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News: Consolidated sales for the quarter came at ₹ 178 crore, flat on YoY basis. EBITDA for the quarter came in at ₹ 35.4 crore with corresponding EBITDA margin at 19.8% (down 130 bps QoQ). PAT in Q3FY24 was at ₹ 27 crore, down 16% QoQ, however up marginally 3% YoY.
Views: Quarterly performance was disappointing both on the topline as well as margins front. Despite healthy management commentary, growth is still elusive for the company. We await company’s commentary on growth prospects (especially automobile exports) going forward. The company is a leading player in the technical textile domain, manufacturing synthetic leather (PVC, PU) for automotive, footwear & apparels etc. Automotive segment constituted bulk i.e., ~50-60% of sales with Mayur having capability and approval to supply its produce to global luxury car players such as Mercedes, BMW, etc.
Impact: Negative