- 22 May 2024
- ICICI Securities
MAYUR UNIQUOTERS REPORTED STEADY PERFORMANCE IN Q4FY24
MAYURUNIQ - 512 Change: 2.25 (0.44 %)News: Consolidated sales for Q4FY24 came in at ₹221 crore (up 14% YoY, 24% QoQ). Reported EBITDA for the quarter came in at ₹41.3 crore with corresponding EBITDA margin at 18.7% (down 110 bps QoQ). PAT in Q4FY24 stood at ₹32.2 crore (up 38% YoY, 18% QoQ). On full year basis, for FY24, the company reported a topline of ₹ 803 crore (up 3.5% YoY), EBITDA of ₹ 159 crore (margins at 19.8%, up 190 bps YoY) and PAT of ₹ 122 crore (up 17% YoY) aided by improvement in margins as well as higher other income.
Views: For the quarter, topline growth came in healthy but EBITDA margins declined sequentially due to high raw material costs. With healthy export visibility, the company plans to infuse ₹ 30 crore into its overseas wholly owned subsidiary, Mayur Uniquoters USA. This investment will be used to purchase land in Mexico for warehouse of stock of artificial leather. We await company’s insights on growth prospects, particularly automobile exports. The company is a prominent player in the technical textile domain, producing synthetic leather (PVC, PU) for automotive, footwear & apparels etc. The automotive segment constituted bulk i.e., ~50-60% of sales with Mayur having capability and approval to supply products to global luxury car players such as Mercedes, BMW, etc.
Impact: Neutral