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In the News – Demand Slowdown Continues in Tiles Industry in India

Feb 6, 2023

In the News – Demand Slowdown Continues in Tiles Industry in India

Slowdown in demand in tiles industry continued in the third quarter too due to rise in interest rate and inflation. For example, Kajaria Ceramics, India’s largest tiles manufacturer, recorded revenue growth of just 2% YoY while sales volume went down by 0.7% YoY in the third quarter.

According to Ashok Kajaria, CMD of Kajaria Ceramics, “The overall volumes were impacted by the prolonged monsoon season and the festive period in the month of October 2022. However, there has been some recovery in demand during November and December, indicating a positive trend going forward.”

Margins too declined along with the volume. The primary cause of this decline was disruption in natural gas supply and an unprecedented increase in gas prices. However, fuel cost has started to come down since December 2022, mainly due to the increased use of alternative fuels and some fall in gas prices. The full impact of these changes is expected to be visible by March 2023.

Meanwhile, some of the tile manufacturers have decided to pass on part of the savings in fuel cost to dealers by way of discounts. This will not only give extra incentive to the dealers but also some flexibility in pricing while dealing with the customers.

Fortunately, there is silver lining among the dark clouds as the exports from Morbi have started picking up. According to the available information, Morbi has exported Rs 1,500cr each worth tiles in November and December and the trend indicated that the exports in Q4 may touch Rs 5,000crore. The industry expects annual exports to reach Rs 15,000-16,000 crore levels.

On the other hand, recovery in tier 3/4 cities and improvement in domestic construction activity– may result in a pick-up in volumes in the domestic market and leading domestic brands are also seeing an increase in market share.

Source: Demand slowdown continues in tiles industry (sawdust.online)

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