Cera Sanitaryware (532443) Q3 24/25 earnings summary

Executive summary

• Q3FY25 saw a 2.9% year-on-year revenue growth to ₹449 crores amid persistent demand headwinds, with EBITDA up 5.2% YoY to ₹71 crores and B2B segment gaining traction as retail demand remained subdued.

• Product innovation continued with 158 new SKUs in Senator and 104 in Cera, and expansion plans for luxury brands Senator and Luxe are underway, targeting 75 Senator stores and 100 Luxe displays by FY26.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended 31st December 2024.

• Re-appointment of Mrs. Deepshikha Khaitan as Vice Chairman & Joint Managing Director for five years from 1st April 2025, subject to member approval.

• Retailer loyalty program enrolled over 23,000 retailers, contributing 42% of retail revenue, while B2B share rose to 35% of Q3 revenues.

Financial highlights

• Q3FY25 revenue: ₹449 crores (up 2.9% YoY); EBITDA (excl. other income): ₹59 crores, flat YoY; EBITDA margin: 13.2% (down 40 bps YoY).

• Profit after tax: ₹46 crores (down 9.9% YoY); EPS: ₹35.56 vs. ₹39.12 YoY.

• Standalone total income for Q3 FY25: ₹46,136 lakhs; consolidated: ₹46,404.77 lakhs.

• Standalone net profit for Q3 FY25: ₹4,585.91 lakhs; consolidated: ₹4,636.61 lakhs.

• Cash and cash equivalents: ₹662 crores, down 13.8% YoY due to buyback in Q2.

Outlook and guidance

• FY25 is expected to close with lower single-digit growth, below earlier high single-digit guidance.

• Management targets 16%-17% EBITDA margin in the next 1-2 quarters as demand and discounting normalize.

• Revenue target of ₹2,900 crores by March 2027 remains, contingent on market recovery.

• Board and audit committee reviewed and approved results; no forward-looking guidance provided.