Carysil Q3 Results Review - Strong 3Q Performance To Further Accelerate In Coming Quarters: Systematix

Systematix Report

Carysil Ltd.'s strong revenue uptick in Q3 (Rs 1.88 billion, up 36% YoY and 15% QoQ) was aided by a rebound in domestic (channel expansion) and overseas sales (normalization of channel inventory in USA).

Ebitda margin at 18.7% (down 140 basis points QoQ) was impacted by one-time integration cost of United Granite, USA (Rs 150 million revenue for ~40 days).

Quartz sinks and Appliances segments revenue saw ~60% YoY jump while it declined 24% YoY for Stainless Steel sinks. Supply of stainless-steel sinks to IKEA will commence from Q4.

Its tie-up with a renowned global company (recent one is Howdens Kitchen, UK’s leading worktop supplier, ~150000 unit opportunity for Carysil) would help it in expanding its kitchen appliances portfolio.

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