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Exxaro Tiles made a decent debut on bourses with its shares listed at a 5% premium over the issue price of Rs 120 per share. The stock opened at Rs 126 on the National Stock Exchange (NSE) and on the BSE. On an intraday basis, Exxaro Tiles made a high of Rs 132 and was trading at Rs 127 at 2:00 pm
Listing strategy
Gaurav Garg Head of Research at CapitalVia Global Research advises investors to book profit in the company as the peers which had already listed on the exchanges like Somany Ceramics and Kajaria Ceramics may outperform the company in the long run.
“Exxaro listing was on expected lines. The stock is cheap at 12XFY24 earnings and investors can hold onto this stock. However we would be waiting for a couple of quarters before recommending for investing,” said Vinit Bolinjkar, Head of Research at Hem Securities.
About Exxaro Tiles
Exxaro Tiles is engaged in the manufacturing and marketing activities of vitrified tiles. The company manufactures Double Charge Vitrified Tiles (double layer pigment) and Glazed Vitrified Tiles made from ceramic materials i.e. clay, quartz, and feldspar. Its product portfolio consists of 1000+ different designs of tiles in 6 sizes.
Currently, it operates two state-of-the-art manufacturing facilities in Padra and Talod with an installed production capacity of 1,32,00,000 sq mt per annum. It further has 6 display centres in 6 cities and 2 marketing offices in Delhi and Morbi.
For the financial year ended March 31, 2021, the company reported total revenue of Rs 259.85 crore compared to Rs 244 crore in FY19. However, its profit grew at a faster pace from Rs 8.9 crore in FY19 to Rs 15.22 crore in FY21.
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