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
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