Carysil Q1 Results Review - Commences FY25 On A Strong Note; Assign Buy: Yes Securities

Yes Securities Report

Navigating through global turmoil, Carysil Ltd. registered a strong growth in Q1 FY25, wherein topline increased by 42%YoY (low-base impact) and 6% QoQ to Rs 2.01 billion (highest quarterly turnover). Quartz/Stainless Steel/Others/Solid Surfaces registered a growth of 42%/38%/27%/50% YoY respectively and constituted 46%/11%/11%/32% of revenue respectively which was largely driven by volume growth of 49%/86%/27% YoY for Quartz/Stainless steel/Others respectively.

Realisations for Quartz sinks and Stainless Steel Sinks contracted by 5%YoY and 25%YoY respectively, majorly due to change in product-mix. For Carysil Products Ltd, revenue (Mn GBP) grew by 36%YoY to wherein Quartz sales (49% of revenue) increased by 59%YoY.

Carysil Surface and United Granite LLC also displayed sequential improvement 14% each in Q1 FY25. Overall, domestic revenue constituted 18% of turnover and registered a growth of 15%YoY and overseas sales (82% of revenue), grew by 50%YoY.

Gross profit margin was under pressure due to higher freight cost and change in product mix.

Consequently, Ebitda margins came in at 17.8% versus 18.4%/18.1% in Q1 FY24/Q4 FY24 respectively.

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