- Revenue in Q1 FY23 grew by 59% to 218.9 crs from 137.6 crs in Q1 Fy22 but down 11.5% sequentially from 247.5 crs. Volume grew 38% to 14406MT from 10200MT in Q1 FY22.
- EBITDA was 20.0 crs as against 17.4 crs y-o-y but dropped from 28.4 cr in previous quarter. Margin also dropped to 9.2% from 11.5% q-o-q. EBITDA per tonne dropped to 14000 per tonne from 17500 per tonne. This drop was because of drop in pvc prices. Company is targeting 20000 EBITDA per tonne in next two years.
- Growth looks robust y-o-y basis because of low base last year but weak sequentially because of massive correction in PVC prices. This created uncertainty among channel partners who went into destocking mode. PVC prices have dropped 18% in 1 st quarter and 17% in July month so far. The price has reached near pre covid level. This should increase confidence in channel partners.
- When prices goes down, price gap between low quality and high quality narrows down. So
Large players also becomes competitive on pricing with unorganised sector. Here larger
players get opportunity to grab share of unorganised sector. - Building goods contributed 55% in topline of which 35% is Value added products and 20% is other building products. Target revenue share for value added product is 50% in next 2-3 Years. CPVC HDPE and value added products were major driver for growth this quarter.
- Introduced PPR segment with complete range of pipes and fittings products in major demand from north India and are receiving good response from distributors. Very few players dominate this space, with market of about 14 billion INR. Company is targeting 100cr in 2-3 years from this product.
- PPR is comparatively expensive than other polymers. The product is even higher in quality than CPVC. In some cold regions, even CPVC fails. where only PPR which is used. Even in Europe PPR is widely used and accepted.
- Company did capex of 36cr in Q1 FY23 from internal cash flows. Planning capex of 150 crs in 3 years in North India towards capacity expansion, where company already has deeper penetration. The expansion will be majorly on Value added products.
- Launched TV commercial during the quarter which has garnered good response. This will help company strengthen its brand position in the market.
- Company is focusing on a) To optimize capacity utilisation which will help increase sales in coming quarter b) To enhance presence in new potential geographies of untapped eastern market c) increase revenue share on Value added segment.
- Company is targeting revenue at 30% CAGR for next three years and targeting 2000 crore revenue.
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