Friday, July 22, 2011

Cera Sanitaryware Limited - Further Research

I have done some further research on Cera Sanitaryware Ltd. and compared it with Hindustan Sanitarware Ltd. (HSIL). In this blog format, I could not neatly display the tables showing comparison between Cera and HSIL. Hence, I am pasting below a link to my further research on Cera:


http://www.scribd.com/doc/58798177/Cera-Sanitary-Ware-Ltd-Further-Research


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8 comments:

  1. Fundoo_PupilNovember 19, 2011 at 10:02 PM

    Extremely good analysis.
    Just one point seems be not making sense- 40%,40%,20% market share figure. From where you got that?
    I believe there are a number of players- Kajaria,
    Somany to name a few. And a number of competitors can put pressure on prices.

    ReplyDelete
  2. Priyank J. SanghaviNovember 20, 2011 at 3:54 PM

    Thanks, JK.
    I got market share figure from an article on Hindware published in Business India. I reconfirmed it by reading the annual reports of Cera and Hindware. Btw, that is the market share of the organized market.
    Kajaria, Somany, Nitco etc are into tiles manufacturing. Some of them may have a small sanitaryware trading business. But none of them are significant players in sanitaryware.

    ReplyDelete
  3. AnonymousMay 18, 2012 at 11:55 PM

    Hi Priyank, nice report.

    I am also interested in Cera, but yet to build conviction to buy. Cera does achieve a better ROCE compared to HSIL's sanitary ware division, and the main reason I could fathom was Cera's better turnover to capital employed ratio. I had blogged over it here:

    http://wideningthemoat.wordpress.com/2012/05/17/cera-vs-hsil-interesting-comparison/

    And that better ratio might be possible due to the trading division of Cera.

    But when I look through your report and past data on Turnover to Capital Employed, there is hardly any meaningful trend for HSIL or Cera. So, I am confused again, Cera's ROCE has suddenly increased for the last few years, what could be the reason for the same?

    ReplyDelete
    Replies
    1. Priyank J. SanghaviMay 26, 2012 at 3:31 PM

      Rajat, Cera's ROCE increased in FY10 and FY11 because of improved EBIT% and better turnover.

      Hope this resolves your confusion.

      Delete
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