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May 13, 2015

Edelweiss on Mayur Uniquoters

Mayur Uniquoters came out with Q4FY15 results.

Slowed down on Growth but Margins maintained

·         Revenue degrew from INR 122crs in Q4FY14 to INR 121crs in Q4FY15, down by 1.2%
·         Gross Margins saw a 588bps increase on back of lower raw material costs.
·         EBITDA stood at INR 27.2crs in Q4FY15 from INR 27.4crs in Q4FY14, down 0.7%.
·         EBITDA margins stood maintained at at 22.5% in Q4FY15 up 10bps YoY.
·         PAT stood at INR 18.3crs in Q4FY15 from INR 18.6crs in Q4FY14, down 1.6%.


We still believe in the long term story but we expect slowdown in growth in near term although margins will continue to be maintained.


Year to March
Q4FY15
Q4FY14
% change
Q3FY15
% change
FY15
FY16E
FY17E
Net sales
121
122
-1.2%
129
-6.3%
506
607
736
EBITDA
27
27
-0.7%
26
6.3%
102
115
141
PAT
18.3
18.6
-1.6%
17.0
7.4%
66
69
82
Dil. EPS (INR)





15
15
18
Diluted P/E (x)





28
29
24
EV/EBITDA





18
17
14
ROAE





30
22
22






EBITDA Analysis
Q4FY15
Q4FY14
% change
Q3FY15
% change
Net sales
121
122
-1.2%
129
-6.3%



Raw material consumed
72
80
-10.0%
84
-14.0%



Gross Profits
49
42
15.7%
45
7.9%



Employee Expenses
7
5
24.3%
7
-1.0%



Other Expenses
15
10
57.5%
13
15.7%



Operating expenses
94
95
-1.3%
104
-9.4%



EBITDA
27
27
-0.7%
26
6.3%












Common size metrics- as % of net revenues








Year to March
Q4FY15
 Q4FY14
 Chg YoY (Bps)
 Q3FY15
 Chg QoQ (Bps)
Net sales
100.0%
100.0%
0
100.0%
0



Raw material consumed
59.6%
65.4%
-588
64.9%
-535



Gross Margin
40.4%
34.6%
588
35.1%
535



Employee Expenses
5.5%
4.3%
112
5.2%
29



Other Expenses
12.5%
7.9%
466
10.1%
239



Operating expenses
77.5%
77.6%
-10
80.2%
-267



EBITDA
22.5%
22.4%
10
19.8%
267




EdelInvest Fundamental

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