Mayur Uniquoters Ltd (NSE: MAYURUNIQ) Q3 2025 Earnings Call dated Feb. 03, 2025
Corporate Participants:
Vinod Sharma — Chief Financial Officer
Suresh Kumar Poddar — Chairman and Managing Director
Analysts:
Rahul Dani — Analyst
Bhargav Buddhadev — Analyst
Ritika Garg — Analyst
Siddarth Srikumar — Analyst
Awanish Chandra — Analyst
Unidentified Participant
Alisha Mahajan — Analyst
Senthil Manikandan — Analyst
Vivek Kumar — Analyst
Rushabh Shah — Analyst
Dhruvesh Sanghvi — Analyst
Viraj Kacharia — Analyst
Pulkit Singhal — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Limited Q3 and FY ’25 Earnings Conference Call, hosted by Monarch Networth Capital Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assessments during the conference call, please signal an operator by pressing star 10 0 on your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr Rahul Dani from Monars Network Capital. Thank you, and over to you, sir.
Rahul Dani — Analyst
Yeah, hi. Thank you,. Good afternoon, everyone. On behalf of Monarch Networth Capital, it’s a pleasure to host the senior management of Uni Quarters. We have with us Mr Suresh Kumar Podar, Chairman and Managing Director; and Vinod Kumar Sharma, CFO of the company. We will start the call with opening remarks from the management and then move to Q&A.
Thank you, and over to you, sir.
Vinod Sharma — Chief Financial Officer
Thank you, Rahul. Good afternoon, dear investors and analysts. It’s a great pleasure to address you as we reflect on the past years and look-forward to the future of the company. Your support and trust in Mayur have been instrumental in our success and we are honored to share with you the performance of Mayur. Thanks for giving your precious time to join Limited Q3 FY ’25 conference call. Mayur Unicoters Limited being a market-leader in the synthetic leather industry and an organized player has been able to leverage the emerging opportunities and delivered exemplary performance in past years, both in national and international business markets.
Now, I would like to start with financial highlights for Q3 FY ’25 under review and we will also reply to our queries after our review of the financial results for the quarter. The company has achieved the revenue from operations on consolidated basis is INR6.39 crores, PBT INR42.40 crores and PET INR30.57 crores. In the quarter, the consolidated revenue increased by 17%, PBT and PET increased by 16% and 12% respectively on Y-on-Y basis. The revenue from operation on a standalone basis is INR194.94 crores, PBT 41.08 and PET INR29.84 crores. In the quarter, standalone and on revenue PBT PET increased by 12%, 6%, 2% respectively.
Further, our endeavor is to make the company a preferred supplier for the leading OEMs, especially in US and European regions. As we have received some good export orders from USA and OEM supplies to new models. And based on that, our OEM export sales is expected to increase further in coming years also. So we are hoping for a very good sales performance in automotive segment in coming to three years.
Furthermore, to start general and furnacing segment business in European markets, we have already set-up a subsidiary company in and trading activities is also expected to start soon to and nearby countries in Europe. While pursuing our business interest, Mayur has also been endeavoring to fulfill our to our society. Under the corporate source of response programs, we have contributed towards the regular plantations and have a plan to do it at a large-scale in coming years.
The company has also adopted many happy schools for educations of children. The company has worked on education for all and underprivileged children, various health-care initiatives, especially child school development, water for all, sanitation and school area, distribution of books, bags, clothes and most importantly family planning and family wealthcare schemes in nearby villages. The state government has also recognized these initiatives on various platforms, and I am thankful to all the investors for their valuable time to those who became the part of this earning call.
With this person note, I would like to conclude and request you all to open the form for questions-and-answers. Since we have limited time of 40 minutes for all the — for all, the call therefore please avoid repeated questions and that to avoid the use of times in data query, I want to tell you the data wise, you can note down total revenue in the quarter for INR195 crores in which export general is INR20 crores, export OEM 39 crores and OEM domestic 43 replacement INR40 crores, footwear 44, furnishing five, others three it means total export is INR60 crores, which is 31% and domestic INR135 crore, which is 70%. And our OEM export and domestic value-wise is INR122.49, which is INR63 crores of total revenue. So this is the summary of our sales revenue and breakup I have given segment-wise and automotive and others.
So now we can start question-and-answer. Over to you, Rahul.
Questions and Answers:
Operator
Thank you, sir. We will now begin the question-and-answer session. Anyone who wish to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles.
We have our first question from the line of Bhargav from Ambit Asset Management. Please go-ahead.
Bhargav Buddhadev
Yeah, good afternoon, team and congratulations on a good performance. My first question is on the capex that we were planning in Mexico. So given that there is now a tariff imposition and we were waiting for the Trump to come in and give more visibility on this. So what is the plan now, sir, if you can share.
Suresh Kumar Poddar
You see the plant is hold-up for a while, you see how it happens, they have already put 25% in tax on Mexico and Canada and Canada and Canada also we are saying that whether it is going to affect us. Accordingly, so-far we study that it is it should not affect but until there is one month time everything come in real picture we will come to know. So after one month, it will be clarified, but as it is whatever information we have seen, there should not be any effect to us.
Bhargav Buddhadev
Okay, understood. So then we will decide in a month’s time where we want to set-up a plant, but we’ll go for capex, it’s just that we don’t know which country.
Suresh Kumar Poddar
Yes. Yeah, okay.
Bhargav Buddhadev
Sir, my second question is that in the budget, there were a very favorable announcements for component manufacturing within the footwear, both leather and non-leather. So given that we have a PU business, any thoughts on whether this will be positive for us going-forward.
Suresh Kumar Poddar
You see, if the business increases, definitely it will be better, but we have to wait-and-see what kind of a policy is coming, how it is taking place because all these things you just on the budget you cannot say anything and of course if the footwear increases or business will definitely increase, no doubt.
Bhargav Buddhadev
So sir, within PU, who will be our top three customers? Is it possible to highlight do we supply to Bata, etc., etc., who will be our customers?
Suresh Kumar Poddar
Our customers, yeah, top three in PU customers are mainly in Agara and Kanpur. Agra and Kanpur. Okay. Okay. And Delhi also, also, but is very small quantity.
Bhargav Buddhadev
Understood. But I think post this, they may be wanting to ramp-up their domestic manufacturing versus earlier imports. So maybe they can help us give more business there. And lastly, sir, the 60% of our exports, I believe is to Stellantis. So given that there is no import duty to import from India, do you believe in this tariff regime, our share in Stellantis can sort of further increase because we are sort of not subject to any import duty as a country duty in the, then go a quantity of $90%.
Vinod Sharma
And today we cannot say anything.
Suresh Kumar Poddar
We cannot say all these things at the moment. Let’s see what happens. These are very deep things cannot be discussed at this moment. What is going to happen to Solante is, I don’t know what is going to happen to the American automotive industry.
Bhargav Buddhadev
Sure, sure. And lastly, sir, we were in talks with Nissan and Yundai. Any updates?
Operator
May please request you to rejoin the queue.
Bhargav Buddhadev
Yeah, this is just my last question. Any update, sir on this.
Suresh Kumar Poddar
— we are supplying here in India?
Bhargav Buddhadev
Sorry, sir, I could not hear you.
Vinod Sharma
Hyundai and Isan, we are supplying in India.
Bhargav Buddhadev
Okay, okay, sir. Okay. Great, sir. Thank you very much and all the very best.
Operator
Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to answer questions from all participants in the queue, please make sure to limit your question to two per participants. Should you have a follow-up questions, we request you to rejoin the queue. The next question is from the line of Rithika, an Individual Investor. Please go-ahead.
Ritika Garg
Hi, sir, good afternoon. Congratulations on a good set of numbers. Can you tell me how do we see the outlook for export OEM going-forward? And have we won any new orders in this past quarter? And given the competition from Chinese cars, how do we see exports to the EU and US.
Suresh Kumar Poddar
You see the Chinese competition is always there all over the world. There is nothing new. It’s not going to happen anything, but I can assure you that my export OEM will be better in this quarter compared to — but this quarter also we have done better than 72 lakhs quarter, 72 lakh 45, 72 lakhs are export transition export we have done 39 crore. Yeah, yeah, about INR40 crores. So it will increase this quarter it will increase definitely because this December quarter is not very good. First two months we are, I mean, very distinct, third month was very good because in December they have closure and all that. Now in this month, we have done much better in January and March also will do good. have you December may go January, May, Dolak,, February Dola,, March.
Ritika Garg
Okay, sir, that helps. Sir, and regarding PU capacity utilization, what would that be like? Would it be at the similar levels of last quarter only or is there any pickup?
Vinod Sharma
No, it’s a pickup in last quarter. Around 27% to 8%, we have increased in PU sell-in last quarter.
Ritika Garg
There’s been a growth of 27% you’re saying?
Vinod Sharma
Yeah, over the last quarter. Okay. So it has broken even at a PBT level.
Ritika Garg
Yeah, it is impacting PBT. Is the PBT positive for PU segment?
Vinod Sharma
In PU. No, we don’t have cash losses. Still we have PBT negative, but cash loss is not there.
Ritika Garg
Understood. Understood. And my last question is, can you tell me what is the outlook in general for the company for FY ’26? Because there’s been good growth in all these 3/4. How do we see FY ’26 playing out? Yeah.
Vinod Sharma
In next one — next year will be good better than this year, definitely it will be good.
Ritika Garg
Okay. But so any like guidance you can give in terms of volume or revenue growth guidance?
Vinod Sharma
It will be double-digit. Okay.
Ritika Garg
Okay. Thank you.
Operator
Thank you. We have our next question from the line of Siddharth Thrikumar from I thought PMS. Please go-ahead.
Siddarth Srikumar
Hi, sir. My first question is, you said to the other participant that you will be selling almost 2 lakh meters for Jan, Feb and March for the export OEM. So this cost.
Suresh Kumar Poddar
Is only for America.
Vinod Sharma
This is only for America. Export OEM.
Siddarth Srikumar
Yeah, yeah, fine for America, but in the — in this quarter, how many meters did you sell per month-to USA?
Vinod Sharma
In Q3.
Siddarth Srikumar
Yeah Q3.
Vinod Sharma
Average one average. Average was 1.5 plus, 1.5 plus.
Siddarth Srikumar
Okay. So the next question I have is regarding the guidance that you had given that your export revenue that you had in, let’s say, FY ’25, which is almost INR220 crores will double by FY ’26 because of the orders you had from BMW, Mercedes and all. What — what do you think about then what is the update?
Vinod Sharma
Yeah. Total automotive export will be 200 plus, 2022, 2025 nearly. So definitely, it would be around that we already told you.
Siddarth Srikumar
Okay. So what is — you had given a guidance that it would double by FY ’26, so like — but the current numbers don’t seem like, I mean, going to that trajectory. So what do you have to say regarding that?
Vinod Sharma
Yeah, definitely, but it is it has the impact of US elections and all. So that’s why this Q3 was not done so well. So it has impacted our expectations.
Siddarth Srikumar
Okay. So one more question I have is that. Sorry to interrupt sir. May I please request you to rejoin the queue. Okay, okay.
Operator
Thank you. We have our next question from the line of Avin Awanish Chandra from Smith Limited. Please go-ahead.
Awanish Chandra
Thanks for taking my question and congratulations management team for the same performance continuation.
Operator
Can you please hold that the management got disconnected? I’ll reconnect. ladies and gentlemen, thank you for patiently waiting back with us. Avinash Chandra, you may please proceed with the questions.
Awanish Chandra
So congratulations, sir, on continuous and our decent performance. My first question is on footwear side. Last two quarters, we are doing this INR43 crore INR40 crores kind of revenue and last-time in 4th-quarter and then quarter when we have done good business. So are we seeing improvement in the business run-rate on the footwear side, but it is still the same INR43 crore INR44 crore quarter run-rates.
Suresh Kumar Poddar
So the footwear is improving. And quarter-to-quarter it should improve.
Awanish Chandra
Because we had INR48 crore INR490 crore business in earlier two quarters. So can we expect a similar kind of performance again in-quarter four?
Suresh Kumar Poddar
So in-quarter four, we can expect, say, INR50 crores approximately.
Vinod Sharma
Better than this quarter.
Suresh Kumar Poddar
Quarter than this quarter.
Awanish Chandra
Okay, sir. Or this BIS thing is now totally settled down or we are still having some impact of BSI things.
Suresh Kumar Poddar
Yes, no problem. Yes, yes, there is no effect of BIS now. Whatever happen is happened and because of that market went down and it has not pick-up that much, which was supposed to pick-up.
Awanish Chandra
Okay. And sir, quickly on BMW side, when we can expect full-fledgered bigger business from BMW could it start.
Operator
Please request you to rejoin the queue.
Suresh Kumar Poddar
I think it should come up within next three months. It should be in next financial year, I think. And then it depends on how the Indian economy is doing. That is the main thing. That means now what also it is increasing, no doubt but how much it will go up I can’t say now but of course before BIS, whatever was there, it is coming close to that. Oh, you are talking about BMW to. It is doing good. Full because BMW also we have — they have started buying from us from South Africa this quarter, now we are doing about 50,000, 50.
Awanish Chandra
50,000 in a quarter, right, sir.
Suresh Kumar Poddar
No, no, in a month.
Awanish Chandra
Okay, 50,000 in a month from the BMW. Okay, sir. I will come back-in the queue. Thank you very much for taking my question.
Operator
Thank you. Thank you. We have our next question from the line of Garvita from BML. Please go to BMW, sir, BMW. Sorry. BMW say for BMWP is nothing. Full place double. Just full place.
Unidentified Participant
Hello. Yeah, am I audible, sir?
Suresh Kumar Poddar
Yeah.
Unidentified Participant
Sir, I have 15 questions. Yes, I have two questions, sir. One is, if you could please give guidance upon by when can we expect 15% of or more top-line growth? And second is what is the current capacity utilization, sir?
Vinod Sharma
Current capsidy is around 70% in PU or overall?
Unidentified Participant
Overall and in PU as well, sir?
Vinod Sharma
Yeah, is that nearly 70% overall, MPU in 25%, 30%.
Unidentified Participant
25% 30%. And sir, by when can we expect top-line growth of 15% or more because from last many quarters, we are segment to a particular level only.
Vinod Sharma
Top-line growth in this segment.
Unidentified Participant
Overall top-line growth, sir.
Vinod Sharma
It is continuously increase every year it is increasing. And next year we are also expecting increase in double-digit in top-line.
Unidentified Participant
So double-digit top-line growth we are expecting next year. And if you could guidance — give guidance for FY ’25, sir.
Vinod Sharma
It would be around 800 to 825 nearly.
Unidentified Participant
Sorry, sir. 825 we are seeing.
Vinod Sharma
Yeah, it will be better than this quarter. Definitely it will be better than this quarter and we’ll be crossing 200 plus.
Unidentified Participant
Okay. Okay. Got it. Thank you, sir. This is all from my side.
Operator
Thank you. We have our next question from the line of Manikanand. We have our next question from the line of Alisha Mahajan from Envision Capital. Please go-ahead.
Alisha Mahajan
In Q2, automotive exports was INR60 crores, which has become INR40 crores in Q3. The Q-o-Q decline of business.
Suresh Kumar Poddar
You see, as I told you already we have told that in the last quarter there was a this USA this US MHO of elections away. Everything is crossed. So that’s why also it is less three weeks.
Vinod Sharma
The resume holiday.
Alisha Mahajan
Okay. So is it possible to quantify make export to auto OEM would have got delayed because of you know holidays and election? Sorry, I could not get your question. Hello.
Operator
Sir, the line got disconnected. We’ll move on to the next participant.
Vinod Sharma
Yeah, please move to the next participant.
Operator
The next question is from the line of Senthil Manikandan from I thought PMS. Please go-ahead.
Senthil Manikandan
Thank you, sir. Sir, just one question. On the export OEM side, so we had this aspiration of doubling the FY ’22 sales of around INR140 crores to around, let’s say, INR400 crores. So if you can just explain where are we on that journey on the export OEM side and any change in that trajectory, sir. Thank you.
Vinod Sharma
This year we would be crossing INR200 crore to INR25 crores automotive exports okay and next year definitely it will increase further and we are expecting very good sales performance to automotive and exports in next two to three years. So INR400 crores will be achieved in coming years.
Senthil Manikandan
Okay, sir. Thank you.
Operator
Thank you. Ladies and gentlemen, please yourselves to one question per participants. We have our next question from the line of Vivek Kumar from LLP. Please go-ahead.
Vivek Kumar
Sir, can you tell us what is the growth rate that you’re expecting for the next two to three years sales growth. Sorry, sales growth rate you’re expecting for the next two, three years because export OEM, we are expecting to do very well.
Vinod Sharma
Yeah, definitely in double-digit definitely.
Vivek Kumar
And we’ll go to that INR400 odd crore export OEM in the next two years.
Suresh Kumar Poddar
We expect so see how the situation is the worldwide, the things are very confusing. But so-far we are concerned, our position is okay. If this automotive companies just good, then we may reach that stage. But it is never confidence every time there is up-and-down, up-and-down. So right done yes. In four years time we take marriage.
Operator
Thank you, sir. We have our next question from the line of Rushab Shah from Berger Rock PMS. Please go-ahead.
Rushabh Shah
I have an opportunity, sir. I had one question. So this marine started some time back. If you could give any sense how is that segment growing for us?
Vinod Sharma
Marine business?
Rushabh Shah
Yes.
Suresh Kumar Poddar
Yeah, marine business we have taken part in 3, 4 different exhibitions and we are getting good result and the business is increasing every month. So who additional line we have added or this you know and is giving good satisfactory results. You know everything when you enter in a new business, it’s not that suddenly you will start getting big business because people have to understand you, they buy first few materials, they see what is the result, then they keep on moving. So wherever we have sell the material, we are getting the repeated order and gradually it will increase.
Operator
Thank you, sir. The next question is from the line of Dhruvesh Sanghvi from Prospero Tree Asset Management. Please go-ahead.
Dhruvesh Sanghvi
Sir, Namaste, just. He interviews me. Pijay, Kabiyab Exal, Dosal Bolte, Kiab Char automotive exports OEM or Char Sal Bolte. So or those are Pandra, Hamara Rodka revenue, automotive.
Vinod Sharma
We always talk about three years plus three to four years.
Operator
Thank you, sir. The next question is from the line of Rajna from Simple. Please go-ahead.
Unidentified Participant
Hello. Hello. Yes. Sir, can you tell me the total volume sold for this quarter? And also can you give me a breakup of volume as for each and every segment versus this quarter and same quarter last year.
Vinod Sharma
And we can tell you the total volume 72.15 lakh meters, but we cannot give you segment-wise breakup.
Unidentified Participant
Because the contribution of export volume to total, what would that be?
Vinod Sharma
Yeah, yeah. Export is around 20%.
Operator
Thank you, sir. We have our next question from the line of Viraj from Simple Innovative Brands. Please go-ahead.
Viraj Kacharia
Yeah, hi, thanks for the opportunity. I just have one question. In last two, 3/4, we’ve seen a good improvement in our gross margin. So how much of that is because of low raw-material prices and how much of the improvement is due to favorable mix?
Vinod Sharma
Hello?
Viraj Kacharia
Yeah, can you hear me?
Vinod Sharma
Yeah, yeah, I can hear you. Please.
Viraj Kacharia
Question is on gross margin. We’ve seen a good increase in our gross margin in last two, 3/4. Yeah. So how much of the improvement is due to low raw-material prices and how much is due to a favorable mix?
Suresh Kumar Poddar
Yes. Yes. You see the increasing in gross profit includes everything, not only one thing, but because of one thing, it has been in peace. It is because of your good productivity, because of your good sale-in exports, you are doing good, their margin is good. There are so many reasons. It’s not that it is something specific has been done because of that it is. It is the mix of everything. It’s not that because the prices has gone down, our profit has increased is not like that. Yeah, of course, the little bit raw-material prices have gone down, but with that, it is not that big effect. It’s a contribution of all the areas.
Viraj Kacharia
Second question is, in export, in the opening comment, you said that we have got — we have commenced new orders in US and you also mentioned something on Europe. So can you give a more deeper color? I mean, have we — so is this new customers or new model which we have commenced or it’s ramp-up of existing models?
Vinod Sharma
No, in the US and South Africa, we have — got and started supplying the material against — for the new models, okay. We have already received the orders in last year and already started. And I mean we are doing that supply. So just we are updating on that. The is happening on the new models.
Suresh Kumar Poddar
New models are always changing, old models are closing, new models are coming up in some models sales are less some more. So it is very difficult to say about the model. Only thing we can say whether our sales will increase or decrease. So in any case, the sales are increasing in export yeah that much I can tell you.
Operator
Thank you so much, sir. The next question is from the line of Ritika, a shareholder. Please go-ahead.
Ritika Garg
And sir, I wanted to know what is the outlook for the domestic OEM and replacement market going-forward? Because there’s been not much growth in this segment in domestic OEM.
Suresh Kumar Poddar
Domestic OEM you see market is increasing, no doubt. I think it should be better than this year. What indication we get. But I can’t tell you exactly how much it will happen, but it seems to be good.
Ritika Garg
Okay. And what kind of contribution in terms of revenue do we expect from the new Lithuania subsidiary in FY ’26.
Suresh Kumar Poddar
European this year we started just now, just few, few weeks back and it’s a retail business. The material will go from here. It will reach in one and a half months-to two months time. So the result will start getting after you know from April.
Ritika Garg
Correct. So in FY ’26, what type of in next year, what type of contribu revenue contribution can we expect from the subsidiary?
Suresh Kumar Poddar
See it is very difficult to say specifically say, say, I can say and continuously from last four years, export general is increasing and it will keep on increasing. Now we are participating in Dubai fair. There also we are going to get good response. So it is very difficult to say that exactly from there. But we know we have appointed the person there. He is well-known and he — that this was a company and that sales manager we have picked-up and they were doing good business. So we hope that we will be able to do good in European market. European market, whatever you are doing today, with that, it will definitely increase 10% to 15% minimum. I’m talking about European market.
Operator
Thank you, sir. We have our next question from the line of Pulkit Singhal from Dalmus Capital Management. Please go-ahead.
Pulkit Singhal
Thank you for the opportunity. Sir, my question is on the auto export segment. We have been doing well over the last two, three years in this segment. Can you touch upon some of the reasons that have enabled us to have — to win or get a higher number of win rate in the RFQs? And do you see that getting better with the kind of global situation of tariffs on these various other countries for us because we would be favorably positioned, I would think. What would be our future outlook for the auto OEM?
Suresh Kumar Poddar
No, no, auto OEM of future is very good. You see, we are now established supplier in South Africa and US in this USA also. And whenever any new requirement, new models are coming, we have been given the RFQs. So it depends on the market. Market is good and I’m 100% sure that export OEM will increase every year in a good way, minimum 15% to 20%.
Pulkit Singhal
So these tariffs, if they continue, even if at a lesser level, I mean not the current levels, but that benefits us, right? Is my understanding correct?
Vinod Sharma
No. And in current scenario, we are talking about the outlook, but what will happen in future and what will be the tariff we can’t say right now.
Suresh Kumar Poddar
You see today the world situation is very difficult. Nobody in a position to commitment, commit anything. It depends how the world situation moves. Every day from America, there is new directions are coming, everybody is confused, nobody lose. We can only say that whatever business we are doing and whoever is our competitor in our — that kind of business, we are there in good position, that’s much I can tell you. Because predicting future at this moment I think it is very difficult. But overall, I can say that in export OEM because our purgence is not that big so that if something happened, we will be affected too much, it will not happen. We will increase. But I can’t say exactly how much it will increase. Because if everything goes normal, 15% to 20% increase will be definitely, this much I can say.
Operator
Thank you, sir. We’ll take our last question for the today from the line of Alisha Mahajan from Envision Capital. Please go-ahead.
Alisha Mahajan
Hello, sir, fairly disconnect to three. I was just trying to understand that why we explained your Q3 of automotive exports to the because of elections and holiday season. Q4 can we do at least similar to we did in Q4, which is 64.
Vinod Sharma
Your voice your voice is not clear, man. We are not getting your clear voice.
Alisha Mahajan
Am I audible now?
Vinod Sharma
Yeah, it’s a little bit better.
Alisha Mahajan
Okay. So I was just trying to understand that while Q3 was impacted because of the holiday season and election in the US is a Q4, can we at least do Q2 with because we are saying the exports are ramping-up. Is the INR60 crores chip we can do in automotive export?
Vinod Sharma
We can expect — we can expect better than this quarter or but we can’t tell you the clear-cut number what would be these revenues from export market in this quarter.
Alisha Mahajan
I don’t want exact numbers, I’m. It actually is definitely better. Better than Q3. because our export orders should start.
Bhargav Buddhadev
It depends on the various factors also. Likewise in last quarter there were some different situations in USA and holidays were there for almost three weeks, two to three weeks. So that was the reason for the 3rd-quarter our 3rd-quarter problem, actually this basically our Q2 and Q4 is always better quarter in terms of revenue.
Operator
Thank you, sir. That was the last question for today. And I now hand the conference over to the management for closing comments. Over to you, sir.
Vinod Sharma
Yeah, as I thank you for all the investors for the participating this call and we will say that we are doing and we’ll be making all efforts to do better and better and definitely, we assure you that we will be achieving the good results in coming quarters and years also. And the Q4 will be better than Q3. And overall, our performance will be better than last year. And I expect a support from all the investors and as was we have seen in last two years. Thank you very much.
Operator
Thank you. On behalf of Monaj Networth Capital Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.