"Mayur Uniquoters is has a full range of machinery to fulfill Printing, Embossing, Lacquering, Sueding and Laminating needs. The company is a preferred OEM supplier to nation and international automobile giants and it also supply to leading footwear manufacturers During the third quarter ended net profit jumps to Rs.102.57 million against Rs.86.52 million in the previous quarter ending of corresponding year, an increase of 18.55%. The Company has declared Third Interim Dividend of Rs. 2.25 (i.e. 22.50 %) per Equity Share of Rs. 10/- each of the Company. The company has commenced its production at new knitted Fabric unit at Dodhsar plant on September 28th 2012. Mayur is also in the process of installing its 5th Coating line at the Dodhsar, will add a capacity of 6, 00,000 liner meters per month to the existing capacity 2.5 million. The company marketing & distribution structure has expanded significantly abroad especially in USA. Net Sales and PAT of the company are expected to grow at a CAGR of 19% and 25% over 2011 to 2014E respectively.
The company's net profit jumps to Rs 102.57 million against Rs 86.52 million in the corresponding quarter ending of previous year, an increase of 18.55%. Revenue for the quarter rose by15.04% to Rs.938.28 million from Rs.815.60 million, when compared with the prior year period. Reported earnings per share of the company go down by value, due to the increase in equity capital by108.26 millions from 54.13 millions and the EPS are at Rs.9.47 a share during the quarter, registering 40.72% decrease over previous year period. Profit before interest, depreciation and tax is Rs.169.13 millions as against Rs.137.65 millions in the corresponding period of the previous year.
At the current market price of Rs.429.25, the stock P/E ratio is at 10.93 x FY13E and 9.39 x FY14E respectively. Earning per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs.39.28 and Rs.45.69 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 19% and 25% over 2011 to 2014E respectively. On the basis of EV/EBITDA, the stock trades at 6.36 x for FY13E and 5.48 x for FY14E. Price to Book Value of the stock is expected to be at 3.47 x and 2.54 x respectively for FY13E and FY14E. We expect that the company surplus scenario is likely to continue for the next years, with the commencement of the production of new knitted fabric unit at Dodhsar and the company has recognized as the new pillars to the future success and gearing itself to take the advantage of the increasing demand of Synthetic leather & also in the process of installing its 5th coating line at the same location, with an added capacity of 600000 linear meters per month. All this will keep the company growth story in the coming quarters also. We recommend 'BUY' in this particular scrip with a target price of Rs 480 for Medium to Long term investment," says Firstcall Research report.
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