Stylam Industries Q3 Results Review - Steady Set Of Numbers: Yes Securities
Company’s revenue stood at Rs 2.34 billion versus our estimate of Rs 2.31 billion.
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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.
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