- Revenue grew 9% YoY to Rs. 604 crores in Q1 FY25
- Volume growth of 14% YoY, reaching 42,180 MT
- EBITDA grew 29% YoY to Rs. 58 crores
- PAT increased 25% YoY to Rs. 25 crores
- EBITDA margin at 9.6% for Q1, lower than usual due to product mix and higher branding costs
- Management maintains long-term EBITDA margin guidance of 12-13%
- Working capital days reduced to 80 days from 95 days in March 2024
- Receivable days improved to 61 days from 83 days
- Inventory days increased to 70 days from 52 days
- Aggressive branding and marketing initiatives undertaken
- Expanding bathware segment (Aquel by Prince) across all zones in India
- Continued focus on strengthening distribution and brand
- Strong demand across agriculture, plumbing, and infrastructure segments
- Industry experiencing consolidation, with larger players gaining market share
- Affordable PVC prices driving volume growth
- Real estate and infrastructure sectors performing well
- Potential anti-dumping duty on PVC could impact raw material prices
- Begusarai plant in Bihar to be operational by January 2025, adding 45,000 MT capacity
- Additional 35,000-40,000 MT capacity being added across existing plants
- Total capacity addition of ~80,000-85,000 MT in next few quarters
- Management confident of sustaining strong volume growth
- Aiming to be among the fastest-growing players in the industry
- Long-term EBITDA margin guidance of 12-13% maintained
- Focused on improving working capital management, especially receivable days
- Optimistic about industry growth prospects for next 2-3 years
- Opportunities in growing market share due to industry consolidation
- Risk of inventory losses if PVC prices continue to decline
| Subscribe To Our Free Newsletter |
