Surya Roshni Q1 concall highlights –
Financial outcomes (YoY) –
Sales – 1875 vs 1839 cr
EBITDA – 116 vs 70 cr (margins at 6 vs 4 pc)
PAT – 59 vs 22 cr
EBITDA, PAT growth due better volumes, better product mix
Reduced debt by 171 cr in Q1 !!!
Debt/Equity ratio at 0.12 pc now
Intend to be debt free by next FY – big positive
FMEG segment performance –
Sales- 374 vs 335 cr
EBITDA – 33 vs 22 cr
PBT – 26 vs 14 cr
Professional lighting grew 27 pc. B2C lighting saw modest growth
Increased advertisements, marketing spends in FMEG business
Expecting further margin improvement in margins in FMEG business going fwd
Steel Pipes and Strips segment-
Sales- 1503 vs 1504 cr (due fall in RM costs)
EBITDA- 83 vs 50 cr
EBITDA/MT- 4388 vs 3103 !!!
PBT – 55 vs 16 cr
Volumes grew 20pc !!!
Domestic, export volumes up 27, 7 pc
Expect H2 to be much stronger due execution of infra projects after the monsoons are over
Confident to grow this segment by 10-12 pc for full FY 24
Steel Pipes export business was also adversely impacted by cyclones in both West and East India in Q1
EBITDA/Ton expectations for full FY to be > LY(which was 6500 LY) with high probability
Q2 EBITDA / Ton expected to be substantially better
LY’s EBITDA/Ton for Q4 was abnormally high due higher steel prices
Aiming to grow lighting division by 20 pc this FY
Board has approved a stock split from FV of Rs10 to Rs5
Company is long term debt free. Current debt is only for Working capital requirements
Surya Lighting is weak in Tier-1,2 cities vs peers. Obtains only 17-18pc of lighting revenues from these cities vs Industry avg of 35pc
Taking concrete actions to correct this situation
Surya’s mkt share in exports is increasing continuously
Disc: hold a tracking position
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