I opine that Mayur is a must buy as and when it goes below 400 levels
The Shareholding pattern at the end of March shows increase in FII from 0.13% to 0.86% during the quarter.
@Vimal - Given the rules, yes, it might also get included under illiquid stocks as the traded volumes are less than 10,000 a day. Iâm surprised that it was already not in the list.
This is why I urge everyone to protest against the latest SEBI rule and write an email to SEBI -http://alphaideas.in/2013/04/25/day-long-call-auctions-hurting-the-indian-markets/
Ayush
After a very long time the stock has begun trading above its 200 EMA of 440 which is a very good sign. If it continues to trade above this level then it can touch 490-500 and then make a new high once again. It has to break out above 500 then it can touch 520-550 and then 590.
Let us wait and watch what the markets have to say about Mayur.
Here is the chart:
Outlook business covers Mayur Uniquoters.
Sales of 98 vs 93 cr
NP of 12.92 vs 11.16 cr
EPS of 11.94 vs 10.32
Achieved full year sales target of 380 vs 317 cr
NP - 43.62 vs 33 cr
EPS - 40 vs 30
Div - 3.50 per share.
http://www.bseindia.com/xml-data/corpfiling/AttachLive/Mayur_Uniquoters_Ltd_230513_Rst.pdf
The biggest icing is the improvement of NP margin to 13% for this quarter and dividend of 3.50.
The backward integration/Exports is showing signs of improvement of margins i believe.
Solid result by Mayur. EPS up 30% YoY.
Sales up to 18% to 369.64Cr from 311.13Cr
Net Profit up 30.7% to 43.62Cr vs 33.37Cr last yr
http://www.bseindia.com/xml-data/corpfiling/AttachLive/Mayur_Uniquoters_Ltd_230513_Rst.pdf
Another solid set of nos by our compounding machine. With an admiarable ROCE n big size of opportunity this quality midcap will keep on compounding.
A sure shot formula of creating wealth.
Conf call details plzzz???
We are pleased to invite you to the Earnings Conference Call of**Mayur Uniquoters Ltd.**hosted by AMSEC on (Friday) 24thMay 2013 @ 2.00 pm IST.
**Log in Numbers:**1800 102 1300 / 022 3325 4200 / 022 2824 8855
**
**
**
International: Hong Kong: 800 903 171
Singapore: 800 101 1941
Taiwan: 0080 112 7178
USA: 1877 387 0849 / 1866 380 1660
AMSEC Contact Details
Date: Friday, May 24, 2013 Time: 2.00p.m. IST
Company Participants:
Kamlesh Kotak
022 4343 5222 / 98192 56750
Harshit Kapadia
022 4343 5221 / 99676 93635
**
Rohit,
We should rather look at results on quarterly basis comparing it with last yearâs quarter and one would see not much impressive growth with regards to Sales and Net Profit. The markets have already factored in the good results posted by the company in Q1 and Q2 of FY13.
Fantastic results from Mayur and great concall.
Key transcripts as I recollect:
)- Mgmt starting to focus on exports & exploring Middle East because of depressed domestic mkt. Theyâre facing headwinds with distributors unable to pay so mgmt not booking business or slowing down even with their largest distrib he mentioned
)- And he mentioned during such tough times mkt settles for lower quality which they donât want to do. Neither do they want to grow at the expense of substantial margins.
Hence next 2-3 years they are looking to be aggressive on exports/auto oem front which has better realisations. The guy stressed this pt repeatedly.
)- US aftermarket exports started 3 months back with 1container/month is now at 3-4 container/mo. They see monthly growth in this segment. MD was in UAE recently to explore market there specifically auto OEM & furnishings as well.
)- Setting up 5th line under process. Capex of 25crs will be spent on it in FY13-14. This line will be mainly dedicated for Auto OEMs both domestic/exports.
)- 6th line also might come up. Decision on that to be taken up after 6months of operation of 5th line. But apart frm machinery other things being worked upon so that they donât have to wait another 4-5 months to setup 6th line. (Additional 4-5crs for that if they go for it)
)- Knitting machine running on full capacity. 2 more machines to arrive. And another 5-6 knitting m/cs to be ordered this year at rate of 2 m/cs every 2-3 months.
)- This backward integration has helped them to reduce rejection due to fabrics from 10% down to 6%. And it may come down even more until 2-3%
My Qn was about Ford:
In Outlook Business article linked above itâs mentioned Ford is already their customer. At the same time I happened to read this WSJ piece on how Ford is ramping up to keep with rapidly increasing demand. I asked them how much we are selling to Ford at present, and how much more we can expect from this growth of Ford.
MD replied back that weâre not presently selling to Ford. Said Ford is buying through Brazilian OEMs. Thereâs a auto fair going on in Chennai where Mayur is present & Ford has seen their product. Ford team also made their first visit to Mayur recently. So they are hopeful of bagging Ford as a client but as now nothing yet.
But Iâm confused about this point. Even on Mayurâs website, Ford is listed as a client. Can someone clarify this for me? If Ford is a client or not & how?
My overall feeling is that MD sounded confident of future despite current slowdown. In all talks of expansion & even in current capacity, he said they are not running idle anywhere. All their lines are running at full capacity. In Mar, despite holidays etc, he said plant operated for 28 days. With added focus & aggressiveness on export mkt which has higher margins & with their past track record I think high chances of delivering the goods. And my experience tells me that if theyâre able to crack Gulf (specially Saudi/Dubai trading mkt), then there can be massive growth for Mayur. In my view this is a huge and positive step by mgmt.
If I missed anything, Ayush & Vivek can add. Anyone else was there on concall?
Demand Not an issue even today
Hi Kamikazi,
You have pretty much covered most of it.
About outlook, he said 15% topline growth this yr, next year about 20%.
Lower growth in 2014FY due to supply constraints & not demand slowdowns, he said.
Where can I find the concall transcript?
Was there any mention of progress on new clients GM, BMW and Mercedes?
Could not find annual breakup of Domestic and Export Sales
Hello Vimal,
I wanted to know the same thing 
Do post it here if you can find out from somewhere. I thought concall would have this info.
With Rupee devaluating, the margins could increase further if the exports can move up.
Visiting the Mayur thread after a long time. People were so Euphoric with 20-30% allocations in Mayur just one year back. Talk about long term investing
Looking at the numbers, this one will be a steady 20-22% compounder available at decent 11-12x P/E with decent dividend yield.
Some quick pointers,
Share of exports to overall revenues has inched up to 22% in FY13 vs. 16% in FY12
For FY13, EBITDA stood at Rs.69.1 Cr (up 32% YoY) and EBITDA margins at 18.1% (up 168bps YoY).The company is currently working on new programs with Ford
and Chrysler and these are expected to fructify in November 2013.
Management has guided for a revenue growth of 15-20% for FY14E and 20%+ for FY15E.
Gross realizations for the company stood at Rs.206 per meter in FY13 vs. Rs.200 in FY12
The current capacity stands at 23mn meters annually; the 5th coating line with an
annual capacity of 7.2mn meters is likely to be operational by Oct-Novâ13 taking the
capacity up to 30mn meters.
During FY13, the company witnessed pressure on working capital with inventory days
moving to 40 from 33 in FY12 and receivable days to 51 from 44 in FY12. Management
also indicated about creditorâs days moving up. (Lack of moat when demand weakens)
If anyone willing to work on projections can use/extend Donaldâs work on Page 5.
Regards,
Rudra
Hi Rudra,
Mayurâs stock price went up too fast, post issue of bonus in the expectation for a 20-25% kind of growth story. Now if a highly honest management of Mayur says that they expect 15% growth in next year, I have a strong reason to believe it. When there are 40% growth stories like Astral, and pe expansion based secular growth story like Ajanta (before the sharp run-up), it make sense to reduce a low growth story and ride a high growth one. I think it made perfect sense to me for reducing Mayur post such announcement.
But I feel it is worth tracking Mayur for how growth is panning out, to again jump once 20%+ growth rate period starts.
-Subash
Oct-Nova13 30mn meters.
** witnessed capital ** creditoras
Hi Subash,
Mgt is expecting 15% growth in Sales⌠With export contribution & Backward integration, PAT growth should be higherâŚAround 20-25% growth.
& lower PE (<11) is attractive for Mayur viz-a-viz Ajanta & Astral (20+ PE).
AlsoI am not too surehow long will this 40% growth continue for Astral.
)- Jatin