Kajaria Ceramics to invest Rs 80 crore
Kajaria Ceramics will invest Rs 80 crore to expand the existing manufacturing capacity of its polished vitrified tiles plant in Malutana, Rajasthan, the company said in a BSE filing.
It will expand the capacity by 5.60 msm per annum taking the total manufacturing capacity of polished vitrified tiles to 12.10 msm per annum. The expansion will be completed by financial year 2018-19.
“Going forward, we sense a positive sentiment should emerge in the housing sector after a prolonged lackadaisical environment – which would also augur well for tiles off-take,” said Ashok Kajaria, chairman of the company.
The company also reappointed Chetan and Rishi Kajaria as joint managing directors for a period of three years.
The appointments are subject to approval of shareholders of the company.
Kajaria Ceramics registered a dip of 20% in its net profit during the quarter ending December. Its profit after tax (PAT) stood at Rs 59.58 crore as against Rs 74.92 core it recorded in the previous quarter.
The company also reported a drop of 1% in its net income during the said period. Its net income was Rs 629.21 crore in Q3 FY18.