Mayur Uniquoters Ltd (NSE: MAYURUNIQ) Q4 2025 Earnings Call dated May. 09, 2025
Corporate Participants:
Rahul Dani — Investor Relations
Vinod Kumar Sharma — Chief Financial Officer
Suresh Kumar Poddar — Chairman and Managing Director
Analysts:
Awanish Chandra — Analyst
Bhargav — Analyst
Vinod Krishna — Analyst
Tania Lalla — Analyst
Viraj — Analyst
Manish Jain — Analyst
Amar Maurya — Analyst
Parikshit Gujrati — Analyst
Rachana — Analyst
Madhur Rathi — Analyst
Siddharth — Analyst
Chirag Shah — Analyst
Rishab Bothra — Analyst
Nirali Gopani — Analyst
Sai Ganesh — Analyst
Abhir Pandit — Analyst
Nikhil — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Mayu Limited Q4 and FY ’25 Earnings Conference Call, hosted by Monarch Networth Capital. 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 assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr Sahul Dani from Monarch Networth Capital. Thank you, and over to you, Mr Dhani.
Rahul Dani — Investor Relations
Yeah. Hi, thank you,. Good afternoon, everyone. On behalf of Monarch Networth Capital, it’s our pleasure to host a senior management of Uni quarters. We have with us Mr Suresh Kumar Podar, Chairman and Managing Director; and Mr Vinod Kumar Sharma, CFO of the company. We will start the call with opening remarks to the management and then move to Q&A. Thank you, and over to you, sir. Thank you.
Vinod Kumar Sharma — Chief Financial Officer
Thank you. Thank you. Yeah, 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 Mayur Limited Q4 FY ’25 conference call. Mayur Limited being a market-leader in the synthetic laser industry and an organized player has been able to leverage the emerging opportunities and deliver the exemplary performance in past years, both in national as well as international business markets.
Now, I would like to start with financial highlights for Q4 FY ’25 under review and we will also reply to your queries after our review of the financial results for the quarter. The company has achieved the revenue from operations on a consolidated basis is INR250.56 crores, PBT INR56.95 crores and PET INR41.50 crores. In the quarter, the consolidated revenue increased by 20%, EBT and PET increased by 34% and 36% respectively on Q-on-Q basis. The revenue from operation on a standalone basis is INR214 crores, PBT INR48.65 crores and PAT INR35.02 crores.
In the quarter, the standalone revenue, PBT and PET increased by 14%, 18% and 17% respectively. Further, our endeavor here is to make the company a preferred supplier for the leading OEM, especially in US and European regions. And in this line, we have received some good export orders from USA for OEM supplies, which is resulting into a good contribution of our top-line and bottom-line. And this increased momentum is expected to continue in next two, three years. Other to start general and furnishing retail business segment in European market, we have already set-up a subsidiary company in and trading activities is also going to start soon in this quarter to Lithuania and nearby countries in Europe.
While pursuing our business interest, Mayur has also been endeavoring to fulfill our response towards society. Under the corporate response programs, we have contributed towards the regular plantations and we have done more than 15,000 plants and have a plan to do it at a larger-scale in coming years. The company has also adopted many happy schools for education for children. The company has worked on education for all and underprivileged children, various healthcare initiatives, especially child development, water for all, sanitation at a school area, distribution of school bags, boats, cloths, and most importantly, family planning and family welfare 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 have become the part of this earnings call. With this positive note, I would like to conclude and request you all to open the form for questions-and-answers. Since we have limited time, therefore for the call, therefore, please avoid the repeated questions and over to you thank you. We will start questioning.
Questions and Answers:
Operator
Thank you, sir. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press and one on their touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handsets only while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. I repeat, if you wish to ask any question, you may press star and 1. We have our first question from the line of Chandra from Smiths Limited. Please go-ahead.
Awanish Chandra
Congratulations, management team on a great set of performance for both year-end and quarter. Sir, my first question related to this Europe — the US tariff thing. So what would be the impact for whatever tariff thing is happening plus since tariff is higher on the China, will that help on our APU business side? So one question on US side, one question from the China side.
Suresh Kumar Poddar
Yeah there is lot of problem of you know school. We are throwing away material. That’s why we are having little problem, but in P, C we have no problem at China and China is not competitive to us in PVC clock. They are competitive in P.
Awanish Chandra
Okay, sir. Okay. And sir, PU business quarter May or year May total.
Vinod Kumar Sharma
Improved in last quarter, new business.
Suresh Kumar Poddar
If your PU business is improving quarter-to-quarter, of course, we are losing some amount, but that loss is reducing every quarter. And that is also because of jumping of China.
Awanish Chandra
Okay, so sir, Sal top-line.
Vinod Kumar Sharma
The said 29 crores.
Awanish Chandra
Okay, 29 crores or any expectation key Sal, sir.
Suresh Kumar Poddar
In minimum, Pandera, these for the.
Awanish Chandra
Okay. And sir, last question on the realization side. So since PVC prices kept correcting, so how many could realization your discount could be.
Suresh Kumar Poddar
Can you go to vacate time-to-time whatever happens, the prices are coming down, we are getting better prices. Salaries, you know discuss with the suppliers and we always get the best price. Other markets come over to, to Yada Milega, taking for many years which is of course okay, sir.
Awanish Chandra
Okay, sir. Thank you very much. I will come back-in queue. Okay. Okay.
Operator
Thank you. We have our next question from the line of Bhargav from Ambita Asset Management. Please go-ahead.
Bhargav
Yeah, good afternoon, sir, and thank you very much for the opportunity. First of all, congrats on a very good set of numbers. Sir, I just wanted to understand on that expansion in Mexico or Canada, which we were thinking and the development.
Suresh Kumar Poddar
In Mexico, you remember that America said there will be close to 20% duty on any material exported from Mexico. So that’s what our mine was not settled. Yes, for the time-being untile English. This is a doubt. What is going to be final assessment, because you see they are introducing the Trump is changing the mind every time now he is so in next 3, 3 months or four months you should come to know because we have prepared everything as soon as because you see, if I manufacture there then I have to pay the duty and I don’t think we will be accepted we will just not-burn our hands, sir.
Bhargav
Thank you. And secondly, so the sales of BMW of 2000 in a month the business ramping-up?
Suresh Kumar Poddar
It BMW may improvement. BMW may be improve overall Mercedes may be improve. We can take us up a high-price. This may go, 100% growth over this percent, is absolutely. We can grow. Or after a continuous from last two years, there is no issue. No issue at all.
Bhargav
Okay. And lastly, your bookkeeping question ask you to export not the breakup because AUM and other domestic OEM others, would they find?
Vinod Kumar Sharma
Double question for us, but clearly.
Bhargav
So would you help call your breakup that OEM exports.
Suresh Kumar Poddar
Others, so domestic OEM others would you have export general INR24.6 crores. Export OEM 53 export OEM 53.4 crores, okay. Auto OEM domestic 47.5 crores okay auto replacement 35 crore okay footwear 45.16 crore okay furnishing INR5.5 crores okay and remaining is.
Bhargav
Great, sir. Thank you very much and all the very best, sir. Thank you.
Operator
Thank you. We have our next question from the line of Vinod Krishna from Avendus Wealth. Please go-ahead.
Vinod Krishna
Am I audible? Yeah, yeah, continue. What is your guidance on export OEM, sir? Sorry, export OEMs are guidance export OEMs are again future outlook, but what we should have look for export.
Vinod Kumar Sharma
So our target to go to INR350 crore in two years is there still there 3, 50 crore yes just the overall growth next year, how much can you expect on-sales revenue? Yeah, you can see the overall growth in top-line, we are expecting 12% to 15% and bottom-line, we are expecting overall growth 15% to 20%.
Vinod Krishna
Thank you, sir. All the best. Thank you.
Operator
Thank you. We have our next question from the line of Daniel from Anand Rathi Institutional Equities. Please go-ahead.
Tania Lalla
Hi, sir. Good afternoon. So I had two questions. One was what was the significant change we did this quarter for our gross profit to have a significant jump on like 13% year-on-year. So like anything specific and do we see it sustainable going-forward? And my second question was in terms of the employee expenses. So this fallen by a significant 17%. So any particular reason for that?.
Vinod Kumar Sharma
Yes. Regarding employment cost, which has come down in Q4 because of we considered provision up to nine months at a little higher side and actual based on the actual cost which came into the books, which was lesser. That’s why this reduction is there in Q4.
Tania Lalla
Okay. Understood.
Vinod Kumar Sharma
Yes, provision was higher than the actual.
Tania Lalla
Okay, okay. And for the gross profit, any specific cost-effective measure that we took this quarter.
Vinod Kumar Sharma
Because of increase in automotive exports, especially and other exports general export. This growth in margin has come mainly because of that.
Tania Lalla
Okay. Okay. Understood. Thank you.
Operator
Thank you. Ladies and gentlemen, in order to ensure that the management is able to take questions from all participants in the conference, please restrict yourself to only two questions per participant. Should you have a follow-up question, we request you to rejoin the queue. I repeat, please restrict yourself to only two questions per participant. We have our next question from the line of Viraj from Simple. Please go-ahead.
Viraj
Hello. Am I audible?
Vinod Kumar Sharma
Yeah, yeah.
Viraj
Couple of questions. What is the sales to US and in 2025. And going-forward, we still have a 10% tariff on export to US. And as you said, even if you export to Mexico, there is a tariff on Mexico export to so who builds the tariffs in this case?
Vinod Kumar Sharma
Please don’t mix-up multiple questions in one question. You, you can ask one-by-one question or restrict yourself for two or three questions. Okay, please repeat.
Viraj
So what is the sales to US export to US in FY ’25? That is one. Yeah. And second is, you know, going from April 2025, there is a 10% tariff on export to US from India and if one looks at exports to Mexico and then eventually to US, there is still in tariffs. So who builds the tariffs?
Vinod Kumar Sharma
Let me let me answer your question. First question, what is the sale to US? Our total export OEM sale is at INR250 crores, okay, total at consolidated level. Out of that around INR70 crores is in South Africa and INR180 crores nearly is in US okay. And okay, what my question?
Viraj
Yeah. And there will be general expose also, right, sir?
Vinod Kumar Sharma
Yes, general export is also there. And for the entire year, we have sold more than INR90 crores sale-in general export.
Viraj
That also would be to US.
Vinod Kumar Sharma
No, everywhere also all over the world, everywhere.
Viraj
Yeah. So the tariff of 10% in starting April 2025 from export to US from India to US and even if you export through Mexico to US, there’s still a tariff. So who the tariff?
Vinod Kumar Sharma
Yeah, maybe we have no effect of this tariff change in tariff as we export because we are exporting directly from India to US through the port of Mexico, that’s it. So therefore this tariff change is not affecting to us.
Viraj
So there is still a 10% tariff on all imports from India into US across categories.
Vinod Kumar Sharma
Our material is not under the category of custom duty tariff in US.
Viraj
Okay. Second question is, we talked about having a very good existing order book and pipeline for exports. So can you give some color what is that you are hearing from customers? Are there any deferment or cancellation? And similarly on competitive dynamics.
Vinod Kumar Sharma
No cancellation. In fact, we are getting some increase on a year — two-year basis.
Viraj
And if I just want to understand for US market, can you give some color on competitive landscape, say, post this tariff which US has applied to other countries also, how do we compare in terms of pricing or costs versus local player or other competition.
Suresh Kumar Poddar
So that most of the people who are supplying in automotive industry. They are from USA US a Canada and-or from China. I am from in Canada. Yeah, ap up after are nice tariff which you also supply to all the during the queue. After — I’m just finishing my question, just let me say that those which is supplied by US and a lot of other countries, there is a local production also in US catering for PVC leather. So how do we compare now in terms of pricing and cost either with local players or other players globals? So actually you see in USA, most of the supplier of PVC leather cloth to automotive industry are either from USA or from Canada or from South America or China and India are we are alone. So of course, those who are supplying materials from China, they are affected and that much to USA automotive companies. To understand my point.
Viraj
Thank you, sir.
Operator
Thank you. We have our next question from the line of Mani Jain from Wealthcare Advisors. Please go-ahead.
Manish Jain
Yeah. Thank you for the opportunity, sir, and congratulations for a very good set of the numbers. Thank you. Considering all this tariff talk and recession in the US and due to the tariff — there is a commodity slowdown and everything, what would be the revenue guidance and the profit guidance for the FY ’25 — FY ’26 and how much are you confident because by the — in the presentation and the previous competitive previous questions, you are told that the orders have been increasing for you and not decreasing. So how confident we are of revenue and profit growth and what is the guidance for FY ’25 and FY ’26? Thank you for that.
Vinod Kumar Sharma
Already have discussed and informed you that we are confident enough and we are getting our order size increasing. And we are — our export sale is also increasing year-to-year and this momentum will continue for next two, three years. And the growth we can expect in top-line 12% to 15% as we already told you. And the growth we — which we are expecting in bottom-line is around 15% to 20%. And based on and this is hello yes, sir, please wait for a second. We have the management line disconnected ladies and gentlemen, thank you for patiently waiting. We have the management back with us. Over to you, sir. So our overall export is expected to increase and it will continue for next two, three years. The — and overall business growth we are expecting 12% to 15%. And in profit margin, the overall growth that we are expecting 15% to 20%.
Manish Jain
And sir, what is the reason for the spike in the other income in this quarter?
Vinod Kumar Sharma
Especially a subsidy which we have received from old — for the Gwali plant for the plant?
Manish Jain
Yeah. Okay, sir. Thank you for the opportunity and best of the luck. Thank you.
Operator
Thank you. Thank you. We have our next question from the line of Aman from Lucky Investment. Please go-ahead.
Amar Maurya
Hi, sir. Thanks a lot for the opportunity. Sir, if you can give me like as you mentioned — as you mentioned this export OEM was 250. What was general export? What is the auto OEM India, what is auto replacement, footwear, others and synthetic leather, breakup, revenue breakup, if you can give it of this.
Vinod Kumar Sharma
I had already given this revenue breakup 10 minutes back. I think.
Amar Maurya
I think I was not part of it, sir, if you don’t mind repeating me?
Vinod Kumar Sharma
Please no down. Export general for the year or for the quarter?
Amar Maurya
For the year, for the year.
Vinod Kumar Sharma
Yeah. Export general 91.40, export OEM yeah 253 and domestic OEM 175 okay auto replacer we are 1824 okay and others you can you can take the balance together 124, right? Furnishing 24, okay, crores, yes. And remaining balancing amount is in other. Okay. So sir, basically, when you guide for this 12% growth, I mean, is it like I mean, what would be the segmental growth, any idea for which segment is going to grow faster for you right now we can give you only the overall growth range?
Amar Maurya
Okay. Okay. And sir, any large approvals expected, let’s say, either in domestic or in export market?
Vinod Kumar Sharma
No, we are expecting increase — major increase from export. Major OEM increase from export?
Amar Maurya
Yeah. Okay. So in general — on export including general and OEM. Okay. And next year, let’s say, overall export, let’s say overall growth is going to become 12%, but how far the export growth would be overall export growth versus the domestic 25% to 30% growth. Okay. So you are saying export overall growth would be 25% to 30%. So is it like domestic growth is going to become very, very slow? Is it the reason like because now your export is very bulky, so then we should be growing faster than the 12% growth rate.
Vinod Kumar Sharma
I have given you the range 12% to 15%.
Amar Maurya
12% to 15%.
Vinod Kumar Sharma
Yeah. Okay. But in that exports will be growing by 25% to 30%.
Amar Maurya
Yeah. Okay. Perfect, sir. Thank you, sir. Thank you.
Operator
Thank you. We have our next question from the line of Parikshit Gujarati from Nivesha Investments. Please go-ahead.
Parikshit Gujrati
Hello, hello, am I audible?
Vinod Kumar Sharma
Yeah, yeah.
Parikshit Gujrati
So my question was so during the — so what you have heard is that the same news between India and UK. So what is your chance on the challenge is some customer needs which you already have in the UK or you are trying to get some big OEM from UK.
Vinod Kumar Sharma
Your voice is not clear dear. Hello. Yeah, hello. Yeah hello.
Parikshit Gujrati
So of India or UK why UK KC customer and the OEM.. First question here. My second question is, sir, the incremental capex for this land OE okay, general exports we are doing.
Vinod Kumar Sharma
Yeah. UK, we don’t have any major big, big customers, but the general exports we are doing and OEM we are trying for all countries in Europe especially.
Parikshit Gujrati
Okay, okay. And sir, about capex, any future capex plans future CapEx.
Vinod Kumar Sharma
Actual capex, we have told that we wanted to open a unit in Mexico. But because of this USA problem, we are waiting for another three months-to see whether the — what is the outcome after that we will decide.
Parikshit Gujrati
Okay, sir. Okay, one more question I had is that who are our competitors in India? Can you specify some names that are in the segment? India?
Vinod Kumar Sharma
Yes Poly Nova many. But you are not doing large-scale business. Okay, okay, okay. Hamari, Hamari 50%. Okay, sir. So major market-share upload capa, similar to India. They are less than 30%.
Parikshit Gujrati
Okay, okay. Sure. Thank you so much.
Operator
Thank you ladies and please restrict yourself to only one question per participant. If you have a follow-up question, we request you to rejoin the queue. I repeat, please restrict yourself to only one question per participant. We have our next question from the line of Rajna from Simple. Please go-ahead.
Rachana
Yes. Hi. In domestic business, can you give me some update on the domestic replacement market, like what kind of coverage we have in terms of various retail and within channels? And I also wanted to understand the growth for this in this segment over the next two, three years. One of the feedback we got from the channel check is that Mayur unique quarters has a low visibility as compared to other players. Also one bookkeeping question. Can you give me the breakup of volume for Q4 ’25 and last year same quarter?
Vinod Kumar Sharma
Hello? Yeah. Hello. Yeah, so ma’am, have you see revenue every quarter.
Rachana
Okay last year Q4 last year, this year and full-year volume breakup.
Vinod Kumar Sharma
It will take too much time, I think you can send me the mail. I’ll give you the revenue breakup.
Rachana
Okay. One more question I wanted to squeeze in. Regarding the tariff, who will be bearing the cost of tariff? It will be us or the customer we are supplying to? In US?
Vinod Kumar Sharma
No, currently, we don’t have impact on our products. So going-forward — but going-forward, what will be the.
Operator
Sorry to interrupt Ms Rashna, may we please request you to rejoin the queue.
Rachana
Thank you. Thank you.
Operator
We have our next question from the line of Madhur Rathi from CounterCyclical Investments. Please go-ahead.
Madhur Rathi
Sir, thank you for the opportunity. Sir, I wanted to know, sir, this OEM supply that has started, sir, are we replacing the existing numbers or because I think earlier you guided that some Chinese vendor, the OEM was not happy with and that’s why we are replacing this. So my first question was on that. And the second question was, sir, are we replacing these existing vendors and the new model that will be coming or as well as the older models that are still being manufactured as well?
Vinod Kumar Sharma
OEM, majorly different sell by existing OEM customers add over customer add over. Customer we add over or existing we from the existing as well as new customers added in OEM.
Madhur Rathi
Okay, sir, is this some of, so I’m — sorry, just request. Just like I’m just getting clarification on the earlier question. Sir, just. So on Chinese vendor could you please a little loudly. So sir, on Chinese vendor.
Operator
Could you please you sorry ahead.
Vinod Kumar Sharma
Chinese vendor score replace in which PVC or P? PVC every day, because PU and PVC may — we don’t have any competition from the company.
Suresh Kumar Poddar
Supplying to OEMs according to their model. So whenever they make a new model, they hit certain suppliers like that and we are busy business in a future models also. In that those things are Chinese America and everybody from all over the world now because we are going to study in USA, we get the offer for every new model. Then they decide who they are going to be.
Madhur Rathi
Thank you so much, sir.
Operator
We have our next question from the line of Siddhar from IThought Wealth Analytics. Please go-ahead.
Siddharth
And sir, my first question is how is the domestic market right now? How is the domestic market in terms of demand.One more question I had is like what is the.
Operator
Like you said that we will request you to please rejoin the queue. Okay thanks. Ladies and gentlemen, please restrict yourself to only one question. If you have a follow-up question, we request you to rejoin. We have our next question from the line of Chirag Shah, an Individual investor. Please go-ahead.
Chirag Shah
Yeah, good afternoon, sir. Great set of numbers. I had only one question. The other income which you said is the government grant. Is this expected to be in the range of INR11 crores INR12 crores every quarter and for how long?
Vinod Kumar Sharma
Yeah. I’ll clarify. Basically, this INR40 crores is inclusive of government grants, which we were expecting for last — it was applied for last three to four years and that we have received together. But for every year, it is not more than INR3 crores.
Chirag Shah
Okay. So it’s non-recurring.
Vinod Kumar Sharma
Okay.
Chirag Shah
Okay. Thank you. Thank you. Great set of results again. Thank you very much.
Operator
Thank you. We have our next question from the line of Rishab Bhutra from Anand Rathi Shares and Stocks. Please go-ahead.
Rishab Bothra
Good afternoon, sir. Congratulations on good set of numbers. I wanted to understand the industry market size for automotive, sour and accessories, both domestically and overseas, along with our market-share in terms of million meters and?
Vinod Kumar Sharma
Yeah, India. Reshav, you are asking for the India market or the world market, right?
Rishab Bothra
India overseas both in volume terms and comp, and all the three what is the market size OEM market?
Vinod Kumar Sharma
And exact actually this data is not available on public on the customer side. So we can check and tell you.
Rishab Bothra
Sir, may hear someone, the opportunity size that Kaha or Ham may grab chicken. So what is the head? Because you mentioned that all other players — competitors are very much small as compared to you and you are the largest. Another Amara 14% sharing at Africa and our growth rate is not that phenomenal. If you look at large,, that’s percentage of growth rate are margin that yeah, other way to look at India makes it’s not it’s not cheap jata for,, globally and India, both.
Vinod Kumar Sharma
This is for only automotive side all the questions.
Rishab Bothra
Okay, sir. Thank you.
Operator
Thank you. We have our next question from the line of Janesh Shah, an individual investor. Please go-ahead. The participant not disconnected. We’ll move on to the next participant. We have our next participant from the line of Nirali Gopani from Unique PMS. Please go-ahead.
Nirali Gopani
Yeah, hi, thanks for the opportunity. First, we see that you have been reappointed as Chairman and MD and CEO for three years. So sir, what is your current planning on succession or professionalizing the company? And secondly, sir, is your son involved in the business in any way now?
Vinod Kumar Sharma
So actually, our management is planning to — as I already told also, we are going to professionalize this organization 100%. And we are on the bay and doing that in-process.
Operator
Thank you, sir. We have a follow-up question from the line of Piraj from Simple. Please go-ahead.
Viraj
Yeah, hi. Just two questions. One is for the US exports, you said it’s exempted right now. Did I get that right or just trying to understand who could be bearing the tariff cost? This is a customer, the only bearing it or who does the bearing — who bearing the cost? That is one. And second is, will we understand one of our competitors.
Operator
Mr Viraj, we have restricted everyone to one question.
Vinod Kumar Sharma
We already replied this question. This is repeated your question.
Suresh Kumar Poddar
Hello we are not affected and tomorrow what is going to happen? Nobody knows. So that’s why we are waiting. We have to wait-and-watch for another 3, 4 months. At the moment we are not affected.
Operator
Thank you. We have our next question from the line of Sai Ganesh from Square 64 Capital. Please go-ahead.
Sai Ganesh
Thank you for the opportunity. I just wanted to know the average monthly volume of BNWA and separately in Q4 FY ’25.
Vinod Kumar Sharma
On an average, we are doing 3 lakh metres per month at this moment. Thank you, sir. We’ll further increase.
Sai Ganesh
Thanks for the answer, sir.
Operator
We have our next question from the line of Abhir from Old Bridge Mutual Fund. Please go-ahead.
Abhir Pandit
Hi, sir. Thanks for the opportunity. Sir, just a single query. Sir, as you have shared that there is uncertainty due to tariffs. So just wanted to understand, I mean, in case companies decide to put up capacities in areas where tariffs are not much or limited, how much time does it take to put up a capacity? And is there any approval process specifically from the OEM which has to be completed so in order to understand this.
Vinod Kumar Sharma
So it takes 12 to 15 months minimum. It takes to put up a okay anywhere. And permission and other approvals depends on the local laws of the country.
Abhir Pandit
Okay. Okay. Okay. Sir, but is there any approval process from the — I mean, related to quality aspects from the, let’s say, the OEMs, which has to be completed before the.
Vinod Kumar Sharma
I mean, before the general process. Okay, okay. It’s also processing.
Abhir Pandit
Okay. Okay. That’s also. Thank you.
Operator
Thank you. We have a next question from the line of Nikhil from Simple. Please go-ahead.
Nikhil
Yeah, I just have one question. Recently, one of our competitors had wrote a press release that they have started supplying to Hyunda. And if I remember in one of our annual reports, we had mentioned we were supplying to Hyunda. So is it a customer loss on us? And on what basis, is it on price that we’ve lost the customer or.If it come in every automotive customers normally Q2C has two to three suppliers, not dependent on one single customer supplier.
Vinod Kumar Sharma
Okay. So we’ve not lost the customer.
Nikhil
Yes. Okay, fine.
Operator
Thank you, sir. This would be the last question for today. And I now hand the conference over to the management for closing comments. Over to you, sir.
Vinod Kumar Sharma
Thank you yeah. So thank you to all for joining this conference call of Q4 FY ’24. And we just want to say that our company is doing well and expected to do further well in all aspects of exports and domestics and this will be continued for next two to three years. And you rest assured and make sure that nothing will be left unturned and we are trying our best to increase our top-line and bottom-line. Thank you.
Operator
Thank you, sir. On behalf of Networth Capital Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.