Q4 FY23 Performance Summary
- The company’s overall revenues stood at Rs 13.77 Cr, witnessing a growth of 12.3% qoq, and a significant increase of 46.7% yoy. EBITDA margins stood at 40.7% in Q4FY23, remaining fairly stable from 40.5% in the prior quarter, however increasing sharply from 31.6% in Q4FY22.
- Profit for the quarter stood at Rs 5.11 Cr, a notable increase of 42.3% qoq and 107.4% increase yoy. PAT margins stood at 37.1%, witnessing an increase from 29.3% in the last quarter and 26.2% from a year ago.
- The overall growth in the business can be attributed to the strong performance in the core business coupled with the launch of several new products and services.
Business Details
- The company exports its products to over 80+ countries globally with ~ 60% of revenues coming from exports. It has over 90 overseas agents, and has a dealer network of 55+ within India. The company has reported 68.31% of revenues coming from within Asia, followed by 15.30% from Africa, 9.45% from Europe, 6.15% from South America, 0.76% from North America and the remaining 0.04% from Oceania.
- The company is operating at 40% of the total installed capacity including the expanded capacity. This level is calculated based on single shift and once it reaches to 80%-90% of capacity utilization, it can be operated on the second shift as well. It offers 100+ dental products with the top 10 contributing over 30% of total revenues and is looking at a market size of INR 200 Cr for these products.
Future Guidance
- The company has completed the construction of its new manufacturing facility of ~16,000 sq ft, expanding by 35.56% from its current manufacturing unit and is expected to start its operations upon receiving regulatory approval. This will help to diversify into new product segments and capitalize on the on the growth opportunities in the hygiene, oral care, oral hygiene and bio-materials segment. The company believes that the estimated market size (including exports) of this segment stands at $2 Bn and will grow at a rate of 9% CAGR.
- The company expects a revenue growth of ~30% over the next financial year backed by the launch of new-product line.
Financial Summary (Rs. Crores)
| 31-Mar-22 | 31-Dec-22 | 31-Mar-23 | |
| Revenue | 9.39 | 12.27 | 13.77 |
| EBITDA | 2.96 | 4.96 | 5.60 |
| EBITDA% | 31.6% | 40.5% | 40.7% |
| TTM EPS | 9.64 | 10.88 | 13.09 |
| PAT | 2.46 | 3.59 | 5.11 |
| PAT % | 26.2% | 29.3% | 37.1% |
| TTMEPS | 9.64 | 10.88 | 13.09 |
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