Mayur Uniquoters - Bullishness Reloaded; Healthy Growth Lies Ahead: ICICI Direct

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .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..Click on the attachment to read the full report:.NCC - Robust Order Backlog Provides Strong Revenue Visibility: HDFC Securities.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Mayur Uniquoters - Bullishness Reloaded; Healthy Growth Lies Ahead: ICICI Direct

In FY23, executed buyback at Rs 650/share for 6.25 lakh shares; ~Rs 40 crore.

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