Another good set of results from the company, quarterly sales has grown past 70 cr. and company has made inroads into competitor accounts in pharma division. My notes from concall are below.
- Consumable sales for the newer printers (TIJ/TTO) are lower (at 80’000 – 100’000 per printer) as customers are new to this printer and will ramp up gradually. Older (CIJ) printer consumable sales are higher at 1-1.2 lakh
- Sold 3025 printers in FY22, installed base (i.e. active ones) have crossed 15’000
- In this quarter, printer sales ~ 18-19%, consumable ~ 51-52%, services ~ 21-22%
- Not concentrating on mask division as of now, the related assets should be depreciated by end of FY23
- Have a backlog of CIJ printer orders due to chip shortage (could have sold 75-100 printers more if not for the chip shortage)
- Current inventory situation is at normalized level (65-70 cr.)
- Won competitor account in pharma segment
- Do not undercut competitors on price, compete on services
- Utilization in consumable segment is 50-55%
Disclosure: Invested (position size here, sold few shares in last-30 days)