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Systematix Research Report
Mayur Uniquoters Ltd. reported a soft Q4 FY22, as its revenue/Ebitda/profit after tax declined 9%/43%/28% YoY, driven by weak demand from its user industries (auto, footwear) and the aftermarket segment.
However, profit after tax margin at 15.4% and healthy cash flows were encouraging in the tough business scenario. We expect margins to rebound on softening costs (raw material, freight etc.), considering demand has been recovering since April 2022.
Supplies to Mercedes South Africa and Volkswagen India have picked pace; supply to BMW is expected to kick start by January 2023. Kia and Hyundai India would be serviced via the tie up with a Korean company, Baikson.
Illegal Chinese imports impacted the ramp up at its polyurethane plant; Mayur Uniquoters estimates 40% plus compound annual growth rate in revenue to Rs 1 billion over the next few years on import substitution opportunity.
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