Mayur Uniquoters -
Q3 FY 24 highlights -
Sales - 175 vs 170 cr
EBITDA - 38 vs 33 cr
PAT - 29 vs 26 cr
Total sales volume was 70.55 lakh meters. Out of this Poly Urethane sales volume was 2.07 lakh meters
Segment wise sales breakdown -
Exports -
Export general - 18 cr
Export OEMs - 35 cr
Domestic -
Auto OEMs - 42 cr
Auto Replacement - 38 cr
Footwear - 34 cr
Furnishings - 6 cr
Expect BMW export volumes to go up 10 X from current levels wef Apr 24 ( ie the ramp up will start wef Apr 24 )
Decline in exports in Q3 is partly attributed to strike at Ford’s plant in US. The same now stands resolved
Expect the slowdown in Auto Replacement segment to continue in Q4, Q1 FY 25 as well because of new regulations wrt compulsory airbags for the rear seats
Company has significantly increased order books from Ford, Mercedes, BMW (for exports) at Hand. The ramp up will start wef Q1. Full impact shall however be visible in FY 26 only
Zara has visited company’s facilities on 04 occasions. Expect to get orders in next FY
Company has been very cautious in not chasing low margin business. Because of this extreme focus on profitability, it is taking time to break through and obtain new business
Furnishing business is gradually picking up. Company is able to sell 20k meters / month. It’s a consumer-facing, high margin business. Once it ramps up fully ( say 2-3 yrs in order to get to > 1 lakh meters / month ), should add significantly to the bottomline
Company is already selling furnishing materials to 500 dealers. Company is onboarding 15-20 dealers / month
Disc: hold a small tracking position, waiting for company’s export volumes to pick up before adding more, biased, not SEBI registered
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