Acrysil jumps after Q1 PAT rises 39% YoY

8 Aug 2022 , 02:31 PM

Exports revenue stood at Rs 100.1 crore (up 24.97% YoY) and domestic revenue stood at Rs 38 crore (up 117.14% YoY) during the quarter. Sylmar Technology (STL) which got consolidated from Q1 FY23, is excluded from exports revenue. On a consolidated basis, profit before tax (PBT) rose 35.1% year-on-year to Rs 24.92 crore in Q1 June 2022. EBITDA stood at Rs 34.4 crore in Q1 June 2022, up 46% YoY and up 10% QoQ. EBITDA margin stood at 20.1% in Q1 June 2022, lower than 22.2% in Q4 March 2022 and 23.7% in Q1 June 2021. Margins in core business continue to remain at similar levels as compared to Q4, however, blended margins appear lower on account of consolidation of Sylmar Technology, which had lower operating margins. Total expense jumped 80.3% YoY to Rs 137.60 crore in Q1 FY23. Cost of raw material consumed stood at Rs 46.15 crore (up 24.7% YoY) and employee expenses stood at Rs 11.03 crore (up 63.6% YoY). The company Increased dealer network in domestic market from 1,500 to 1,880 dealers during Q1 FY23 and plans to increase by about 3,000 by end of FY23. The company said its exports order book continues to be at normal levels with sustained uptick in demand for products. However, exports sales may witness some moderation in Q2 FY23 owing to macro challenges and revenge travel trends in Exports market. On a full year basis, the company will continue to witness healthy growth in overall business. Chirag Parekh, chairman & managing director said, We have continued to embark on our growth journey despite rising inflation and ongoing geo-political tensions. We have clocked total income growth of 73% YoY & 22% QoQ. Our total income growth was attributed to strong growth in domestic markets and healthy order book in exports market supported by entry into newer geographies. Recent marketing campaigns coupled with increased dealer network has facilitated growth in domestic market while we continue to maintain decent order book for exports. Our partnership with Ikea has further strengthened with IKEA doubling our current supply. Additional production and supplies started in July, 2022. This extension of order by IKEA is a testament of our commitment to meet scheduled delivery and product quality standards. We are continuously striving towards building new partnerships and tie-ups in International markets. The company has completed capacity expansion of 160,000 units of quartz kitchen sinks and commercial production commenced from 28th June 2022 onwards. This additional capacity shall enable us to serve demand from domestic as well as international market. With our belief of nurturing localization, we have collaborated with famous Bollywood celebrity Vaani Kapoor for branding and promotion activities which has enhanced the visibility and translated into favourable response for our lifestyle kitchen products. The acquisition of Tickford Orange limited, holding company of its operating subsidiary Sylmar Technology Limited, have strengthened our presence in UK market and opened new channels for selling our kitchen sinks. We are in process on integrating the same and are confident of realizing synergies from the same in coming quarters. At Acrysil, we believe that with our vast product range, recent acquisition, additional capacity and enhanced focus on domestic sales, we are confident of maintaining growth momentum in the business. We believe in innovating and providing differentiated products to our end customers. Our endeavour is to make Acrysil an undisputed leader in lifestyle kitchen products and conquer newer geographies. Meanwhile the board considered changing the name of the company to Carysil Limited or Carysil Technik Limited or Carysil Products Limited or any other name as may approved by the Central Registration Centre (CRC)., subject to all other applicable approvals. Acrysil is one the leading manufacturer and exporter of composite quartz granite kitchen sinks in India. Quartz, the hardest constituent of granite, constitutes around 80% of the raw material used in these sinks. The company also makes stainless steel kitchen sinks. The sinks are sold under the brand name Carysil. Powered by Capital Market - Live News