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Mayur Uniquoters Ltd. reported a soft 2Q23 with volume/revenue up 7%/2% QoQ on muted export traction. The low 16.9% Ebitda margin was affected by expensive inventory and insufficient price increases.
Supplies to Mercedes South Africa and VolksWagen India have picked up pace; delivery to BMW Europe is delayed until February 24.
Illegal Chinese imports continue to affect the polyurethane factory ramp. While exports are currently facing challenges, management is hopeful of strong traction in the auto segment in FY24/FY25 regarding acceptance of various new models.
After Q2, we have increased FY23E EPS by 7% due to higher revenue while keeping FY24E EPS flat due to lower margin guidance, as per management guidance.
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