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ICICI Direct Report
Mayur Uniquoters Ltd. is a leading player in the technical textile domain, manufacturing synthetic leather for automotive, footwear and apparels etc.
As of FY22, it clocked Rs 657 crore as consolidated sales with Ebitda and Ebitda margins placed at Rs 126 crore, 19.1% and profit after tax at Rs 94.4 crore.
It has debt free cash rich balance sheet with surplus cash of ~Rs 150 crore (FY22).
In FY23, executed buyback at Rs 650/share for 6.25 lakh shares; ~Rs 40 crore.
Key triggers for future price performance:
With revival in growth in domestic as well as global automobile space coupled with new initiatives at the company (retail presence), net sales at the consolidated level is seen growing at a compound annual growth rate of 15.1% over FY22-25E.
With crude price on decline as crude derivatives being the key raw material for Mayur Uniquoters, along with increasing share of high margin auto original equipment manufacturer exports, we bake in 21% margins by FY25E (~300 basis points improvement over FY23-25E).
Profit after tax at the company is seen growing at a CAGR of 17.8% over FY22-25E.
Technology risk immune product profile, particularly in the auto space.
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