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With its user industries (auto, footwear) and its exports doing well, Mayur Uniquoters Ltd.’s Q3 revenue/Ebitda/profit after tax were up 31%/78%/91% YoY.
We are positive on it for its brighter outlook –
1. good demand from domestic auto/footwear including import substitution,
2. fast ramp-up at the polyurethane plant and
3. robust export opportunity via customers added (BMW, Mercedes, VolksWagen etc.).
On the improving outlook, we expect 16%/19% compound annual growth rates in revenue/PAT over FY20-23 after low 2%/6% CAGRs over FY14-20.
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