not responsible.
As a Disclosures I Confirm that :
I confirm that I shall not deal or trade in securities mentioned in this article within thirty days before and five days after the publication of this article. I also confirm that I will not deal or trade directly or indirectly in securities mentioned in this article in a manner contrary to the ideas put forth in the article. I have not received any financial compensation for writing this article.
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