MAYURUNIQNSEAugust 10, 2022

Mayur Uniquoters Ltd

7,375words
78turns
8analyst exchanges
3executives
Management on call
Suresh Kumar Poddar
CHAIRMAN AND MANAGING DIRECTOR, MAYUR UNIQUOTERS LIMITED
Vinod Kumar Sharma
CFO, MAYUR UNIQUOTERS LIMITED
Rahul Dani
MONARCH NETWORTH
Key numbers — 40 extracted
rs,
as been able to leverage the emerging opportunities and delivered exemplary performance in past years, both in national and international business markets. I would like to start with financial highligh
INR 200.93 crore
he quarter. The company has achieved a revenue from operations on a standalone basis, amounting to INR 200.93 crore and PBT INR 35.95 crore and PAT 28.64 crore during the quarter, which is increased by 37%, 41% and
INR 35.95 crore
as achieved a revenue from operations on a standalone basis, amounting to INR 200.93 crore and PBT INR 35.95 crore and PAT 28.64 crore during the quarter, which is increased by 37%, 41% and 47% respectively from t
28.64 crore
om operations on a standalone basis, amounting to INR 200.93 crore and PBT INR 35.95 crore and PAT 28.64 crore during the quarter, which is increased by 37%, 41% and 47% respectively from the last quarter. T
37%
200.93 crore and PBT INR 35.95 crore and PAT 28.64 crore during the quarter, which is increased by 37%, 41% and 47% respectively from the last quarter. The revenue from operations on consolidated bas
41%
3 crore and PBT INR 35.95 crore and PAT 28.64 crore during the quarter, which is increased by 37%, 41% and 47% respectively from the last quarter. The revenue from operations on consolidated basis is
47%
nd PBT INR 35.95 crore and PAT 28.64 crore during the quarter, which is increased by 37%, 41% and 47% respectively from the last quarter. The revenue from operations on consolidated basis is INR 200.
INR 200.44
and 47% respectively from the last quarter. The revenue from operations on consolidated basis is INR 200.44, PBT INR 33.89 crore and PAT INR 27.10 crore . And this number has increased by 24%, 4% and 9% res
INR 33.89 crore
ively from the last quarter. The revenue from operations on consolidated basis is INR 200.44, PBT INR 33.89 crore and PAT INR 27.10 crore . And this number has increased by 24%, 4% and 9% respectively from the l
INR 27.10 crore
er. The revenue from operations on consolidated basis is INR 200.44, PBT INR 33.89 crore and PAT INR 27.10 crore . And this number has increased by 24%, 4% and 9% respectively from the last quarter. Our endeavou
24%
asis is INR 200.44, PBT INR 33.89 crore and PAT INR 27.10 crore . And this number has increased by 24%, 4% and 9% respectively from the last quarter. Our endeavour is to make the company a preferred su
4%
is INR 200.44, PBT INR 33.89 crore and PAT INR 27.10 crore . And this number has increased by 24%, 4% and 9% respectively from the last quarter. Our endeavour is to make the company a preferred suppli
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Guidance — 14 items
Vinod Kumar Sharma
opening
“We have also decided to put up work knitting plant in Mayur for which necessary project activities are expected to start soon.”
Suresh Kumar Poddar
qa
“You can expect fantastic sales in automotive in these two years.”
Suresh Kumar Poddar
qa
“We have a plan to, in next one and a half years to two years time to have at least 1,000 dealers all over India.”
Suresh Kumar Poddar
qa
“Every brand needs time to establish and we are very much confident that we will be able to establish because Mayur is capable of making any type of artificial level under the sun.”
Amarnath Bhakat
qa
“Are you in a position to give us some kind of a guidance of your revenue visibility or profitability visibility.”
Suresh Kumar Poddar
qa
“It is very difficult at this moment to say, but kind of, but as I told you, that ’23 – ‘24 and ’24 – ‘25 will be very good growth and profit will be also very good.”
Suresh Kumar Poddar
qa
“You see that the moment my son-in-law is already working here and my son has also come back and he also started spending the office and furthermore, you know, I have got this target, I always go high.”
Suresh Kumar Poddar
qa
“You see this I always do one year in advance, so there will be no problem, that on front of capacity, there will be any problem.”
Rishabh Bothra
qa
“Last quarterly, you mentioned that there were some issues in terms of airbags in automotive space wherein the OEM – I mean the replacement segment was not that encouraging, how do you see things going forward in this space?”
Suresh Kumar Poddar
qa
“This month we supplied more than 30,000 meters and it is going to increase because we have just started, I don't think overhaul, there will be much difference in aftermarket.”
Risks & concerns — 6 flagged
Oh, this is very difficult to say, that you can recognize by our balance sheet, but of course, if we would've not passed on to get a profit in the company, definitely increase has been transferred to them, but maybe minimum 80% to 90% we have transferred.
— Vinod Kumar Sharma
It is very difficult at this moment to say, but kind of, but as I told you, that ’23 – ‘24 and ’24 – ‘25 will be very good growth and profit will be also very good.
— Suresh Kumar Poddar
It is very difficult to spell in the contract.
— Suresh Kumar Poddar
So if you can help us understand why is it so difficult to scale up with somebody which with whom we are already working for such a long period of time?
— Rajat Sathia
So, sir, you mentioned about GM that they want a line in USA however Ford -- And you also mentioned that unless a company launches a new model, it is difficult to get into any agreement with them, which is fine.
— Suresh Kumar Poddar
I told you that saying much better, it's very difficult now to say that this will happen.
— Suresh Kumar Poddar
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Q&A — 8 exchanges
Q
Yes. Hi sir. I have two set of questions. First of all whatever is the raw prices increased due to increase in the crude prices and everything. How much of that you are able to transfer to your clients and how much approximately you have to absorb?
Vinod Kumar Sharma
We have tried our best to transfer as much as possible. And. Yes. Can you please quantify maybe 50%, 60%, 70%? Oh, this is very difficult to say, that you can recognize by our balance sheet, but of course, if we would've not passed on to get a profit in the company, definitely increase has been transferred to them, but maybe minimum 80% to 90% we have transferred. It depends on…. Okay, so 80% to 90% overtime, you transferred maybe 10%, 20%. You need to absorb overtime. Maximum. Yes, that's the first one. Second thing, sir. Now if you look at the entire macro picture now your main business segm
Q
Yes. Yes. So thanks for the opportunity. If you can just highlight how much -- if you can just modify the an ATT percentage and have we seen… So for PU, if you can just clarify on the ATT percentage and how realizations for PUhas improved for us. And if you can just give a sense on how import substitution has happened over a period of time, let's say, what was the quantum last year and how that input substitution is playing out in India? So some perspective, if you can give for these three, four things regarding to PU. So for PU is concerned, as I told you, and in the previous conferences also
Peter Agnel
Thank you. We have a next question from the line of Peter Agnel from Ksema Wealth Management Pvt Ltd. Please go ahead. Sir, I was wondering if you could provide the revenue split by geography and customer segment. In export it is INR 50 crore we are talking about Q1. Okay. in export we have INR 50 crore and out of that export general is INR 18 crore and export OEM is INR 32 crore. And in domestic OEM, we have INR 36 crore replacement, INR 44 crore, footwear INR 63 crore and furnishing is INR 6 crore and balance others you can take out of INR 200 crore. And this is in this quarter? Yes. And by
Q
Very quickly, sir. This PVC prices has come down from the last quarter. So did we book any inventory loss during this quarter?
Vinod Kumar Sharma
Not in this quarter. Okay. So more or less our prices was similar to last quarter four? No, no, it is better even, even better. Okay. And very quickly, the last question, how much was the PU performance, PU sales during the quarter? In volume, it is INR 7 crore. Value, INR 7 crore.
Q
Hello. Congratulations for good set of numbers. Last quarterly, you mentioned that there were some issues in terms of airbags in automotive space wherein the OEM – I mean the replacement segment was not that encouraging, how do you see things going forward in this space?
Suresh Kumar Poddar
See the government is telling that you have to put the air bag from this and this, but that is not happening because that is not practical. So it'll happen definitely, but it'll take time. And in the meantime, we have started new aftermarket business, the car seat you have put foot mat, we have started foot mat also in the aftermarket and other suppliers also started working. This month we supplied more than 30,000 meters and it is going to increase because we have just started, I don't think overhaul, there will be much difference in aftermarket. And furthermore, mainly aftermarket we were do
Q
Sir, for the PU plant, you mentioned INR 7 crore for the quarter. So what, what ramp up do you expect for the entire year and similarly if you could give the contribution of the Merc and Volkswagen business for this quarter and what do we expect for the full year?
Suresh Kumar Poddar
See that I can't tell you immediately, you please write us email. We will send you the details. This year also we suffered the business because of the chips. In between four, five months last year, it was like that they had to close down their factory in some months for 15 days in some months for 7 days, but now it's improving. In Europe also and South Africa also. The advantage with Mercedes and BMW is the prices are higher, at least 20% than USA, so naturally turnover also increases. And so for ‘24, ‘25 what are the growth drivers apart from PU. So basically what gives you the confidence tha
Q
Sir what is the volume expectation have for ‘23 for PU plus PVC leather combined? Current year?
Suresh Kumar Poddar
It should increase about 15% from last year. This is PU plus PVC combined. Both. And after this PVC price correction what is the expectation on realization change, if any, on the downside for us? So realization, you know, it depends, and now you know, the prices have started going down, rasin prices also is going down. Other prices are stable or increasing, so the prices are coming down. We have also started reducing the prices. So you know what we feel from current situation, that within one year time, the prices should come to the whole situation. If the things continue like this, because th
Q
Yes. So thanks for the opportunity. Congrats on a good set of numbers. In an answer to an earlier question on succession planning. You said that your son is back in the business. So just wanted to understand in what capacity has he joined and what are the key responsibility areas that you’re undertaking? So my question was Poddar sir, in one of the earlier answer said that his son is again, coming to the office and is back in the business. So I just wanted to understand in what role has he joined and what are the key responsibility areas that he's looking at?
Suresh Kumar Poddar
I told you that he has came back after long time. First of all, he is observing at least two, three months, he will observe key area and then I will start giving in the one by one, all the, you know, different areas. And to having that full control, it'll take one to one and a half year.
Q
Thank you. All the investors for joining this call. And I can simply say that the future is good and which you can see. And if you have any further inquiry, anyone please, you can write to my CFO, we will answer your questions. And I assure once again, that future is going to be a good, you will not regret buying Mayur share.
Vinod Kumar Sharma
Thank you.
Speaking time
Suresh Kumar Poddar
22
Vinod Kumar Sharma
16
Moderator
9
Amarnath Bhakat
7
Pritesh Chheda
6
Mohit Khanna
3
Peter Agnel
3
Awanish Chandrai
3
Shalini Gupta
2
Deepak Lalwani
2
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Opening remarks
Vinod Kumar Sharma
Ladies and gentlemen, good day and welcome to the Q1 FY ‘23 Earnings Conference Call of Mayur Uniquoters hosted by Monarch Networth Capital Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing “*” then “0” on your touchtone telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Dani from Monarch Networth Capital. Thank you and over to you Sir! Thank you, Yashshi. Good afternoon, everyone. On behalf of Monarch Networth Capital, it is our pleasure to host the senior management team of Mayur Uniquoters. Today, we have with us Mr. Suresh Kumar Poddar - Chairman and Managing Director of the company and Mr. Vinod Kumar Sharma - CFO of the company. I would now request the management to provide their initial comments about the results.
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