Carysil Q4 Results Review - Expect 17% Revenue CAGR; Downgrade To Add: Yes Securities

Yes Securities Report

Carysil Ltd. reported robust growth of 31% YoY to Rs 1.91 billion (which was largely inline with our estimates) and on sequential basis the topline remained flattish.

Gross profit margins came in at multi-quarter high at 59.1% however, Ebitda margins remained stable at 18.1% versus 18%/18.7% in Q4 FY23/Q3 FY24, respectively owing to higher other expenses in Q4 FY24. Hence, absolute Ebitda increased by 31.6%YoY.

Quartz sinks volumes came in at 153,000 units reporting a growth of 35.4% YoY and declined marginally by 3% QoQ. Average selling price of Quartz improved by 1%YoY and 12.5%QoQ to Rs 6,755/sink.

Consequently, revenue grew by 36.5%YoY and 9% QoQ. Stainless steel sinks volumes grew by 64% YoY and 32%QoQ and ASP declined sharply by 41% YoY and 33% QoQ to Rs 4,478/sink which led to a decline in revenue of 3% YoY and 11% QoQ.

Quartz/Stainless steel sink/solid surfaces/others constituted 54%/10%/27%/9% of total revenue as compared to 51%/11%/27%/11% in previous quarter.

India (19%of revenue) biz grew by 11% YoY and declined by 8.5% QoQ while overseas (81% of revenue) biz reported a growth of 36.5% YoY and 4% QoQ.

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