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Posts Q1 net profit at Rs 20 crore
Sanitaryware maker Cera Sanitaryware Limited on Thursday announced acquisition of 26 per cent stake in a Morbi-based tiles manufacturing player Milo Tile LLP for a consideration of Rs 8-10 crore.
The stake acquisition will brighten the prospects for Cera to get good quality tiles for its tiles segment sales. In a filing with the stock exchanges, Cera informed that the company entered into an agreement with Milo Tile LLP for project of manufacturing of tiles. The total project cost is RS 40 crore.
For the quarter ended June 30, 2018, the company reported net sales of Rs 281 crore as against Rs 245 crore reported in the same quarter a year ago, showing a rise of about 14.5 per cent on year-on-year basis.
Company's standalone net profit for the quarter stood at Rs 20 crore as against Rs 19 crore in the same quarter a year ago, up 7.17 per cent.
However, comparable growth in Revenue-net of GST for the current quarter and net of Excise Duty for same quarter of previous year is 19.67 per cent, the company stated here.
Cera has recorded EBIDTA of Rs 37.22 crore in first quarter as compared to Rs 35.58 crore reported in the same quarter last year.
The earnings per share (basic and diluted) for the quarter under review stood at Rs 15.77 as compared to Rs 14.83 last year.
Cera shares lost over 4 per cent to end at Rs 2918 on NSE Thursday.
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