Good news, MCL has received another cheque of 40 million dollars on Monday.

Remaining payment outstanding from ZESCO is 292 million $. This year, the company would receive 112 million $ as per the agreed schedule.

Elango retirement and Q1 results below expectations may be the reasons. I am also taken aback by Elango’s retirement. Guess we’ll have to wait till Friday to find out more details.

Which company are you talking about ?

Vedanta Promoters has increased royalty rates from both Hindustan Zinc and Vedanta Ltd to around 3% of revenue. And it can go up further. Based on this almost 35-37% of profits can be taken out without giving anything to minority shareholders. Now they have also resorted to selling Vedanta shares itself to raise money. Dividend could be substantially power going forward.

Carysil Ltd Q1 concall highlights –

Sales – 142 vs 171 cr
EBITDA – 26 vs 34 cr ( @ 18 pc vs 20 pc )
PAT – 12 vs 19 cr

SAP and ERP implementation impacted sales in Q1 to the tune of 15 cr

Order book has improved – should get reflected in sales wef Q2

Domestic dealer network at 3200 now

Expanded Steel sinks capacity to 1.8L units/yr & started production in July

Domestic, Intl sales- 32,110 cr

Acquired addnl land in Bhavnagar for expansion- costed 9 cr

Q1-volumes-
Quartz , Steel Sinks, Kitchen Appliance – 1.04L,0.21L, .09L

Domestic, Intl sales – 22pc, 78 pc

Product wise –
Quartz sink – 46 pc
Steel sink – 11 pc
Appliances – 13 pc
Solid surface Sinks – 30 pc

Quartz sinks capacity at 10L units/yr

Kitchen appliance portfolio –

Wine Chillers, Built in Owens, Cooktops, Dishwashers, Chimneys

Domestic appliance manufacturing capacity to be ready in H2. At present, company is trading

Management has indicated several breakthroughs in new customer acquisition, hence guiding for 80 pc capacity utilisation in Quartz Sink segment for residual of FY 24 vs 60 pc in Q1 !!!

Loss of sales in Q1 should spill over to Q2

From Q2 onwards, company should be able to clock a sales run rate of 180-190 cr/ Qtr

Expecting a quartz sink exports of 330-350 cr this yr. It was 65 cr in Q1. Expect Qtly run rate for next 3 Qtrs to be around 90 cr

Destocking in developed mkts has almost ended

Current inventory position is slighly lower than normal

Expect good revival in sales in domestic mkt too wef Q2

Seeing good traction in Pune, Mumbai

Looking to increase its presence in B2C space both in domestic & overseas mkts

Aim to achieve 30 pc sales from B2C channel in 4-5 yrs

Also expecting some margin improvement with volume expansion in the coming qtrs

Management still confident of hitting Rs 1000 cr topline by FY25

Have opened aprox 20 Carysil Showrooms across India. Aiming to double this yr

All showrooms are franchise owned

Disc: holding. Biased