Automotive decorative applique player SJS Enterprises has reported consolidated revenues of INR 116.94 crore in Q2FY23 with a YoY growth rate of 17.3%. The net profits of the company grew by 17.1% YoY to INR 19.95 crore.
The company announced that during Q2FY23, it added Skoda Auto and VW India for 3D lux parts and worked with EV manufacturers to fulfil the EV company's demands and requirements. Besides several projects from Royal Enfield, TVS, Honda, Mahindra and Bajaj were also won in the said quarter.
Meanwhile, the company's EBITDA was at INR 33.38 crore, representing a 24.5% YoY growth on the back of higher sales, softening commodity prices and operational efficiencies with strong margins of 28%.
A press release from the company noted that its domestic sales grew by 22.9% YoY, fuelled by the 35.4% and 31.1% YoY growth in 2Ws and PVs, respectively.
Besides, the consolidated revenues for the company in H1FY23 stood at INR 220.11 crore with a YoY growth of 37.2%, while in the automotive space, the company's revenues grew by 38.9% YoY.
At the same time, EBITDA stood at INR 61.20 crore on the back of softening in raw material prices in Q2 and operational efficiencies with strong margins of 27.2%, which helped in expansion by 142 bps YoY.
Net profits in the first half also rose by 16.4% YoY to INR 36.16 crore, increasing by 219 bps YoY.
In the mid-term, till FY25, the company expects its chrome plating capacity to double to support revenues of INR 300 crore from the current INR 130 crore capacity.
At the same time, it also expects a Capex of INR 100 crore (spread over 18-24 months) to be funded largely through SJS cash flows and target ROCE of 20%.
Meanwhile, SJS Enterprises also aims to increase its global presence by strengthening its sales force in the international markets of Turkey, Brazil & Argentina and exploring similar opportunities in other countries.
On the product side, it intends to develop and introduce illuminated logos, In-moulded Electronic parts and other new-gen technologies while continuing to build capabilities to innovate & develop new products & increase the application of products across industries.
Also Read
SJS Enterprises Anticipates Robust Growth, Especially From Chrome Plating Business