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Anand Rathi Report
The strong revival continued for Mayur Uniquoters Ltd. (Q4 revenue/profit after tax up 36%/40% YoY); the 29.4% Ebitda was the best.
We remain positive on the company for its brighter outlook:
- good demand from domestic auto/footwear including import substitution,
- huge opportunity in the polyurethane business and
- robust export opportunity via customers added (BMW, Mercedes, Volkswagen, etc.).
On the improving outlook, we expect 31%/32% compound annual growth rates in revenue/profit after tax over FY21-23 after a flat FY16-21.
After ~30% returns in its scrip since our last update about a quarter ago, we still see good scope for a re-rating, backed by strong earnings/better return on equity.
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