AGM22
Opalware
- Have appointed a lot of distributors in last year
- We have released 2 ads in last 15 days on different platforms. We have a ‘no celebrity rule’ because we feel brand does not need a celebrity
- Have done capex of 11K MTPA capacity in Opalware segment recently. It was a greenfield capex and we have enough land bank to do multiple expansions in the future.
- 11K capacity was commercialised in Jun 1, 2022. Have already broken even on the new plant. We can reach full capacity utilisation in 1the next 8 months.
- Margins will improve with operating leverage.
- Older capacity is already running at 100% capacity utilisation.
- HoReCa is an important segment but it does not contribute 30-35% of the revenues. There is lesser value addition in HoReCa.
- Have taken price hike of 4-5% in Jan-Feb 2022.
- e-commerce forms substantial part of our revenue and getting very good orders.
- 17% revenue comes from exports. Exports is a focus area. Do not see exports going to 25% in next 12-18 months as domestic is also growing.
- Opalware market size is 650cr.
- ADD extended by another 5 years, 40% ADD on China imports.
- Launched Velvet collection recently.
Crystalware
- Crystalware is a very niche category. It is handmade product and it can not be scaled up. It is extremely profitable segment.
Borosilicate
- Have decided to enter into new category of borosilicate. It is a sunrise category and products have great acceptance with consumers. Hoping that borosilicate category will reach same size as Opalware segment.
- Targeting market size of 150-200cr in first 12-18 months.
Misc
- Not impacted by energy crisis. Our primary fuel is electricity which ia available at affordable rates at all our locations.
- Long term borrowing – 12.5cr. We borrowed this money because we got this as interest free loan.
- Write off of 7cr for receivables from Future Retail. No other at risk receivables.
Disc – No investments
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