Mayur Uniquoters ~ Market Leader in Indian Synthetic Leather Market

Company continues disappointing on their guidance, some or the other thing keeps becoming a hindrance in their growth. Currently, they are struggling because of footwear and auto export slowdown due to strikes in US. Concall notes below.
FY24Q2

  • PU sales: 2 lakh sq.m with 1 lakh sq.m sold in October
  • PVC sales: 70 lakh sq.m (same as Q2FY23)
  • Exports (52 cr.): export general (15 cr.), export auto OEM (37 cr.)
  • Sales growth was 40% in auto replacement, 12-13% in domestic auto OEM, 5% in other segments. Exports were down (-20%), footwear was down by (-20%). Footwear saw inventory destocking due to BIS enforcement and auto exports was affected due to strikes in USA
  • Current export OEM run rate is 1-1.25 lakh sq.m which should increase to 2.5-3 lakh sq.m
  • Hopeful of reaching 850 cr. in FY24
  • Next 6 months will see ramp up in auto exports
  • Retail furnishing: 400 dealers and should reach 600 in next 6 months

Disclosure: Invested (position size here, no transactions in last-30 days)

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