Q4 FY 23 concal was held yesterday
Company is confident of aggressive growth for next 2 – 3 years.
revenue guidance of 550 cr for FY24 and 750-800 cr for FY25
management did not provide revenue guidance post that but are confident for it being a multi year growth story- they feel there is a demand supply mismatch as the number of players manufacturing for OEMs are quite less
FY 23 they did 337 cr of sales- 70 cr was from LED, rest from ACs
mostly did IDU( indoor units) – 4.5 lakh and very few ODU (28,000 units)
this year plan to scale up in ODUs as well
IDU they have expanded capacity from 6,00,000 to 8,00,000
ODUC capacity they have expanded from 2.5 lakh to 4 lakh units
they have 30% share with Voltas in IDU- most of this has been gained at the expense of imports.
IDU is slighter higher EBITDA margin than ODU.
realisation wise 1 unit of ODU = 2 units of IDU
no operating leverage can be expected with increase in scale as majority of costs are RM( variable)
FY 24 capex- 60 cr expected
company did not disclose much about the 2 new product lines
can expect 9-10% ebitda margin also going forward and PAT margin of 2-2.5%
will start getting PLI incentives from this year.
it will be roughly 7 cr per year for next 5 years
and also state incentives of 6 cr per year for next 10 years
this years number already includes state incentives of 2.5 cr.
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