Notes post con-call:
Q1FY24 – rev 250CR PBT – 10CR EPS – 0.63
- EBIDTA has actually been more or less the same YoY but PAT is very different. 8CR difference in PAT due to one offs (insurance in previous year and some acquisition costs this year) and depreciation has doubled YoY from 8 to 16 CR due to new furnace commissioning.
- LARAH growth remains song.
- Margins should improve due to raw material costs coming down however the marketing spends will increase and this could nullify any benefits.
- Any growth in scientific is due to acquisition of Goel Scientific.
- Klasspack continues to decline and this has resulted in EBIDTA margins halving yoy
- New borosilicate plant in Jaipur will start Q3. – this will result in 3-4x volumes in glassware and he is not confident of selling these volumes at the moment.
- Tubing expansion put on hold.
- Scientific margins there should show some improvement in Q2 itself.
- At the moment nothing overly exciting or overly depressing in terms of Q2/Q3.
- Long term target for consumer wear would be 1000-2000cr.
- Target ROCE of 24% for consumer in 2-3 years.
- Sticking to 15-20% in consumer and 10-12% in Scientific for FY24
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