- Consolidated revenue increased by 6% YoY in Q1 FY ’25.
- PBT and PAT increased by 29% and 22% respectively on a YoY basis.
- Margin improvement attributed to product mix, cost reduction efforts, and higher-margin export business.
- Planning to set up manufacturing facilities in Mexico with an estimated capex of INR 200 crores and capacity of 6 million meters.
- Establishing a subsidiary in Lithuania to start trading activities for the European market.
- Focusing on high-end PU materials for big brands rather than competing in the mass market.
- Shift towards non-leather products in the footwear industry, though adoption is slow in India.
- Increasing focus on R&D and innovation in the synthetic leather industry.
- Strong growth in the Indian domestic automotive OEM market.
- Increasing export opportunities, especially in the US and European markets.
- Government support for the footwear industry to boost manufacturing and exports.
- Q1 FY ’25 saw 32% export sales and 68% domestic sales.
- Export OEM sales accounted for 21% of revenue, while domestic OEM was 39-40%.
- Marine business is gradually increasing within the export general segment.
- BMW order started, expected to reach full volume of 35,000 meters per month by October/November.
- Working with big foreign brands for footwear and leather goods using PU materials.
- Underinvoicing and duty manipulation in PU imports affecting domestic market.
- Expecting at least 15% growth in export OEM business for the next 3 years.
- Overall revenue growth projection of 12-15% for FY ’25.
- Double-digit growth expected compared to FY ’24.
tment for Mexico facilities.
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