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Mayur Uniquoters (MUL): Excellent Q2FY22 results across parameters

News: MUL's consolidated net sales jumped 65.9% QoQ to Rs.196 crore in Q2FY22. EBITDA margins rose by 566 bps sequentially to 20.6% while consequent PAT was up 110.7% QoQ to Rs.29.5 crore. The company posted negative CFO of Rs.12.7 crore in H1FY22 amid higher inventories and debtors.

Views: Operational performance was excellent and broad based. While gross margins did deteriorate by 255 bps, the company realised substantial operating leverage gains. With EV agnostic product profile (synthetic leather products for automotive and footwear industries) and increasing share of premium products to global OEMs, MUL is well placed for healthy growth going forward. Margin recovery to ~24% would be a key monitorable