Ranvir’s Portfolio

Mayur Uniquoters –

Q4 and FY 24 concall and results highlights –

Q4 outcomes –

Revenues – 221 vs 193 cr
EBITDA – 42 vs 35 cr ( margins @ 19 vs 18 pc )
PAT – 32 vs 23 cr

FY 24 outcomes –

Revenues – 803 vs 776 cr
EBITDA – 159 vs 139 cr ( margins @ 20 vs 18 pc )
PAT – 122 vs 104 cr

Due to the new introduction of BIS norms for the footwear industry, the off take for Company’s artificial leather was hit. The Industry players want to liquidate the existing stocks before the regulations kick in

Q4 sales breakdown –

Exports sales – 67 cr

Domestic sales – 147 cr ( Auto – OEM – 52 cr, Replacement – 40 cr, Footwear – 48 cr, Others – 7 cr )

OEM exports are likely to see significant pickup ( 20-25 pc YoY kind of growth ) in FY 25. Company expects their export sales to grow to 2.5 times in 3 yrs time

Footwear demand is likely to be tepid for FY 25. Company is letting go of low margin business. Only going for high margin / MNC branded business

PU revenues for Q4 were @ 6.5 cr

Company has acquired land in US for warehousing purposes. Also plan to set up a manufacturing facility there – in future

As exports pick up in FY 25, margins should improve further

Avg yearly capex at 30-40 cr / yr

Full FY 24 sales breakdown –

Export Auto OEM – 168 cr
Export General – 70 cr
Domestic Auto OEM – 185
Domestic replacement – 143 cr
Domestic Footwear – 190 cr
Others – 40 cr

Company’s products have good demand for making of upholstery in Boats, Ships, Yachts etc. These applications require very high quality products as these are exposed to excessive heat and humidity. But the margins here are higher. Company is trying hard to break into this mkt

Guiding for 20 – 25 pc growth in top and bottom line for FY 25

Disc : holding, biased, not SEBI registered