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Mayur Uniquoters - Robust Q4, Strong Earnings To Support A Re-Rating: Anand Rathi

Mayur Uniquoters - Robust Q4, Strong Earnings To Support A Re-Rating: Anand Rathi

A sheet of Polyvinyl Chloride. (Photographer Jasper Juinen/Bloomberg)
A sheet of Polyvinyl Chloride. (Photographer Jasper Juinen/Bloomberg)

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Anand Rathi Report

The strong revival continued for Mayur Uniquoters Ltd. (Q4 revenue/profit after tax up 36%/40% YoY); the 29.4% Ebitda was the best.

We remain positive on the company for its brighter outlook:

  1. good demand from domestic auto/footwear including import substitution,
  2. huge opportunity in the polyurethane business and
  3. robust export opportunity via customers added (BMW, Mercedes, Volkswagen, etc.).

On the improving outlook, we expect 31%/32% compound annual growth rates in revenue/profit after tax over FY21-23 after a flat FY16-21.

After ~30% returns in its scrip since our last update about a quarter ago, we still see good scope for a re-rating, backed by strong earnings/better return on equity.

Click on the attachment to read the full report:

Anand Rathi Mayur Uniquoters Company Update.pdf

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