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Revenues grew by 5.1% YoY to Rs11.8bn (PLe: Rs11.6bn, 1.6% above our est.) vs 1.1% below  con. est. of Rs11.9bn. Tiles segment revenues grew by 5.4% YoY (contributes 89% revenue) and other segment revenues grew by 3.3% YoY.

* Revenues grew by 5.1% YoY to Rs11.8bn (PLe: Rs11.6bn, 1.6% above our est.) vs 1.1% below  con. est. of Rs11.9bn. Tiles segment revenues grew by 5.4% YoY (contributes 89% revenue) and other  segment revenues grew by 3.3% YoY.

* Tiles revenue grew by 5.4% YoY to Rs10.5bn, with volume growth of 8.4% YoY (PLe: 7.0%).

* Gross margins contracted by ~250bps YoY to 56.6% (PLe: 58.0%).

* EBITDA decline by 11.6% YoY to Rs1.6bn (PLe: Rs1.7bn, 7.5% below our est.) vs 12.4% below cons.est. of Rs1.8bn EBITDA margins contracted by ~250bps YoY to 13.5% (PLe: 14.8% & cons. est.: 15.2%) due to increase in RM expenses as %sales to 43.4% in Q2FY25 vs 40.8% in Q2FY24.

* PBT decline by 16.4% YoY to Rs1.2bn (PLe: Rs1.4bn, 8.7% below est.) vs 21.4% below cons. est. of Rs1.5bn, due to higher depreciation.

* PAT decline by 16.1% YoY to Rs906mn (PLe: Rs1.0bn, 10.5% below) vs 15.7% below con. est. of Rs1.1bn

* Own manufacturing tiles (contributes 50% revenue) revenue grew by 3.0% YoY to Rs5.9bn and its sales volume grew by 5.7% to 15.6MSM.

* Subsidiaries Tiles (contribute 16% rev.) revenue grew by 6.6% YoY to Rs1.9bn and its sales volume  grew by 12.7% YoY to 5.4MSM

* Outsourcing Tiles (contribute 23% rev.) revenue up by 10.1% YoY to Rs2.7bn and its sales volume  grew by 11.2% to 7.6MSM.

* Sanitary-ware/Faucet (contribute 8% rev.) grew by 5.7% YoY to Rs901mn

* Plywood decline by 25.6% YoY to Rs175mn

* Adhesives grew by 39.4% YoY to Rs182mn

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