1. Revenue for the quarter was ₹341 Cr. Gross margin for the quarter was 42.4% (compared to 48.1% Q1 FY22). EBITDA margin pre-ESOP 5.9% (compared to 11.2% Q1 FY22) and post-ESOP EBITDA margin
of 3.2% (compared to 6.3% Q1 FY22).
2. Revenue from API for the quarter was ₹88.8Cr (2.5% decline YOY). API momentum was impacted due to the fire incident in May. The plant is back online and management has said this is only a quarterly impact and shouldn’t affect API revenues
for the full year. The impact is of ₹14-15 Cr which will spill over into the other quarters.
3. Formulations revenue was ₹244.8 Cr (7.9% growth YOY). They are facing issues on account of volatile currencies but they have been able to increase market share during the quarter.
4. Growth in formulations has come from good sales momentum in Latam. Performance in India was also strong.
5. Input costs for both APIs and formulations have stabilized to some extent along with costs for utilities and logistics, but they still remain at elevated levels.
6. Inflation in Turkey has exceeded 100% over the last 3 years. Therefore, IND AS 29 (Accounting for hyperinflationary economies) has been triggered. Financial statements for Turkish subsidiaries have been prepared in accordance with these standards. Impact on the
consolidated PAT is ₹95 lakhs.
7. Management has said that demand for their products in Turkey seems to be strong. They are trying to hedge the currency impact by increasing exports to Europe.
8. The integration of the Nourrie acquisition is going well.
9. Revenues from the CDMO contract are expected to start towards the end of FY23 and the full impact is expected in FY24. They have added 1 more molecule to the CDMO pipeline and are in talks with customers to add
more. They have enough API capacity for the next 2 years.
10. 65-70% of the API business comes from regulated markets. They have entered into long term contracts in these markets and can only pass on price increases when the contract expires.
11. The Albendazole supply to WHO has stabilized. The demand for Albendazole for Animal Health is stable, but very competitive in terms of pricing
12. Their API portfolio consists of older generics where they get into long term contracts with multinational companies and newer molecules where they are approaching multinationals and CDMO for innovators
13. They have a stronger position in formulations where their products are branded. They are able to pass on price increases in markets where the dealers don't hold a lot of inventory.
14. The Brazil formulations business is based on long term contracts with large farms.
15. For their European business, they do not see any impact on the demand for their products. They do not foresee any cut back in production due to the energy crisis in Europe.
16. Management has guided that they will come close to their guidance for the full year which is 100-150 bps improvement in margin over last year and mid teens growth in revenues.
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1. Growth in revenue from operations - Q1FY23 vs Q1FY22 : ~115%
2. Growth in export formulations - Q1FY23 vs Q1FY22 : ~400%
3. Growth in domestic formulations - Q1FY23 vs Q1FY22 : ~ -56%
4. Cost of materials was much higher in the corresponding last quarter because of the write off of covid inventory which is why there is a significant difference in COGS
Revlimid : 1. Contributed a major share to revenue in Q1FY23 2. Revenue share is expected to taper off
in Q2&Q3 FY23 3. Sales from Revlimid are expected to recover in Q4 FY23 and Q1FY24 4. The reason for seasonality is due to limited amount of this product’s supply as per the settlement with Celgene 5. When supplies are sent , manufacturing margins are booked and subsequently
1. Sales volume of 23.33 million square meters in Q1 FY2023. In Q1 consolidated revenue from operation increased by 80% on a year-to-year to Rs.1008 Crores from Rs.562 Crores in Q1 FY2022 because
of a lower base.
2. EBITDA margin for this quarter stood at 15.23% as compared to 14.32% in the corresponding quarter of the previous year.
3. Revenue from the bathware segment grew by 93% from Rs.37 Crores to Rs.71 Crores in Q1. Revenue from the plywood segment grew by 279%
from Rs.5 Crores to Rs.20 Crores in Q1.
4. In the Q1 the north prices for gas were around Rs.52, south was about Rs.60 and west was about Rs.67. Prices are very fluctuating right now. Gas is around 38% of company’s cost.
Operational and Financial Highlights 1. Mayur Uniquoters Ltd being a market leader in the synthetic leather industry and an organised player has been able to leverage the emerging opportunity
and deliver exemplary performance in the past year both in national and international markets.
2. The company has achieved revenue from operations on a standalone basis amounting to Rs 200.93 crores and PBT Rs 35.95 crores and PAT Rs 28.64 crores during the quarter which has
increased by 37%, 41% and 47% respectively from the last quarter.
3. Revenue from operations on a consolidated basis is Rs 200.44 crores and PBT is Rs 33.89 crores and PAT Rs 27.1 crores which has increased by 24%, 4% and 9% respectively from the last quarter.
1. Volume and value grew 69% and 83% y-o-y respectively, led by building materials segment. Revenue grew 83% to 604cr in Q1 2023 compared to 331cr in Q1 2022. Volume grew by 69% to 31215 MT.
PAT declined to 16cr in Q1 2023 from 18cr in Q1 2022
2. EBITDA was 44cr indicating a growth of 6%. Margins was 7.3%, which dropped from 15-17% levels Margins to remain under pressure in Q2. Margin guidance for December quarter is around 13-15%. Margin Drop was because of
inventory losses and channel destocking impacting operating leverage
3. Demand for agri in Q1 was weak while for SWR and Plumbing was resilient. Softening PVC prices resulted in a muted sentiment across value chain causing destocking among channel partners.
Operational highlights: 1. Total revenue of 89.61 cr, with EBITDA of 19.90 cr. EBITDA margin stood at 21.3%. Company reported PAT of 10.70 cr with 11.94% margins.
2. Sold 0.405 million square feet in area with 533 units sold.
3. Values of sales stood at INR 234.8 cr and total collection was INR 110.6 cr.
4. Received OC for two projects in Taloja with delivery of 390 units.
5. Management guided for a CAGR of 45% to 50% on sales and revenue figures.
6. In the next three years, management plans to deliver 1,000 to 1,200 units per year from existing inventory and ongoing projects.