FIBA705 - Financial Reporting and Decision Making

TOPIC – RATIO ANALYSIS OF KAJARIA CERAMICS

LTD. (CERAMIC SECTOR)

MASTERS OF COMMERCE (2022-24)

FACULTY GUIDE: MR. PARTHA SARATHI ROY

DONE BY: VAIBHAV SUREKA (A90957622013)
ACKNOWLEDGEMENT

It is often said-Success is a journey not a destination. I realized this while working on my management
thesis. This project would not have been accomplished without the help, guidance and support of certain
people who acted as guides, friends and torch bearers along the way.

Firstly I would like to extent a sincere word of thanks to Amity University, Kolkata for giving me an
opportunity to work on the management thesis, as a part of my curriculum. It is a great opportunity to
learn and apply the knowledge and skills that I have acquired during the 1 st year and work on a sector
like ceramic sector. It has also helped me to enhance my financial knowledge in a particular sector and
understand the practical way of applying the techniques.

A special thanks to Prof. Partha Sarathi Roy of for his immense support and guidance all throughout
the project work. Without his guidance and effort this project would not have been possible. He has
been a great help for me to understand the valuation techniques and methods which I was totally
unaware of.

I take this opportunity to thank all faculty members and every one from whom I have seek guidance
from and without their support and cooperation this project would not have been completed.

I shall be grateful to those who criticize the areas of my weakness only for the qualitative betterment of
this project.
 CONTENTS

COMPANY PROFILE
FAQ’s OF KAJARIA CERAMICS
RATIO ANALYSIS
FINANCIAL ANALYSIS
CONCLUSION
REFERENCES
 Company Profile

Kajaria, is the largest manufacturer of ceramic and vitrified tiles in India. It has an annual
aggregate capacity of 84.45 mn. sq. meters, distributed across eight plants - Sikandrabad in
Uttar Pradesh, Gailpur & Malootana in Rajasthan, Vijayawada & Srikalahasti in Andhra
Pradesh, Balanagar in Telangana and two plants in Gujarat. Equipped with cutting-edge
technology, we strive to deliver quality products and services to our customers. Our team of
experts work around the clock to ensure that the quality of our product is never compromised.
Kajaria is the 7th Largest manufacturer of tiles in the world.

KAJARIA CERAMICS LIMITED ("KCL" or "the Company") is a limited Company

domiciled in India and was incorporated on 20 December 1985. Equity shares of the Company
are listed in India on the Bombay stock exchange and the National stock exchange. The
registered office of the Company is located at SF-11, Second Floor, JMD Regent Plaza Mehrauli
Gurgaon Road, Village Sikanderpur Ghosi Gurgaon Haryana - 122001, India. KCL is a
manufacturer of Ceramic and Vitrified wall and floor tiles.

In order to cater to the specific needs of our customers we produce various categories of tiles,
including kitchen tiles, bathroom tiles, wall tiles, floor tiles and exterior wall tiles. We aim at
producing tiles that complement the distinctive style of our customers and cater to the vast
needs of Indian audience. All of our tiles are crafted with intense care using state-of-the-art
technology to ensure that we live up to the expectations of our buyers. Choicest of materials
are used to produce our magnificent range of products.
Designer Wall Tiles India for Bathroom & Kitchen
Our mesmerizing range of designer bathroom & kitchen floor and wall tiles have a luxurious
appeal and seem to have been struck with afflatus. The premier collection is a showstopper
and has the ability to make any dimension look grand. Every single piece of tile from our
range of designer bathroom & kitchen floor and wall tiles has a compelling aura. The matt
finish tiles for kitchen from our collection fit perfectly with modern day designs while our
rustic kitchen wall tiles blend easily with every surrounding.

Design Available in Gloss, Matt, Metallic, Anti Slip, Digital & Rustic tiles

The exquisite collection we offer comes in various designs available in gloss, matt, metallic,
anti-slip and rustic finishes. Our floor tiles design use special technology that makes them
strong and stylish. The wooden floor tiles from our collection brings you closer to nature with
their realistic finish. We promise to leave you in awe with our range of floor tiles also. Being
one of India's top manufacturer of tiles, our motto is to keep fulfilling your appetite for style
& aesthetics with innovation.

Kajaria’s financial capital over the years have continuously focussed on rejuvenating our
product basket with technologically and aesthetically superior products.
Their overarching objective has always been to create sustainable value for all stakeholders,
despite macro-economic headwinds and industry challenges. This is evident from the increase
in the market capitalisation from C9,295 crore as on 31st March 2017 to C16,205 crore as on
31st March 2022.
There is an overall increase in their dealers in as compared previous financial years. In FY
2021 there were 1570 dealers all over India and in FY 2022 1700 dealers all over India.
Kajaria had continued their association with national youth celebrities – Akshay Kumar,
Anushka Sharma and Ranveer Singh – as brand ambassadors who have positioned the brand
out of the clutter. They continue to strengthen our market presence through advertising on
social media platforms. With OTT platforms growing in popularity, particularly during the
lockdown, the team has built a presence on platforms like Hotstar and Zee5 for a better
connect with consumers. They prudently sponsored high-decibel sporting events which
further cemented the recall of our brand.
The management maintains a close connection with the investor community. The leadership
team and the key management personnel interact with analysts and other members of the
investor community to update them on the performance and prospects of the Company
regularly. Additionally, they continue to share business profits with shareholders every year.
We have declared uninterrupted dividends since inception despite economic and sectoral
volatility.
They have well planned risk management structure in case of operational risk, compliance
risk, cash flow risk, competition risk and reputation risk.
Kajaria continued to strengthen its dominance in this space which it pioneered in India more
than a decade ago. Even as competition intensified, the Company, leveraging the strength of
its brand and the superior aesthetic appeal of its products, garnered significant traction for its
products.
In addition, the Company initiated manufacturing Glazed vitrified tiles at part of its Cosa unit
in Morbi – earlier this unit was dedicated for manufacturing polished vitrified tiles. This
manufacturing extension will allow the Company to strengthen its presence in the West
market.
With increasing awareness and growing acceptance of the Company’s products, the
performance of the bathware division scaled new heights. Sales volumes continued to grow at
a healthy pace which resulted in a second year of profitable growth. The Company
significantly strengthened its Customer Relationship Management (CRM) module by creating
state centric cells to address related issues. This initiative bolstered customer confidence in
the brand which facilitated in increases sales. The CRM team closed 98% of the issues
registered in the module which was a new benchmark for the team.
Firm recognise the importance of ESG considerations in our business planning. They are
embedded in our ESG strategy which focuses on maintaining positive environmental and
social performance of the Company while maintaining steady financial growth. The
Company works with a unified and common approach in all dimensions of its business
responsibility, to create a sustainable & inclusive growth for all. It closely monitor emerging
global risks, stakeholder expectations, market requirements and factor them in ESG strategy.
All plants and offices remain committed to ESG strategy.

Drivers of our ESG Strategy.

Adherence to National Voluntary Guidelines (NVGs): We adhere to principles and core
elements laid down in the NVGs on Social, Environmental and Economic responsibilities of
Business published by the Ministry of Corporate Affairs (MCA) while conducting business
Exceeding investor expectations: Devising policies and implementing business practices,
transform processes that are aligned with our investors’ expectations on environment, social
and governance performance of the Company.
Employees’ and workers’ safety & well-being: Diligently working towards creating a safe,
inclusive workspace for everyone in our premises by preventing injuries & fatalities
Improving process efficiencies: Adopting best-in-class practices for resource use optimisation
while ensuring highest quality of our products.
Adapting to emerging risks: Identifying emerging risks such as changing regulations,
pandemic, supply chain disruptions, climate change, etc., to develop risk management plans
within achievable timelines.
Here's the ratio/financial analysis of KAJARIA CERAMICS for the past 5 years.

FY18 FY19 FY20 FY21 FY22

Operating Profit Margin (%) 17.3 15.0 14.8 18.3 16.5
Net Profit Margin (%) 8.7 7.7 9.0 11.1 10.3
Debt to Equity Ratio (x) 0.0 0.0 0.0 0.0 0.0
*Inshort

Ashok Kajaria Chairman & Mg. Director (Centre) with his 2 son Rishi Kajaria (left) and
Chetan Kajaria (right) Joint Mg. Director
 FAQ’s of Kajaria Ceramics

 1. What's Kajaria Ceramic share price today and what are Kajaria Ceramic share
returns ?

As on 18 May, 2023, 10:55 AM IST Kajaria Ceramic share price was up by 1.22% basis the
previous closing price of Rs 1,185. Kajaria Ceramic share price was Rs 1,199.35. Return
Performance of Kajaria Ceramic Shares:

o 1 Week: Kajaria Ceramic share price moved up by 6.08%

o 1 Month: Kajaria Ceramic share price moved up by 7.87%
o 3 Month: Kajaria Ceramic share price moved up by 12.39%
o 6 Month: Kajaria Ceramic share price moved up by 16.93%

 2. What has been highest price of Kajaria Ceramic share in last 52 weeks?

In last 52 weeks Kajaria Ceramic share had a high price of Rs 1,282.65 and low price of Rs
898.00

 3. Who are the peers for Kajaria Ceramic in Building Materials sector?

Top 10 Peers for Kajaria Ceramic are Cera Sanitaryware Ltd., AGI Greenpac Ltd., Hindware
Home Innovation Ltd., Somany Ceramics Ltd., Carysil Ltd., Orient Bell Ltd., Asian Granito
India Ltd., Exxaro Tiles Ltd., Murudeshwar Ceramics Ltd. and Nitco Ltd.

 4. Who are the key owners of Kajaria Ceramic stock?

Following are the key changes to Kajaria Ceramic shareholding:

Promoter holding have gone down from 47.5 (30 Jun 2022) to 47.49 (31 Mar 2023)
o
Domestic Institutional Investors holding has gone up from 22.4 (30 Jun 2022) to 26.23 (31
o
Mar 2023)
o Foreign Institutional Investors holding have gone down from 19.58 (30 Jun 2022) to 16.89
(31 Mar 2023)
o Other investor holding have gone down from 10.52 (30 Jun 2022) to 9.39 (31 Mar 2023)
 5. How can I quickly analyze Kajaria Ceramic stock?

Key Metrics for Kajaria Ceramic are:

o PE Ratio of Kajaria Ceramic is 55.47

o Earning per share of Kajaria Ceramic is 21.64
o Price/Sales ratio of Kajaria Ceramic is 3.83
o Price to Book ratio of Kajaria Ceramic is 7.85
 6. What's the market capitalization of Kajaria Ceramic?
Kajaria Ceramic share has a market capitalization of Rs 19,107.91 Cr. Within Building
Materials sector, it's market cap rank is 4.
 Ratio Analysis

Ratio analysis is a quantitative method of gaining insight into a company's liquidity,

operational efficiency, and profitability by studying its financial statements such as the
balance sheet and income statement. Ratio analysis is a cornerstone of fundamental equity
analysis.
What Does Ratio Analysis Tell You?
Investors and analysts employ ratio analysis to evaluate the financial health of companies by
scrutinizing past and current financial statements. Comparative data can demonstrate how a
company is performing over time and can be used to estimate likely future performance.
This data can also compare a company's financial standing with industry averages while
measuring how a company stacks up against others within the same sector.

Investors can use ratio analysis easily, and every figure needed to calculate the ratios is
found on a company's financial statements.

Ratios are comparison points for companies. They evaluate stocks within an industry.
Likewise, they measure a company today against its historical numbers. In most cases, it is
also important to understand the variables driving ratios as management has the flexibility
to, at times, alter its strategy to make its stock and company ratios more attractive.
Generally, ratios are typically not used in isolation but rather in combination with other
ratios. Having a good idea of the ratios in each of the four previously mentioned categories
will give you a comprehensive view of the company from different angles and help you spot
potential red flags.
Application of Ratio Analysis
The fundamental basis of ratio analysis is to compare multiple figures and derive a
calculated value. By itself, that value may hold little to no value. Instead, ratio analysis must
often be applied to a comparable to determine whether or a company's financial health is
strong, weak, improving, or deteriorating.

Ratio Analysis Over Time

A company can perform ratio analysis over time to get a better understanding of the
trajectory of its company. Instead of being focused on where it is today, the company is
more interested n how the company has performed over time, what changes have worked,
and what risks still exist looking to the future. Performing ratio analysis is a central part in
forming long-term decisions and strategic planning.

To perform ratio analysis over time, a company selects a single financial ratio, then
calculates that ratio on a fixed cadence (i.e. calculating its quick ratio every month). Be
mindful of seasonality and how temporarily fluctuations in account balances may impact
month-over-month ratio calculations. Then, a company analyzes how the ratio has changed
over time (whether it is improving, the rate at which it is changing, and whether the
company wanted the ratio to change over time).
What Are the Uses of Ratio Analysis?
Ratio analysis serves three main uses. First, ratio analysis can be performed to track changes
to a company over time to better understand the trajectory of operations. Second, ratio
analysis can be performed to compare results with other similar companies to see how the
company is doing compared to competitors. Third, ratio analysis can be performed to strive
for specific internally-set or externally-set benchmarks.

Why Is Ratio Analysis Important?

Ratio analysis is important because it may portray a more accurate representation of the state
of operations for a company. Consider a company that made $1 billion of revenue last
quarter. Though this seems ideal, the company might have had a negative gross profit
margin, a decrease in liquidity ratio metrics, and lower earnings compared to equity than in
prior periods. Static numbers on their own may not fully explain how a company is
performing.

Types of Ratios commonly used-

Liquidity Ratios

Liquidity ratios are financial ratios that measure a company’s ability to repay both short- and
long-term obligations. Common liquidity ratios include the following:

The current ratio measures a company’s ability to pay off short-term liabilities with current
assets:

Current ratio = Current assets / Current liabilities

The acid-test ratio measures a company’s ability to pay off short-term liabilities with quick
assets:

Acid-test ratio = Current assets – Inventories / Current liabilities

The cash ratio measures a company’s ability to pay off short-term liabilities with cash and
cash equivalents:

Cash ratio = Cash and Cash equivalents / Current Liabilities

The operating cash flow ratio is a measure of the number of times a company can pay off
current liabilities with the cash generated in a given period:

Operating cash flow ratio = Operating cash flow / Current liabilities

Leverage Financial Ratios

Leverage ratios measure the amount of capital that comes from debt. In other words, leverage
financial ratios are used to evaluate a company’s debt levels. Common leverage ratios include
the following:
The debt ratio measures the relative amount of a company’s assets that are provided from
debt:

Debt ratio = Total liabilities / Total assets

The debt to equity ratio calculates the weight of total debt and financial liabilities against
shareholders’ equity:

Debt to equity ratio = Total liabilities / Shareholder’s equity

The interest coverage ratio shows how easily a company can pay its interest expenses:

Interest coverage ratio = Operating income / Interest expenses

The debt service coverage ratio reveals how easily a company can pay its debt obligations:

Debt service coverage ratio = Operating income / Total debt service

Efficiency Ratios

Efficiency ratios, also known as activity financial ratios, are used to measure how well a
company is utilizing its assets and resources. Common efficiency ratios include:

The asset turnover ratio measures a company’s ability to generate sales from assets:

Asset turnover ratio = Net sales / Average total assets

The inventory turnover ratio measures how many times a company’s inventory is sold and
replaced over a given period:

Inventory turnover ratio = Cost of goods sold / Average inventory

The accounts receivable turnover ratio measures how many times a company can turn
receivables into cash over a given period:

Receivables turnover ratio = Net credit sales / Average accounts receivable

The days sales in inventory ratio measures the average number of days that a company holds
on to inventory before selling it to customers:

Days sales in inventory ratio = 365 days / Inventory turnover ratio

Profitability Ratios

Profitability ratios measure a company’s ability to generate income relative to revenue,

balance sheet assets, operating costs, and equity. Common profitability financial ratios
include the following:
The gross margin ratio compares the gross profit of a company to its net sales to show how
much profit a company makes after paying its cost of goods sold:

Gross margin ratio = Gross profit / Net sales

The operating margin ratio, sometimes known as the return on sales ratio, compares the
operating income of a company to its net sales to determine operating efficiency:

Operating margin ratio = Operating income / Net sales

The return on assets ratio measures how efficiently a company is using its assets to generate
profit:

Return on assets ratio = Net income / Total assets

The return on equity ratio measures how efficiently a company is using its equity to generate
profit:

Return on equity ratio = Net income / Shareholder’s equity

Market Value Ratios

Market value ratios are used to evaluate the share price of a company’s stock. Common
market value ratios include the following:

The book value per share ratio calculates the per-share value of a company based on the
equity available to shareholders:

Book value per share ratio = (Shareholder’s equity – Preferred equity) / Total common shares
outstanding

The dividend yield ratio measures the amount of dividends attributed to shareholders relative
to the market value per share:

Dividend yield ratio = Dividend per share / Share price

The earnings per share ratio measures the amount of net income earned for each share
outstanding:

Earnings per share ratio = Net earnings / Total shares outstanding

The price-earnings ratio compares a company’s share price to its earnings per share:

Price-earnings ratio = Share price / Earnings per share

The ratio analysis of Kajaria Ceramics Ltd. has been done for the FY 21-
22, 20-21, 19-20.
Comparison based on Different Nature
(as on 17/05/2023 21:36)
 Analysis of the Financial Performance
Financial Year 2021-22

In FY22, the Company bettered its performance as its revenue from operations crossed the Rs.3,000
crore benchmark – it was Rs.3,705.19 crore in FY22 against Rs.2,780.90 crore in FY21, a growth of
33% year-on-year.
The growth was propelled by a surge in demand from the residential real estate segment supported by
healthy uptake in commercial office spaces. The home renovation segment also made an important
contribution to the demand uptick.
EBITDA improved from Rs.508.82 crore in FY21 to Rs.610.69 crore in FY22 and Net Profit for the
year increased by 22% from Rs.308.05 crore in FY21 to Rs.376.98 crore in FY22.
Business profitability was impacted primarily on account of the increasing gas prices. EBITDA
margin stood at 16.48% in FY22 against 18.30% in FY21. Net margin was at 10.17% against 11.08%
in FY21.
After distribution of dividend, the Company ploughed Rs.253.52 crore into the business. As a result,
Shareholders’ Fund increased from Rs.1,868.86 crore as on March 31, 2021, to Rs.2,122.38 crore as
on March 31, 2022. The Return on Equity improved from 17.19% in FY21 to 18.89% in FY22. This
jump was on account of an increase in Profit after Tax for the period under review.
Total debt increased from Rs.98.83 crore as on March 31, 2021, to Rs.127.92 crore as on March 31,
2022, primarily to fund the large capex plans which are expected to be commercialised in FY23. This
has a reflection in the Capital work-in-progress which stood at Rs.263.36 crore as on March 31, 2022,
against Rs.14.90 crore as on March 31, 2021. Despite the significant increase in the debt portfolio, the
net debt-equity position was strong at (0.17)X as on March 31, 2022, against (0.18)X as on March 31,
2021.
The working capital requirement increased over the previous year which was primarily owing to the
significant increase in business operations. Despite this, prudent financial management resulted in a
marginal increase in the working capital cycle – from 50 day in FY21 to 52 days in FY22.
Financial Year 2020-21

FY21 was a unique year. Unprecedented challenges to start with followed by a full throttle business
acceleration and growth opportunity. For Kajaria, the stress of the pandemic was relatively lesser
owing to its deleveraged position and abundant cash reserve. In keeping with this sudden change,
Kajaria adopted a nimble-footed approach to tide over the changing trends.
Kajaria Ceramics registered a healthy performance in FY21 despite challenging circumstances.
Net sales stood at Rs.2,780.90 Crore in FY21 against Rs.2,808.01 Crore in FY20 despite the
lockdown and dismal customer confidence in the first half of the year.
Cost management initiatives coupled with reduced gas prices for part of the year assisted the
Company in shoring business profitability. EBITDA increased from Rs.415.90 Crore in FY20 to
Rs.508.82 Crore in FY21. Likewise, EBITDA margin scaled from 14.81% in FY20 to 18.30% in
FY21.
A resurgent Kajaria reported a Net Profit of Rs.308.05 Crore in FY21 against Rs.255.33 Crore in
FY20.
Net Cash from Operating Activities stood at Rs.508.76 Crore in FY21 against Rs.224.43 Crore in the
previous year.
While equity remained unchanged, the Company’s Net worth climbed from Rs.1,714.27 Crore as on
March 31, 2020 to Rs.1,868.86 Crore as on March 31, 2021 owing to the ploughing of business
surplus.
During the year, the Company prudently utilised its cash flow to reduce its external debt – the Debt
Equity ratio (net) improved further - from (0.06) as on March 31, 2020 to (0.18) as on March 31,
2021.
Despite the rather pressing business circumstances especially in the first half of the fiscal, the
Company successfully maintained its working capital cycle.
The Company has revised its dividend policy, under which the Company will endeavour to maintain a
Dividend Payout Ratio (Dividend payable / Profit After Tax) at around 40% to 50% of Consolidated
Profit After Tax. Kajaria announced an interim dividend of B10 per equity share for FY21 leading to
a payout of Rs.159.08 Crore during the fiscal under review.
 Key Ratio Analysis
No. of Months Year Ending 12 Mar-20* 12 Mar-21*

Current ratio x 2.3 2.8

Debtors’ Days Days 5 6

Interest coverage x 17.0 39.5

Debt to equity ratio x 0.0 0.0

Return on assets % 11.2 12.7

Return on equity % 14.8 16.6

Return on capital employed % 19.2 22.3

* Results Consolidated
Interim results exclude extraordinary / exceptional items

Source: Accord Fintech, Equitymaster

Financial Year 2019-20

The Year 2020 would the year that all enterprise would wish to forget. The patient perseverance over
11 months of the fiscal, which held volume and value growth in the positive zone, all of a sudden
slipped into the negative territory. Only for the last two weeks of March 2020.
Statement of Profit & Loss During the year, net sales stood at `2,808.01 crores as against `2,956.20
crore in FY19, a decline of 5.01% due to steep decline in sales volume by 89% in March 2020. The
heart-warming growth of 10% (January-February average) in the initial months of the Q4/2019-20
suddenly malformed into a heart breaking drop.
EBITDA declined by 7.47% to `415.90 crore in FY20. EBITDA margins stood at 14.81% in FY20 as
compared to 15.20% in FY19.
Interest cost increased from `15.59 crore in FY19 to `19.51 crore in FY20. Interest income increased
from `12.93 crore in FY19 to `18.51 crore In FY20. Further, depreciation increased from `89.06 crore
in FY19 to `108.09 crore in FY20 due to capitalisation of Srikalahasti plant of 5 MSM capacity
(Andhra Pradesh), expansion of 1.50 lakh pieces per annum in sanitaryware (Morbi, Gujarat) and
implementation of Ind AS116 Leases.
Profit before tax and Profit after tax stood at `312.45 crores and `255.33 crores respectively. PAT
Margin for the year stood at 9.09%. The improvement in PAT was owing to the reduction in corporate
tax announced by the Government – an important measure to boost business sentiment.
Balance Sheet Analysis Shareholders’ Fund increased from `1574.90 crore as on March 31, 2019 to
`1714.27 crore as on March 31, 2020 – owing to addition of profit during the year. As a result, the
book value per share increased from `99.05 to `107.82 over the same period. Return on Net worth
(avg.) improved marginally from 15.49% as on March 31, 2019 to 15.53% as on March 31, 2020
owing to an increase in net profit. The healthy net cash balance at `234.97 crore as on March 31, 2020
positions Kajaria as a net debt free company. This showcases the strength of the Company’s Balance
Sheet which can be utilised to garner liquidity in times of need. The Fixed Assets balance moved
northward from `1675.86 crore as on March 31, 2019 to `1878.54 crore as on March 31, 2020 mainly
because of creation of Right to Use asset of `42 crore (Implementation of Ind AS-116 Leases,
capitalisation of Srikalahasti plant at Andhra Pradesh and expansion in Sanitaryware at Morbi.
The working capital faced some pressure as the cycle increased to 73 days as on March 31, 2020 from
58 days as on March 31, 2019. The sudden jump was on account of the skewed sales in the fourth
quarter of FY20 impeding timely collections due to the lockdown.
 CONCLUSION

Kajaria Ceramics is a well-known tile brand in India and around the world. In the SWOT
analysis of Kajaria Ceramics, we discovered that the brand is largely reliant on its customers
and has strong brand recognition and trust. Kajaria’s designs are influenced by India’s
growing desire for style and aesthetics, and the company’s ability to adapt to changing
customer and market demands has established Kajaria as a brand synonymous with quality,
service, and innovation, not only in India but also internationally.
It has a significant presence in all of the markets it serves, thanks to its strong logistical and
manufacturing basis. We also uncovered some of Kajaria Ceramics’ advantages and
disadvantages, as well as some areas where they might improve their market share by doing
outstanding jobs in the sector.
Despite several competitors in the market, Kajaria Ceramics has been able to maintain a
stronghold in the market for the past 33 years because of its high-quality products and
efforts.
With increasing competition in the ceramic industry, Kajaria Ceramics has tried to hold on to
the share of its market with substantial marketing effort but with the changing market, it is
required to stay relevant. To stay relevant, the best option for brand marketing and increasing
sales is to market digitally.
 REFERENCES

https://www.kajariaceramics.com/annual-reports.php
https://www.moneycontrol.com/india/stockpricequote/ceramicsgranite/kajariaceramics/
KC06
https://groww.in/stocks/kajaria-ceramics-ltd
https://economictimes.indiatimes.com/kajaria-ceramics-ltd/stocks/companyid-
13489.cms