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Systematix Research Report
Mayur Uniquoters Ltd. reported a soft Q2 FY23 as its volume/revenue grew 7%/2% QoQ on muted traction in exports. A low 16.9% Ebitda margin was impacted by high-cost inventory and in-adequate price hikes.
Supplies to Mercedes South Africa and VolksWagen India have picked pace; supply to BMW Europe is delayed to February-24.
Illegal Chinese imports continue to impact the ramp up at its polyurethane plant. While exports are currently facing challenges, management is hopeful of strong traction in the automotive segment in FY24/FY25 on approvals for various new models.
Post Q2, we have increased FY23E earnings per share by 7% on higher revenues while keeping FY24E EPS unchanged on reduction in margins estimate, per management guidance.
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