Forest products company Stylam Industries announced Q3FY23 results: Q3FY23: Stylam maintained its strong performance in the third quarter with sales of Rs 234 crore, a solid 32.3% YoY growth. Sales growth during the quarter was led by export market, which was Rs 154 crore and saw 35.3% YoY growth and 6.2% QoQ degrowth. Further, domestic sales also witnessed significant uptick on YoY basis, clocking sales of Rs 80 crore (26.8% YoY growth and 2.7% QoQ degrowth). The company recorded a decrease in sale of laminate sheets in the third quarter of FY23 selling 3.01 million laminate sheets (vs 3.2 million in Q2FY23). Per sheet average realizations vary based on the product mix during the period. Stylam maintained its contribution margin, which stood at 44.1% in Q3FY23 (vs 44.4% in Q2FY23 and 44.2% in Q3FY22). Further, EBITDA margins improved sequentially to 16.8% (vs 16.1% in Q2FY23 and 18.7% in Q3FY22), EBITDA for the quarter stood at Rs 39 crore. Working capital cycle stands at 96 days for the third quarter (vs 82 days for Q2FY23), due to an increase in receivables and inventory holding days and a decrease in payable days. Net debt stood at Rs 47 crore as on 31st December 2022. Net worth stands at Rs 385 crore. Result PDF
Forest Products company Stylam Industries Announced Q1FY23 Result : Stylam maintained its strong performance in the first quarter with sales of INR 235 crore, implying 79.6% YoY growth. Sales growth during the quarter was backed primarily by exports, which were INR 169 crore (83.9% YoY growth). Further, domestic sales also witnessed a significant uptick, clocking sales of INR 66 crore (69.4% YoY). The Company sold 2.7 million laminate sheets during the first quarter of Q1FY23 (vs. 1.8 million in Q1FY22; a 49.5% YoY growth). Per sheet average realizations vary based on the product mix during the period. Contribution margin has improved from the previous quarter and now stands at 43.1% for Q1FY23 (vs. 40.4% in Q4FY22). Further, EBITDA for the quarter stood at INR 35 crore. In terms of margins, it stood at 15.0% (vs. 11.1% in Q4FY22 and 20.0% in Q1FY22). Stylam has improved its working capital despite adversities; the cycle stands at 75 days for the first quarter (vs. 97 days for Q4FY22). Net debt stood at INR 91 crore as on 30th June 2022. Net worth stands at INR 337 crore. Result PDF
Forest Products company Stylam Industries declares Q4FY22 result: Stylam maintained its strong performance in the fourth quarter with sales of INR 180 crore, implying 5.6% YoY growth. Sales growth during the quarter was backed primarily by exports, which were INR 111 crore (3.7% YoY growth). Notwithstanding impact of the third wave of Covid and the omicron variant, domestic sales witnessed YoY growth to INR 69 crore (7.8% YoY). The Company sold 2.3 million laminate sheets during the fourth quarter of FY22 (vs. 2.0 million in Q4FY21; a 15.3% YoY growth). Per sheet average realizations vary based on the product mix during the period. The industry continues to witness pressure in raw materials, significantly impacting margins further. This is attributable to the supply chain constraints witnessed globally. To exacerbate the situation logistics and freight costs have also witnessed significant increases. Consequently, our contribution margin witnessed pressure and stands at 40.4% for Q4FY22. Despite these challenges, EBITDA for the quarter stood at INR 20 crore. In terms of margins, it stood at 11.1% (vs. 18.7% in Q3FY22 and 20.3% in Q4FY21). Stylam has improved its working capital despite adversities; the cycle stands at 78 days for the fourth quarter (vs. 93 days for Q3FY22). Net debt stood at INR 71 crore as on 31st March 2022. Net worth stands at INR 316 crore. Result PDF
Forest Products company Stylam Industries declares Q3FY22 result: Stylam maintained its strong performance in the third quarter with sales of INR 169 crore, a solid 36.0% YoY growth. Sales growth during the quarter was backed primarily by exports, which were INR 106 crore (25.6% YoY and in line with Q2FY22). Domestic sales witnessed strong YoY growth to INR 63 crore (57.8% YoY), but de-grew QoQ given the pick-up of the third wave of Covid and the omicron variant. The Company sold 2.4 million laminate sheets during the third quarter of FY22 (vs. 1.9 million in Q3FY21; a 24.5% YoY growth). Per sheet average realizations vary based on the product mix during the period. The industry continues to witness pressure in raw materials, significantly impacting margins. This is attributable to the supply chain constraints witnessed globally. To exacerbate the situation logistics and freight costs have also witnessed significant increases. Consequently, our contribution margin witnessed pressure and stands at 41.5% for Q3FY22. Despite these challenges, EBITDA for the quarter stood at INR 25 crore. In terms of margins, it stood at 14.8% (vs. 14.2% in Q2FY22 and 20.5% in Q3FY21). Stylam has maintained its working capital despite adversities; the cycle stands at 93 days for the third quarter (vs. 92 days for Q2FY22). Net debt witnessed a slight uptick and stood at INR 76 crore as on 31st December 2021. Net worth stands at INR 300 crore Result PDF
Financial Highlights Despite the COVID backdrop, our sales for the quarter were INR 172 crore registering a strong growth (50% YoY and 31% QoQ). The export sales were INR 104 crore (23% YoY and 13% QoQ). Domestic sales witnessed strong growth at INR 68 crore (126% YoY and 74% QoQ). This was bolstered by the strong opening of markets post second wave and surge in housing demand. Stylam sold 2.7 million sheets of laminates during the quarter (vs. 1.8 million in Q2FY21). Per sheet average realizations vary based on the product mix during the period. The industry has witnessed massive adverse movement in raw materials, significantly impacting margins. This can be attributed to the supply chain constraints witnessed world over. To exacerbate the situation, due to the ongoing container crisis, logistics and freight costs have skyrocketed. Consequently, we have seen a drop in our contribution margins to 41.5% (800 bps decline YoY). Our EBITDA for the quarter was INR 24.5 crore which was flat compared to the same period in FY21. However, in terms of EBITDA margins, it declined to 14.2% compared to 21.3% in Q2FY21. Working capital cycle stood at 92 days (vs. 95 days for Q1FY22). Result PDF