Mayur Uniquoters posts muted numbers for Q3FY22

News: Mayur Uniquoters posted muted numbers for Q3FY22, with top line for the quarter coming at Rs.169.4 crores down 9.8% QoQ. EBITDA for the quarter was at Rs.32 crore with corresponding EBITDA margins at 19.1% up ~68 bps QoQ. PAT for the quarter was at Rs.22 crore, down 15% QoQ.

Views:Sequential decline in sales at mayur came in as a negative surprise. However expansion in gross margin by ~230 bps was a partial relief. The company also announced a fresh buyback of shares amounting to Rs.40.6 crore at a buyback price of Rs.650/share for ~1.4% of its outstanding equity shares i.e. 6.25 lakh shares through tender offer route with promoters expressing their interest to participate in the same. We expect stock price to find support from buyback announcement.

Impact: Neutral