Stylam Industries Q3 Results Review - Steady Set Of Numbers: Yes Securities

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. 

Yes Securities Report

Stylam Industries Ltd. registered a steady set of numbers. Company’s revenue stood at Rs 2.34 billion (versus our estimate of Rs 2.31 billion), reporting a growth of 32% YoY and a decline of 5% QoQ.

Exports revenue (66% sales) stood at 1.54 billion, registering a 35%YoY growth and a 6% sequential decline. Domestic revenue (34% sales) grew by 16% YoY and de-grew marginally by 2.4% QoQ.

Laminates volumes came in at 3.01 million sheets in Q3 FY23, a growth of 25.4% YoY and decline of 6% QoQ.

Stylam's realisation improved by 2% YoY and remained flattish QoQ to Rs 752/sheet. Margins for Q3 FY23 came in at 16.8% as compared to 18.7% (revised numbers)/16.1% in Q3 FY22/Q2 FY23 respectively.

Absolute Ebitda stood at Rs 394 million, a growth of 19% YoY and remained flat sequentially. Net Debt stood at Rs 470 million as on Dec-22.

Working capital cycle during the quarter expanded to 96 days versus 82 days in previous quarter, owing to increase in receivable and inventory days and contraction in payable days.

Click on the attachment to read the full report:

DISCLAIMER

This 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.