Mayur reported another flattish quarter (flat sales and profits). They keep moving the goal post as it comes closer, now they are guiding for a step growth in FY26, while FY25 will also be a growth year. Concall notes below.
FY24Q3
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PU sales : 2.07 lakh sq.m
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PVC sales : 68.48 lakh sq.m (vs 70 lakh sq.m in Q2FY24)
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Exports (53 cr.): export general (18 cr.), export auto OEM (35 cr.). Auto exports were impacted for 2 months due to strikes in Ford plant
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Auto OEM: 42 cr., auto replacement: 38 cr., footwear: 34 cr., furnishing 5.60 cr.
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BMW is still 4,000 m, expect ramp up from April 2024
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Mercedes : 30’000 m/month
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Used to supply 2.5 lakh m to Maruti which has reduced to 30,000 m as they only supply to their premium models which can give them higher margins
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Will see growth in FY25 but big jump will happen in FY26
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Have introduced a new product for marine market (exports) which they were working for 3 years
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Zara had four visits to their Gwalior factory and Mayur is expecting orders in next 3-4 months
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Retail furnishing : Sold 20,000 m last month. 500 dealers now and hope to add 500 more in next year
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Have seen large number of PVC plants coming up (10-12 factories in Gujarat now vs 2 factories 5-years back). They install plants for 150 cr. Vs competitor plants of 20-25 cr.
Sorry I dont know. Manav had joined the co a few quarters back.
Disclosure: Invested (position size here, no transactions in last-30 days)