I attended Modison’s AGM, sharing notes of the same.
1. Last year we had guided for sales of 500 cr. by FY25 and 1000 cr. by FY30. Given that FY23 didn’t see any sales growth, what is our sales target for FY25 and beyond?
2. Can you provide a sales breakup between HV and LV contact segments. In FY22, we did 250 cr. from LV and 80-90 cr. from HV. What was the nos in FY23?
249 cr. LV, 86 cr. HV
3. What was the volume growth in HV and LV segments in FY23?
HV: difficult to measure
LV: 1.5% volume growth
4. Given that companies like Shivalik Bimetals has also entered contact segment, how do we see competitive landscape changing?
Shivalik is mainly into thermo bimetals
5. Our samples were under approval for Polycab. Have we started supplying commercially to them?
Still discussing with them
6. With our current brownfield and greenfield expansions, how much capacity will we be adding in LV and HV segments?
LV: brownfield expansion in a plant near existing facility, melting facility shifted to new facility
Greenfield project for HV segment is under construction phase and will finish in FY24
7. We were trying to move into supplying entire assemblies to our big customers which would have contributed to our margins. How is that going?
8. In last 2 years, our margins have been adversely impacted due to sharp movement in silver prices and due to currency fluctuation. How are we addressing it?
PAT decline was due to silver price fluctuation. Performance improved in Q4FY23
9. We had started small supplies of silver salts to pharma and lifescience companies. How is that business doing?
10. Despite a large drop in our profits in FY23 (27% lower), why has management remuneration increased by 12.57%?
11. Can you talk about our R&D initiatives in nickel and other alloys?
Still finding partner
New market development
- Plants to enter new markets
- New business development
- Focusing on export growth
Disclosure: Invested (position size here, no transactions in last-30 days)