Ranvir’s Portfolio

Carysil –

Q4 and FY 24 concall and results highlights –

Q4 outcomes –

Sales – 191 vs 146 cr
EBITDA – 35 vs 26 cr ( margins @ 18 pc – flat YoY )
PAT – 16 vs 12 cr

FY 24 outcomes –

Sales – 684 vs 594 cr
EBITDA – 129 vs 110 cr ( margins @ 19 vs 18 pc )
PAT – 58 vs 53 cr ( due higher depreciation, interest costs and higher tax rates )
ROE @ 17.4 pc

Only company in Asia to manufacture Quartz Sinks. Current capacity @ 10 Lakh sinks / yr. Company makes 150 different sizes / designs of the same. 50 pc of company’s topline comes from Quartz Sinks segment. 28 pc of topline is contributed by the solid surfaces segment

Company’s steel sinks capacity @ 1.8 lakh sinks / yr. Company only caters to the premium segment. SS sinks contribute to 11 pc of topline

10 pc of topline contribution comes from selling Kitchen appliances ( Company also makes some of them, and trades in others )

India business growth for FY 24 was tepid @ 6 pc. This is an industry wide phenomenon ( ie building materials Industry ). Aim to grow by 15-20 pc in FY25. Company’s focus remains the luxury and premium products. To keep pursuing the B2B segment – ie directly selling to builders

Company is planning to raise upto 150 cr via QIP

UK contributes to 30 pc of company’s topline. Getting good orders from Howdens UK ( a big – organised retailer )

Exports : Domestic sales breakup @ 80 : 20. All of India sales are recorded under company’s brand – Carysil. Only 20 pc of export sales are under company’s brand name. Aim to take this up to 30 pc in the medium term

Higher freight costs due Red Sea crisis impacted the EBITDA margins by 100-150 bps in Q4

Company is guiding for 20 pc organic growth + 150 cr topline kind of Inorganic acquisition to meet their 1000 cr topline guidance for FY 25

Avg realisation / Quartz sink is around Rs 5500. For steel sink, its around Rs 4200

Disc: hold a tracking position, biased, not SEBI registered