India's Kajaria Ceramics slides after third-quarter earnings fall

Kajaria Ceramics

30/01/2023 06:31

** Shares of Kajaria Ceramics  KAJR.NS  falls as much as
6.97% to 1,021 rupees, lowest in over two months
    ** Trading volume at 136,798 shares, as of 11:34 a.m. IST,
1.1x the 30-day avg of 129,306 shares
    ** Co reported a decline in consolidated net profit, core
profit in the third quarter on Friday, while core profit margins
contracted to 12.19% from 17.23% a year ago
    ** The quarter has been challenging, company said, adding
prolonged monsoon season hurt overall volumes and demand 
    ** Cost pressures continue to exist for KAJR, said domestic
brokerage firm Nirmal Bang and estimated the ceramic industry to
face challenges due to elevated fuel costs and weakness in
domestic demand
    ** Of the 22 analysts tracking the company, 18 rate it "buy"
and four recommend "hold;" median TP is 1,224 rupees
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
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