Mayur Uniquoters Q3 concall highlights -
Revenues - 178 vs 180 cr
EBITDA- 34 vs 38 cr, margins at 19 vs 21 pc yoy vs 17 pc qoq
PAT- 27 vs 26 cr
De-growth in footwear segment. Expect to see an uptick go fwd. No firm signs on ground though
Gross margin has expanded due RM correction and price hikes taken by the company (previously). Expect same trend in GM for Q4 also
PU business currently going slow. Expect to pick up next year. Have appointed a distributor in South India for the same
The distributor is already supplying speciality chemicals to Adidas, Nike, Louis Vitton etc. Initial feedback has been good
Current supply rate to Mercedes at 30-35k Mtrs. To BMW at 4-5k Mtrs. Expect BMW business to scale upto Mercedes levels by next FY
Current total sales volume at around 70-75 lakh Mtrs/Qtr
Export OEM volumes may double next yr. Should go up by another 50 pc next to next yr. Here, the profitability is also higher, selling price is also higher
Have got orders for a new variety of PU from Chrysler
Have started making 3-4 different types of PU. Have started retailing them through various retailers. Current retailer count at 270. Aim to take it to 1000 by Dec 23. Domestic furnishing was one area where company didn’t sell anything till date. Its a new focus area and big mkt
Aim to hit revenues of 1100-1200 cr by end of FY 25(that is a big claim considering a current revenue base of aprox 750 cr)
Handing over more and more responsibilities to professionals (vs family). They are doing a great job
Margins to go up for next two yrs towards historical levels as the percentage of export Auto OEM sales increase
Chip shortage was a headwind for exports in the last 2 yrs. Now, has been resolved. Export business has higher margins
Company to stick to its policy of supplying to car models priced > 10 lakhs (in domestic mkt) where margins are better
Management assured investors of good growth for next 2 yrs in its closing comments
First 9M export sales at 135 cr vs 106 cr LY
Disc: invested, biased
Subscribe To Our Free Newsletter |