Stylam Industries Ltd.
Q3FY23 Quarterly Result Announced for Stylam Industries Ltd.
Forest products company Stylam Industries announced Q3FY23 results:
- Stylam maintained its strong performance in the third quarter with sales of Rs 234 crore, a solid 32.3% YoY growth.
- Sales growth during the quarter was led by export market, which was Rs 154 crore and saw 35.3% YoY growth and 6.2% QoQ degrowth. Further, domestic sales also witnessed significant uptick on YoY basis, clocking sales of Rs 80 crore (26.8% YoY growth and 2.7% QoQ degrowth).
- The company recorded a decrease in sale of laminate sheets in the third quarter of FY23 selling 3.01 million laminate sheets (vs 3.2 million in Q2FY23). Per sheet average realizations vary based on the product mix during the period.
- Stylam maintained its contribution margin, which stood at 44.1% in Q3FY23 (vs 44.4% in Q2FY23 and 44.2% in Q3FY22). Further, EBITDA margins improved sequentially to 16.8% (vs 16.1% in Q2FY23 and 18.7% in Q3FY22), EBITDA for the quarter stood at Rs 39 crore.
- Working capital cycle stands at 96 days for the third quarter (vs 82 days for Q2FY23), due to an increase in receivables and inventory holding days and a decrease in payable days.
- Net debt stood at Rs 47 crore as on 31st December 2022. Net worth stands at Rs 385 crore.