Cera Sanitaryware Ltd

- No new debt raising or equity dilution is planned or required for current and upcoming capex programs. - Internal accruals and existing cash reserves (~INR 687 crore) are being used to fund brownfield and greenfield expansions. - Management remains conservative with cash utilization, focusing on brownfield faucetware and greenfield sanitaryware expansions. - No evaluation or proposal currently exists for diversification or inorganic acquisitions requiring fundraising. - Buyback is not being considered at the Board level currently; possible only after completion of capex projects.

- Sanitaryware greenfield facility: - Land acquisition and approvals targeted by Oct-Nov 2023, costing INR 25 crore. - Plant, machinery, technology investment of INR 100 crore over 18-20 months after zero date. - Initial modular capacity of 12 lakh pieces/year, expected topline ~INR 300 crore. - Faucetware brownfield expansion: - Near completion, costing INR 69 crore. - Capacity increase by 1 lakh pieces/month to 4 lakh pieces/month. - Project expected completed by March 2024 within the budget. - FY24 planned capex ~INR 34.78 crore including: - INR 11 crore sanitaryware automation. - INR 4 crore faucetware automation. - INR 7 crore on customer touchpoints. - INR 7 crore on land and building at current manufacturing facility. - INR 4 crore on logistics and IT. - No current plans for diversification or unrelated businesses; focus remains on sanitaryware and faucetware expansions.

- CERA targets a revenue run rate of INR 2,900 crore by September 2025, implying a 17%-18% CAGR over the next 3 years. - The company plans to add about INR 350 crore of topline annually, consistent with the incremental sales added in FY23. - Growth drivers include capacity expansions (brownfield and greenfield projects) and monetizing rising demand in sanitaryware and faucetware. - Tier 2 and Tier 3 cities are key focus areas due to their growing demand for both affordable and luxury products. - The company expects the industry conversion from unorganized to organized sectors to continue, expanding market size and contributing to growth. - No major diversification plans; growth to be driven by core sanitaryware and faucetware businesses. - Distribution expansion and increasing dealer size are strategic priorities to support sales growth across various market tiers.

- CERA targets reaching a topline run rate of INR 2,900 crore by September 2025, implying a CAGR of 17-18% from March 2022. - FY23 revenue growth was strong at 24.6% Y-o-Y, outperforming industry growth by 3x. - The company aims to continue growth through both brownfield and greenfield capacity expansions, funded by internal accruals without debt or equity dilution. - EBITDA margin improvements exceeded targets, with a ~100 bps increase in FY23; management is comfortable maintaining these margins. - Earnings (PAT) more than doubled to INR 209 crore in FY23, with dividend payout ratio rising to 31-32% of PAT, indicating strong cash flow distribution. - EPS for Q4FY23 stood at 48.39 versus 40.04 in Q4FY22, reflecting healthy profitability growth. - Management cautiously targets maintaining stable margins and expects medium-term benefits from increased advertising and premium product mix.

The transcript provided from CERA Sanitaryware Ltd.'s Q4 & FY23 earnings call does not explicitly mention details about the current or expected order book or pending orders. Key points related to demand and business outlook include: - Strong demand continues with positive replacement demand and consumer spending on home upgradation. - Business growth decoupled from interest rate and housing cyclicality. - Focus remains on the B2C segment with strong pricing power. - Brownfield expansion in faucetware and greenfield expansion in sanitaryware are underway. - No specific commentary on order book or pending orders was shared in the available transcript. If you need detailed order book information, it may be in sections not included in the shared transcript or available from company disclosures or investor presentations.