{"id":146830,"date":"2023-05-21T22:17:29","date_gmt":"2023-05-22T02:17:29","guid":{"rendered":"https:\/\/44.250.171.167\/?p=146830"},"modified":"2023-05-21T22:17:31","modified_gmt":"2023-05-22T02:17:31","slug":"mitsu-chem-plast-ltd-mitsu-q4-fy23-earnings-concall-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/mitsu-chem-plast-ltd-mitsu-q4-fy23-earnings-concall-transcript\/","title":{"rendered":"Mitsu Chem Plast Ltd (MITSU) Q4 FY23 Earnings Concall Transcript"},"content":{"rendered":"

Mitsu Chem Plast Ltd (NSE:MITSU) Q4 FY23 Earnings Concall dated May. 16, 2023.<\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Unidentified Speaker<\/strong>\u00a0—<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Anant Chaudhary<\/strong>\u00a0—\u00a0Electrum Portfolio — Analyst<\/em><\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Akhil Parekh<\/strong>\u00a0—\u00a0Centrum Broking — Analyst<\/em><\/p>\n

Rahil Shah<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Aditya Jain<\/strong>\u00a0—\u00a0AJ Capital — Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day, and welcome to Mitsu Chem Plast Limited Q4 FY ’23 Results Conference Call hosted by Kirin Advisors. [Operator Instructions]<\/p>\n

I now hand the conference over to Ms. Kajal Gabra [Phonetic] from Kirin Advisors. Thank you, and over to you, Ms. Gabra.<\/p>\n

Unidentified Speaker<\/strong>\u00a0—<\/p>\n

Thank you. Good afternoon, everyone. Thanks for joining the conference call of Mitsu Chem Plast Limited. I would like to welcome Mr. Manish Dedhia, the Joint Managing Director and CFO of Mitsu Chem Plast Limited; and Ms. Kashmira Dedhia, the Vice President Heading Finance and Accounts at Mitsu Chem Plast Limited. Manish, sir, over to you.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Good afternoon, everyone. Good afternoon, everyone, and welcome to Mitsu Chem Plast Limited’s fourth quarter conference call. I would like to begin by thanking all of our stakeholders for their continued support and trust in our Company. Despite the challenging years, we are proud to report that our efforts have paid off and we have achieved revenue growth and profitability. Our team has been working hard to optimize cost and improve profitability, and we are confident in our ability to continue to do so in the future.<\/p>\n

We are pleased to report that our cost optimization measures have been successful, and we have been able to maintain profitability while growing our revenue. We have been closely monitoring market trends and factors that could impact demand. And we believe that with the right strategies and contingency plan in place, we can navigate any potential risks and continue to thrive as a Company. The demand trend for plastic packaging is very positive and we are excited about the potential for future growth. Our key products including Molded Industrial Plastic Packaging, Infrastructural Furniture Parts, Hospital Furniture Parts, Rescue & Safety Equipment and Automotive Components are in high demand from a variety of industries, including chemical, pharmaceutical, dyes, agrochemical, disinfection, diagnostic, hospital and infrastructure furniture and automotive manufacturers.<\/p>\n

During FY 2023, Mitsu Chem Plast Limited developed a several new products to cater to the growing demand in various industries. One such product is a range of plastic pails. This product has received a positive result from customers, and we expect them to contribute significantly to our revenue growth in the coming years. Additionally, we also introduced new variants of our existing product lines in packaging vertical. Our focus on innovation and product development will continue in future as we try to meet the evolving needs of our customers and stay ahead of the competition.<\/p>\n

We are encouraged by the predicted growth of Indian plastic packaging market, which is expected to grow at a CAGR of 2.5% by 2027. The demand for rigid plastic packaging in the food industry, cosmetic and toiletry industry and e-commerce packaging is also growing. We believe that these trends bode well for our Company’s future growth. Regarding raw material prices, we have implemented strategies to control cost and are pleased to see a favorable trend in oil prices. We are optimistic that this trend will continue in FY ’24, which gives us a positive outlook for the coming year.<\/p>\n

Now I request Ms. Kashmira Dedhia to update on further forward.<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

Good afternoon, everyone. We are pleased to report that our total income for FY ’23 was INR309.33 crores with EBITDA at INR26.60 crores and PAT at INR11.80 crores. In quarter four, financial year ’23, our total income was INR83.17 crores with EBITDA at INR7.58 crores and PAT at INR3.30 crores. We are confident that we can build on these strong results in the future.<\/p>\n

Mitsu Chem Plast Limited’s revenue during financial year ’23 was driven by the demand for its products across various business verticals. The Company’s Molded Industrial Plastic Packaging products accounted for the largest share of 84.59% to the revenue, as it continues to supply OEMs of various industries such as chemical, pharmaceutical, dyes, agrochemical, disinfectants, etc. The hospital furniture parts vertical also contributed 8.75% to the revenue growth.<\/p>\n

As the demand of this product continue to increase due to the growth in the healthcare sector and the other verticals, including infrastructure furniture contributed to 6.67% to the revenue. Mitsu Chem Plast Limited continue to maintain a good level of capacity utilization during financial year ’23. The Company’s plants operated at on an average capacity utilization of around 67% on an installed capacity of 24,000 plus metric tons per annum approximately. The capacity utilization was achieved through efficient production planning, effective cost management and timely investments in technology and machinery. During FY ’23, Mitsu Chem Plast Limited was successful in maintaining healthy working capital cycle and stood at 84 days, which is critical for sustaining the Company’s growth and profitability. The Company focus on reducing its inventory level and optimizing its receivables and payables. This might help to generate a positive cash flow from operations at INR21.99 crores.<\/p>\n

In conclusion, I would like to express my appreciation to our employees, customers, suppliers and shareholders for their contribution to our success. We remain committed to delivering value to all our stakeholders and look forward to another successful year. Thank you.<\/p>\n

Now I open the forum for question-and-answer session.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] We’ll take our first question from the line of Yashwanti Khedkar [Phonetic] from [Indecipherable] Finvest. Please go ahead.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Good afternoon, sir. Just wanted to understand like everything [Technical Issues]…<\/p>\n

Operator<\/strong><\/p>\n

Yashwanti…<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah, I think we’re not able to hear.<\/p>\n

Operator<\/strong><\/p>\n

Your audio is not very clear. Please use the handset while asking this question.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

I’m using handset only. Am I clear now?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Not yet.<\/p>\n

Operator<\/strong><\/p>\n

A little better, but it’s not yet clear. Please use the handset, ma’am.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Yeah. Just wanted to understand like oil has started trending off, so what is your outlook you wanted to give as far as your cost is concerned?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Sorry, I’m really sorry, I could not understand the question properly.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Sir, oil is — the oil prices matters as far as our raw material prices is. Now till last year the oil prices are very high above INR100 [Phonetic]. Now it has started trending off and it has come down to INR70 [Phonetic], INR75 [Phonetic] level. So what is the outlook or what is — what you would like to say that how it will affect our cost prices?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Okay. So as I understood, you were talking about the oil prices, right?<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Yes, yes, because that is our main key raw material related prices.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

No, no. So I’ll just clarify. This is not our main raw material, but yes, I think crude is one of the part of HDPE material.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

[Indecipherable].<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

And sometimes it impact big role in the volatile listing. But yes, definitely, the crude is one of the part in our prices up and down for raw material. We — you can see from last three months or four months, the crude is not too much volatile, and that’s what our — you can see our prices are stable now. About — and this is not the only one impact, but there is majorly demand supply also makes a lot of difference in this — our plastic segment.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay. So how would you like to say about the demand and supply and how it is now pairing it up as per the Company?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah, it looks lowest, it looks a little lowest now because I think from last — I mean, like the last quarter, you can see it was very good robust in the demand and hence I think the overall demand has a little bit picked up, and which we also believe that this will continue for this ’24 year, this quarter one of ’24.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay. Sir, we have also this cash at present. So are we investing anything in the new product R&D?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Come again, madam, I think you need to repeat the question please.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Yeah. What I’m saying is this year we generated very good cash flow from operation. So are we looking to invest in the R&D about the new product?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

What do you mean by R&V.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

R&D, research and development.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

R&D. I’m really sorry. I could not get those words. No, we — so we are already doing a lot of R&D activities in-house. So like, new product development, the product designing. So it is, I think for Mitsu, it’s a continuous process.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay. So any product size in pipeline which we can…<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yes, ma’am.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Sorry.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah. So as I just mentioned in our — my speech that we are doing a lot of new product development. So a lot of — unless and until we are success with or we are satisfied with the product testing, we cannot launch that product. So there are many products are going on which we are taking the trials and all these things. So as soon as we will ready with that, we will launch this.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay. Then what would be like to be the outlook for FY ’24, is it positive, would be the cost per gallon, an improvement in the margin?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah. So as we mentioned here that a lot of capacity utilization is one of the criteria for us that we have to utilize that capacity utilization, number one. Number two, yes, raw material management also we have to do very well. I think those are all the cost optimization tools. And we are looking — also we are looking for a very good market, looks like — as of today, it looks like the market is very, very good demanding for ’24. So we hope this year will be beneficial to each and everyone.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Any particular segment you look optimistic, the packaging or the hospital furniture?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So, particularly pharmaceutical, we are targeting, because I think the last whole year was not so good for them.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

And now it is — looks like right now that it is picking up the market.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Sir, would you like to name the pharmaceutical company as your clients in this forum?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Sorry, sorry.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Would you like to name those pharmaceutical companies who are your clients in this forum?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

No, ma’am, this will be surprise, because there are many customers, whom — I’ll — if I’ll name, my call will be over.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

And I do not know, but I think there are many clients, we are majorly supplying to pharmaceutical and chemical companies. And all chemical and pharmaceutical companies are doing really good. I think last year was exceptional year looks like, but I think there are many good companies.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay. Sir, would you like to say that how much our top five clients contributed to your FY ’23 revenue, ma’am?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Top five?<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Top five clients has contributed to your top-line, that is revenue.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah. So those are pharmaceutical companies, chemical companies and furniture companies. So it’s a mix of that.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Sir, any percentage of the revenue that has contributed to the top five clients in terms of percentage, 60% [Phonetic], 70% [Phonetic], 80% [Phonetic], that has contributed to your top-line from the top five clients?<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

I think for top five, maybe nearly 30% to 40%, not more than that, ma’am.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So our 30 — top 30 customers are giving us a revenue of 80%.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay, okay, sir. Thank you so much, and all the best for the future. I’ll come back in the queue. Thank you so much.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Anant Chaudhary from Electrum Portfolio. Please go ahead.<\/p>\n

Anant Chaudhary<\/strong>\u00a0—\u00a0Electrum Portfolio — Analyst<\/em><\/p>\n

Thank you for the opportunity. My question is regarding this new product which is built. So I just want to understand what is the capacity there and what utilization do you expect in FY ’24 or FY ’25, and what are the margins there?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Okay. So 1,600 metric tons is our capacity for the entire year. We are looking for at least 60% utilization capacity in the same as of — to start with. And yes, there is a good profitability, but yet to start in a very well manner. So I think we have already done that, kickstart already done this current year. Let’s see how does this goes on after first quarter.<\/p>\n

Anant Chaudhary<\/strong>\u00a0—\u00a0Electrum Portfolio — Analyst<\/em><\/p>\n

60% you’re targeting for FY ’24, is this the correct understanding?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yes, yes.<\/p>\n

Anant Chaudhary<\/strong>\u00a0—\u00a0Electrum Portfolio — Analyst<\/em><\/p>\n

Okay, and what are the margins there?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So EBITDA margins are like 14% to 18% in between.<\/p>\n

Anant Chaudhary<\/strong>\u00a0—\u00a0Electrum Portfolio — Analyst<\/em><\/p>\n

Okay.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So right now, and then it can increase also once we start rolling out this.<\/p>\n

Anant Chaudhary<\/strong>\u00a0—\u00a0Electrum Portfolio — Analyst<\/em><\/p>\n

All right, got it. Thank you. I’ll come back in the queue.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take our first question from the line of Himani Ubhan from — we take our next question from the line of Himani Ubhan from Suraj Enterprises. Please go ahead. Himani, your line has been unmuted. Please ask your question. Himani from Suraj Enterprises, your line has been unmuted. Please unmute yourself on your device and ask your question. As there is no response from the line, we take our next question. [Operator Instructions] We take our next question from the line of Sriram R., an Investor. Please go ahead.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Yeah. Thanks for the opportunity. Can you please provide the segment…<\/p>\n

Operator<\/strong><\/p>\n

Sir, I’m sorry to interrupt. Mr. Sriram, your line is not very clear. Please use the handset, sir.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Hello, am I audible now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, you are. Please go ahead, sir. Thank you.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Yeah. Can you please provide the breakup for the different segments like industrial, infra, auto and healthcare?<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

So packaging sector is giving 84.59%, in fact, hospital furniture is giving 8.75%, and others including infrastructure furniture is 6.66%.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

So when you say packaging, so can you please provide some breakup for that like which sector do you cater to, some details on that?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

We serve packaging sectors to chemical, pharmaceutical, lube oil, edible oil, even some of the FMCGs and so. So it is a mix of that.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay. And your exports as a percentage of revenue?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

There is no export yet. And I think in the packaging items, export will be a little difficult for — so we’re not — we — I don’t — we don’t have export.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay. Sir, on your capex plans for FY ’24 and FY ’25?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So we haven’t declared yet. As soon as we plan out and we finalize, we will definitely come out with that plans.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay. And sir have you finalized any orders with some paint companies, because earlier you were talking about that in the earlier call, so any progress on that?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Not yet, not yet. So right now, we are focusing on lube market only.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Lube market, okay.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Thank you so much.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Prakash Jaiswal, an Investor. Please go ahead.<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Hello?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yes.<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Good afternoon, sir. My question is, sir, how was export during FY ’23 and does it look promising for the current year?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Sir, I think you need to repeat the question. I’m sorry, I could not understand the question.<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Sir, how was your export during FY ’23 and does it look promising for the current year?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Export, sir, I just now mentioned, you know there is no export at all.<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay. So…<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

We’re into packaging drums and articles, so we do not have a direct export such as.<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay. And sir, what is your current working capital cycle?<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

Gross working — gross is 84 days.<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay. And so average interest rate, sir, what is…<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

Average interest rate is around 9.5% for full year.<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay. So what is your current capacity and capacity utilization?<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

Capacity utilization for full-year is around 67% on an average.<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay. 67% on an average.<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

Yes. Yes.<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Hello?<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

Yes.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yes, sir, yes, sir, 67%.<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay. So sir, do you have any — taken any price hikes to escalate the cost to your clients?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Sir, repeat the question, please?<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Sir, do you have any — taken any price hikes to escalate cost to your clients?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Price?<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

Price rise.<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

The price hikes to escalate cost to your clients.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

I don’t understand, what is the question.<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Actually, any variation in the price of raw materials we escalate the cost to your clients?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yes, yes, yes. So we have that — generally it’s a quarterly practice, and we do that, but there is a cut-throat competition, so definitely. But yes now customers also understanding that if they want the quality, they are agreeing on that. Some of the customers, yes, agreeing on that and we’re just — just they are giving some price benefit.<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay. So my last question, sir, has been any products added to our product portfolio?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

What?<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

Any product to our product portfolio?<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Has there any — are there products added to our portfolio in the portfolio?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So the pails was — we have announced last time, some of the new products which we are under trials and everything, so once we through, then only we will put it into this. So we have a very good habit of announcing everything whatever we are coming up with the new. So definitely, we — whenever the new product comes up, we announce that.<\/p>\n

Prakash Jaiswal<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay, sir, thank you, sir.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Akhil Parekh from Centrum Broking. Please go ahead.<\/p>\n

Akhil Parekh<\/strong>\u00a0—\u00a0Centrum Broking — Analyst<\/em><\/p>\n

Hi, thanks for the opportunity. My first question is on the capacity side. The cash flows I see, we have done almost INR28 crore of capex including CWIP. So how much of the capacity was added during FY ’23? And given that we’re already at 67%, 70% of utilization rate, what kind of capacity additions we should expect in FY ’24?<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

Sir, basically in our plant and machinery, we have added the paste machine. So for that, sir has already mentioned that around 1,600 metric tons capacity we have added. We have added one more machine of — small machine for SBM. So that might be a — that is the regular practice. So that is the capacity addition we have done.<\/p>\n

Akhil Parekh<\/strong>\u00a0—\u00a0Centrum Broking — Analyst<\/em><\/p>\n

Okay. So we have spent INR28 crore to add 1,600 tons of capacity, is that understanding correct?<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

Can you repeat?<\/p>\n

Akhil Parekh<\/strong>\u00a0—\u00a0Centrum Broking — Analyst<\/em><\/p>\n

I’m saying we have done almost INR25 crore to INR28 crore of capex for last year and we have added 1,600 [Phonetic] tons of capacity?<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

So, sir, the other additions, other expansion was around other fixed assets. In plant and machinery, this was the addition.<\/p>\n

Akhil Parekh<\/strong>\u00a0—\u00a0Centrum Broking — Analyst<\/em><\/p>\n

Okay, okay. And this mid-year FY ’24, what kind of additions we are anticipating because we are already at 70% right, and in packaging, I believe that’s the peak one can achieve 70%, 75%. So I believe we will be adding more capacity, right, in next one year or two years?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Sir, can you repeat the question? The last — some of the words which I missed. So if you can…<\/p>\n

Akhil Parekh<\/strong>\u00a0—\u00a0Centrum Broking — Analyst<\/em><\/p>\n

I’m saying the capacity — sure, sure. I’m saying what kind of capacity addition should we expect in FY ’24?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah. So I think we will announce once we are finalizing everything. So definitely, yes, but Mitsu is on a expansion more, so definitely we will come up with some good plants. So once we come up, we will announce that.<\/p>\n

Akhil Parekh<\/strong>\u00a0—\u00a0Centrum Broking — Analyst<\/em><\/p>\n

Okay, okay. Another question on the volume front, right, we are at 67% utilization rate, which implies almost 16,000 tons of volumes. So we have grown at almost 18% on a CAGR basis for last four years, five years in terms of volume growth, while sales per kg if I look at it for this year is almost I believe at INR190, which is kind of a record high in last many years. So is this because of the product mix change or is it because polymer prices are on a higher side and that’s why the realization was on a higher side in FY ’23?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

It’s both. I will say it is both, because see, there is a mix of — because our product range here is very vast and both the things has been — took this place like you know some of the raw material also prices — so raw material prices were too much volatile also, so went up, went down like that. And for new product also, there were many new products which has participated in this.<\/p>\n

Akhil Parekh<\/strong>\u00a0—\u00a0Centrum Broking — Analyst<\/em><\/p>\n

Okay, okay, got it. And last question like for this year FY ’24, should we continue to build in like around at least 10% to 15% of volume growth and probably we might maintain the realization or sales per kg what we did in FY ’23?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So considering ’22-’23 is a special year as we consider because that was — last five years was very low down — in last five years,, ’22-’23 was a very lowest one. So we don’t want to benchmark ’22-’23, but yes, we are in a growth path and definitely we look for better growth.<\/p>\n

Akhil Parekh<\/strong>\u00a0—\u00a0Centrum Broking — Analyst<\/em><\/p>\n

Okay, okay, this is helpful, and best wishes for coming quarters. That’s all from my side. Thank you.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Rahil Shah, an Investor. Please go ahead.<\/p>\n

Rahil Shah<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Hello, good afternoon. Am I audible, sir?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah, good afternoon. Audible.<\/p>\n

Rahil Shah<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Yes, yes. So, in one of the earlier questions someone asked you, you’re mentioning something about 60%, was it — sir, I was not able to understand and some 14% to 15% margins, what was that in regards of — is that…<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So I think the question was for paint which is we have just started that new business.<\/p>\n

Rahil Shah<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay, okay. So that was for…<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So he was asking that what will be the capacity utilization you are looking at this complete year. So we said 60%, we are — minimum we are planning to utilize that.<\/p>\n

Rahil Shah<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay. And that category has like 14% to 15% margin?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

14% [Phonetic] to 15% [Phonetic] margin, yeah, yeah, yeah.<\/p>\n

Rahil Shah<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Right, okay. And then you recently also mentioned, you are focusing — did I hear it correctly, is it the lube market, L-U-B-E?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yes, yes, yes. Lube and paint industries, see the paint is made for lube and paint industries. So till now we were focusing on the lube, the paint industry is also upcoming. So definitely as soon as we will have customers of paint industry, we will announce that also. So we are ready with both the items, lube and paint, lube and paint. But till now we were focusing on lube, so we have that percentage what we have announced is for lube.<\/p>\n

Rahil Shah<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Correct, okay, okay. And so what about the outlook like in terms of your top-line, how much you’re expecting given your strategies, your priorities for cost optimization, which you are doing, and then you said you’re in expansion mode. So are you in position to give like any guidance for top-line and margins on a consol basis?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yes. It will be — see, I can tell you some of the things that with the current given capacity and everything we can achieve around INR425 crore top-line. If we do not install any new machine, so we — whatever the capacity we have right now, so we can achieve around INR425 crore. We are trying to achieve nearby that. So hope for the best I mean like we are also trying hard on this.<\/p>\n

Rahil Shah<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay, but then you also said that you are definitely going to expand the capacity, so that can we…<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

That we will announce as and when required because it is under consideration on the proposal.<\/p>\n

Rahil Shah<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay. Any like estimated time how soon it will be?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Maybe…<\/p>\n

Rahil Shah<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Just trying to figure out, if you have an easy answer?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Very soon, sir, very soon. We will — very soon we will come up with something because the Board has to approve everything and then only we can announce that.<\/p>\n

Rahil Shah<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Yeah, yeah, no problem, no problem. And okay, yeah, I think that’s it. Thank you. Thank you so much and all the best.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] We’ll take our next question from the line of Himani Ubhan from Suraj Enterprises. Please go ahead.<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Hello. Yeah, good afternoon, sir.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Good afternoon, ma’am.<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Yeah. My question is till how long you expect cost headwinds to continue?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

What?<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Till how long you expect cost headwinds to continue?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Sorry, ma’am, I’m not able to understand you, sorry. I’m not able to understand the question.<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

I’m asking till how long you expect cost pressure to continue?<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

Cost pressure.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Cost pressure. It’s — I think I’m not the right person to answer on this. But, yes, see, there is a market-driven, it is completely international market-driven. So sometimes the crude price goes down, the demand sometimes suddenly comes up, the price goes up. So it is vice versa. Sometimes crude prices are so high, but demand is not, then the prices goes down. So I mean, it’s a really dynamic market, especially I cannot predict.<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Okay, okay. And what is EBITDA margin guidance going forward?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Wow, good question. So yes, our target is not — definitely in more than double-digit only. So I think our target should be not less than 12% or 13%, but we are targeting very heavily for that. So around 13% is our target right now.<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Okay. And, sir, any new clients added to our portfolio?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

No, the paint was the last one what we have announced. New clients, you said?<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Yeah, new clients added to our portfolio.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah, some around 40-plus clients has been added last quarter.<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Okay.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So we are also adding — see, customer bases also, we are increasing that. So that is the reason we always try for good customers.<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Okay. Any new product launches in pipeline?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah, so as I said like there are a lot of developments going on in Mitsu Chem. So once we are ready with that, we will definitely announce.<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Okay, okay, sir. And how is order book inflow from our clients?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

We are good right now, look, this quarter also looks good till now.<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Okay. How is hospital furniture demand, sir?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah, good. It is very good demand now. But as I said, this is our capital industry. So always, there is up and down in the demand, because it goes in the capital industries. So people who buy once will not buy again, but yeah, but there are many, many in India, there are infrastructure facilities coming up like huge. So the orders are flowing.<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Okay. Any exports started in hospital furniture?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So we are targeting some, we have attended many, many exhibitions in last one year. I mean, we have participated that and many inquiries had come and definitely we’ll have a very good result very soon, very soon we will announce also that. So we got a good party — good response in the exhibitions.<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Okay, okay. And sir, what steps you’re taking to optimize cost?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

What?<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

What steps you’re taking to optimize cost?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

I think, ma’am, can you just go a little away from your device and then speak please?<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Yeah, can you hear me, sir?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

I can hear you, but some of the words are not clear to me.<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Yeah. My last question is what steps you’re taking to optimize cost?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

There are many steps, ma’am. And along with that also, we are looking for like, as I said like, we have added customers also. And for cost utilization, yes, the raw material is our key material. So there also, we are trying to optimize where we can do that.<\/p>\n

Himani Ubhan<\/strong>\u00a0—\u00a0Suraj Enterprises — Analyst<\/em><\/p>\n

Okay, okay, that’s it from my side, sir. Thank you so much. All the very best.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Thank you. Thank you, ma’am. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Yashwanti Khedkar from [Indecipherable] Finvest. Please go ahead.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

You were just talking about cost optimization in my last colleague’s question, sir, which will reduce…<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry to interrupt, ma’am. Please use the handset. Your audio is not coming very clear. Please use the handset. Thank you.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Am I clear now?<\/p>\n

Operator<\/strong><\/p>\n

No, it is not.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Am I clear now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, better. Please go ahead.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Yeah. This was — I just wanted to understand like have you taken any price rise to escalate the cost of raw material in the last year?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

What? What? What?<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

The raw material last year?<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Price hike.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Well, the raw materials number, I could not hear very well the earlier sentence.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

The price hike has been taken to escalate the cost to our clients?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Price?<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Hike, price has been increased, any price increase you have taken?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah, yeah, obviously. See, we do — we — every month, there is price changes in our raw material prices. So we have to go to customer and we have to ask for if the price hike is there, we’ll ask of them, and if the price is lower, we have to pass on the price also. So I think that’s a very common practice in our type of business.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

So that happens immediately or it happens with a lag effect?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So generally, see, the prices changes weekly here in internationally and in India as well. We generally change the price every first of the month.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay, okay, okay. And sir, and we talked — ma’am talked about like 8.7% or 8.75% has been contributed from the hospital furniture. So how you see the demand coming up over there, because COVID was a good time where you had seen a huge jump in the hospital furniture business. So that is still there or like how it is shaping it up?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

No, see, I’ll tell you what, I think your analysis was very right, but I’ll just specifically say, see, for hospital, demand has not reduced too much in this, but yes, our containers and other business has also gone up very well. So that small percentage has come down a little bit, but definitely we are also focusing on this because this is a value addition item for us, and we are also focusing on, as I said like we are participating in abroad for — export our furniture parts to other countries. So definitely, we will have a very good impact in the next year — this coming year.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay. So — and this point of view, I understand. What is the price difference between the Mitsu and China in the hospital furniture business?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So in India, it looks like we are much, much competitive, because there are many aspects like delivery, we deliver in six days times to anywhere in India. We have already godowns in Delhi, and which caters to North market. We have South Hyderabad, which caters to like South market. So we are keeping a ready top there everywhere, like you know — so that’s one of the availability is very, very good with us. Price-wise also, we are very good at — good. So I think in India, at least we are — we have captured a very good market. Let’s say, imports are possible because some people wanted to go for import and then just — but I think in a longer time, import will be totally shut down.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Sir, is it possible for you to share your market share in this segment?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So I’ll not be able to tell you the profit numbers, but I’m going to consider as a very perfect one, because we do not have a back end of market thing, because in hospital furniture bed — hospital bed, there’s a lot of unorganized market as well. So we are not able to capture those numbers very well. But I can say 60% plus market share we have in India.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay. Sir, in the export…<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Maybe more than that, but I can — we just wanted to revisit the numbers by 60%.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay, okay. And sir, what exports — are we in the export market competitive against China in the hospital furniture export market?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Very, very well. Yes, yes, very, very well. The only thing is now the design, the new things, it takes some time. So I think it’s a matter of some time and definitely we will get the good result also.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay, okay. Yeah, I mean, how big do you think the organized market or can you specifically how our organized market is?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

I’ll not be able to comment and I’m not a expert in that. So I will not be able to comment on that. Sorry.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Sir, in the automobile segment, where are we, like where are we standing, how is that segment performing for us?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

No, so, Automotive Components, we are just doing some of the trials only right now, again, some of the things, but yes, we are not in the sales, there is no big impact on that right now.<\/p>\n

Unidentified Participant<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay, okay, sir, thank you so much.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Anant Chaudhary from Electrum Portfolio. Please go ahead.<\/p>\n

Anant Chaudhary<\/strong>\u00a0—\u00a0Electrum Portfolio — Analyst<\/em><\/p>\n

Thank you again for the opportunity. Can you please provide me the breakup of the total capacity? So, right now, I think total capacity is 24,000 metric tons. Can you just provide the breakup of the packaging, what is the furniture?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

So we have a total capacity altogether — is it 26,000 metric tons?<\/p>\n

Kashmira Dedhia<\/strong>\u00a0—\u00a0Vice President, Accounts and Finance<\/em><\/p>\n

24,000 metric tons.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Utilization. No, no, total capacity.<\/p>\n

Anant Chaudhary<\/strong>\u00a0—\u00a0Electrum Portfolio — Analyst<\/em><\/p>\n

Okay, 24,000 metric tons and utilization for FY ’23 was 69%.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yes — 67%.<\/p>\n

Anant Chaudhary<\/strong>\u00a0—\u00a0Electrum Portfolio — Analyst<\/em><\/p>\n

67%. Okay. Second thing is about the — have we added any customers in the — this pails segment?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yes, we are adding many — we have added many customers and still we are adding the customers for the better profitability and the better sales.<\/p>\n

Anant Chaudhary<\/strong>\u00a0—\u00a0Electrum Portfolio — Analyst<\/em><\/p>\n

So the 1,600 metric tons we have added, how much would be in pails and how much would be in the FMCG?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

We are considering everything consolidated, packaging material is only one, so like that’s how we are considering at one.<\/p>\n

Anant Chaudhary<\/strong>\u00a0—\u00a0Electrum Portfolio — Analyst<\/em><\/p>\n

Okay. Just one last thing, any rough estimate of the market size of this hospital furniture in India organized, unorganized, whatever, any rough estimate?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

No, sir, I’m not the expert and I will not be able to tell you that, because I think there is a — we are not able to understand some of the things. So we will not comment on that. Sorry.<\/p>\n

Anant Chaudhary<\/strong>\u00a0—\u00a0Electrum Portfolio — Analyst<\/em><\/p>\n

All right, thank you so much.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] We’ll take our next question from the line of Aditya Jain from AJ Capital. Please go ahead.<\/p>\n

Aditya Jain<\/strong>\u00a0—\u00a0AJ Capital — Analyst<\/em><\/p>\n

Hi, sir, just one question from my side. Any thoughts on when can we expect the FPOs in the market to again normalize now?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Thanks. At least you open up that subject again. Yes, let’s see, now in the market, it looks like the market has again come back, and we’ll try to figure it out in next coming months and then we will announce very soon, something will pop in this.<\/p>\n

Aditya Jain<\/strong>\u00a0—\u00a0AJ Capital — Analyst<\/em><\/p>\n

But we already have got all the approvals, right?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah, yeah, we — all the approvals, and I think all the approvals are on our website. So those are — everything is ready.<\/p>\n

Aditya Jain<\/strong>\u00a0—\u00a0AJ Capital — Analyst<\/em><\/p>\n

Okay. So hopefully this year we should be able to close it right?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yes.<\/p>\n

Aditya Jain<\/strong>\u00a0—\u00a0AJ Capital — Analyst<\/em><\/p>\n

Okay, thank you so much.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Thank you. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Sriram R, an Investor. Please go ahead.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Sir, a couple of questions. What are your debt reduction plans?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

One was the FPO for sure.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

I can say that, but I think, unless and until it happens, I mean like I can’t say that this is the only plan. But yes, it doesn’t happen, then yes, we have to plan out something differently. But, yes, our — the term loan which we secured, it is already paid off. Many of the term loans had been paid off. So now only, I think you see, working is there.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

So this INR80 crores, which is there in the balance sheet is entirely working capital, right?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

No, no, no, no, not entirely.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay. How much would be working capital?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Working capital, maybe you can say 80% will be working capital, 20% maybe term loans.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay. Sir, on the competition side, whom do you like look up to benchmark against, can you give some names whether it’s — it will be helpful?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Sir, you need to repeat the question please, if you don’t mind.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

On the competition side, sir, like whom do you look up to whom do you benchmark against, like who is your nearest competitor?<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah, there are many listed, unlisted names. So when — there are packaging supplier, it will not right to pick a name here. But yes, there are many packaging companies are also here, who have a little bit of similar business, because we also have different, different type of business, some companies also have a different type of business. So vertical wise, there are different, different, but some of the things, maybe you can mix match.<\/p>\n

Sriram R<\/strong>\u00a0—\u00a0Investor — Analyst<\/em><\/p>\n

Okay, okay, fine, thank you.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] As there are no further questions from the participants, I’d now like to hand the conference back over to the management for closing comments. Over to you, sir.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah. Hello?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir, please go ahead with any closing comments.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Dear all, thank you very much for participating in this con call. And whatever the new things coming up, we will definitely announce. And please see our website and everything, we are announcing all our newsletters and energy [Phonetic]. So thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much, sir.<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Yeah.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n

Manish Dedhia<\/strong>\u00a0—\u00a0Joint Managing Director and Chief Financial Officer<\/em><\/p>\n

Okay.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mitsu Chem Plast Ltd (NSE:MITSU) Q4 FY23 Earnings Concall dated May. 16, 2023. Corporate Participants: Unidentified Speaker\u00a0— Manish Dedhia\u00a0—\u00a0Joint Managing Director and Chief Financial Officer Kashmira Dedhia\u00a0—\u00a0Vice President, Accounts and Finance Analysts: Unidentified Participant\u00a0—\u00a0— Analyst Anant Chaudhary\u00a0—\u00a0Electrum Portfolio — Analyst Sriram R\u00a0—\u00a0Investor — Analyst Prakash Jaiswal\u00a0—\u00a0Investor — Analyst Akhil Parekh\u00a0—\u00a0Centrum Broking — Analyst Rahil Shah\u00a0—\u00a0Investor […]<\/p>\n","protected":false},"author":1905,"featured_media":71742,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"$Mitsu Chem Plast Ltd (MITSU) Q4 FY23 Earnings Concall Transcript #earnings #markets #investing","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349,5753],"tags":[9044],"class_list":["post-146830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","category-industrials","tag-industrial-products"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":133590,"url":"https:\/\/alphastreet.com\/india\/mitsu-chem-plast-ltd-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":146830,"position":0},"title":"Mitsu Chem Plast Ltd Q1 FY23 Earnings Conference Call Insights","author":"Praveen","date":"August 30, 2022","format":false,"excerpt":"https:\/\/youtu.be\/277j_x20WTY Key highlights from Mitsu Chem Plast Ltd (MITSU) Q1 FY23 Earnings Concall Q&A Highlights: Nairit Gala of TSG Capital asked about the number of clients added in 1Q23 vs. 4Q22. Manish Dedhia CFO replied that new clients added is about 25 plus in 1Q23 mostly from chemical and pharmaceutical\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":136890,"url":"https:\/\/alphastreet.com\/india\/mitsu-chem-plast-ltd-q2-fy23-earnings-conference-call-insights\/","url_meta":{"origin":146830,"position":1},"title":"Mitsu Chem Plast Ltd Q2 FY23 Earnings Conference Call Insights","author":"Praveen","date":"November 15, 2022","format":false,"excerpt":"Key highlights from Mitsu Chem Plast Ltd (MITSU) Q2 FY23 Earnings Concall Management Update: [00:04:13] MITSU said it\u2019s diversifying into new product category of plastic pail that\u2019s mainly used for packaging of lubricants, paint, ink and food for the FMCG industry. Q&A Highlights: [00:10:06] Nairit Gala from TSG Capital asked\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":178914,"url":"https:\/\/alphastreet.com\/india\/mitsu-chem-plast-limiteds-q3-fy26-ebitda-rises-73-and-net-profit-grows-217-yoy\/","url_meta":{"origin":146830,"position":2},"title":"Mitsu Chem Plast Limited’s Q3 FY26 EBITDA Rises 73% and Net Profit Grows 217% YoY","author":"Staff Correspondent","date":"February 2, 2026","format":false,"excerpt":"About Mitsu Chem Plast Ltd. Mitsu Chem Plast Ltd. (NSE: MITSU and BSE: 540078) engages in the manufacture of plastic blow-molded and injection-molded products. The company is headquartered in Mumbai, Maharashtra. The company went IPO on 2016-09-09. The firm's container product group includes blow-molded and injection molded products, ranging from\u2026","rel":"","context":"In "Other Industries"","block_context":{"text":"Other Industries","link":"https:\/\/alphastreet.com\/india\/category\/other-industries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":136071,"url":"https:\/\/alphastreet.com\/india\/mitsu-chem-plast-ltd-mitsu-q1-fy23-earnings-concall-transcript\/","url_meta":{"origin":146830,"position":3},"title":"Mitsu Chem Plast Ltd (MITSU) Q1 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"August 11, 2022","format":false,"excerpt":"Mitsu Chem Plast Ltd (BSE: MITSU) Q1 FY23 Earnings Concall dated Aug. 11, 2022 Corporate Participants: Manish Dedhia\u00a0--\u00a0Joint Managing Director & Chief Financial Officer Kashmira Dedhia\u00a0--\u00a0Vice President, Finance & Accounts Analysts: Sumit Maru\u00a0--\u00a0Kiran Advisors Private Limited -- Analyst Manan Poladia\u00a0--\u00a0MKP Securities -- Analyst Narit\u00a0--\u00a0TSG Capital -- Analyst Rohit Suresh\u00a0--\u00a0Samatva Investments\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":179219,"url":"https:\/\/alphastreet.com\/india\/mitsu-chem-plast-ltd-mitsu-q3-2026-earnings-call-transcript\/","url_meta":{"origin":146830,"position":4},"title":"Mitsu Chem Plast Ltd (MITSU) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 2, 2026","format":false,"excerpt":"Mitsu Chem Plast Ltd (NSE: MITSU) Q3 2026 Earnings Call dated Feb. 02, 2026 Corporate Participants: Ganesh Nalawade \u2014 Investor Relations, Kirin Advisors Manish Dedhia \u2014 Joint Managing Director & Chief Financial Officer Kashmira Dedhia \u2014 General Manager, Account and Finance. Analysts: Aditya Singla \u2014 Analyst Maitri Shah \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130726,"url":"https:\/\/alphastreet.com\/india\/aether-industries-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":146830,"position":5},"title":"Aether Industries Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 20, 2022","format":false,"excerpt":"Key highlights from Aether Industries Ltd (AETHER) Q4 FY22 Earnings Concall \u00a0 Q&A Highlights: Gagan Thareja - ASK Investment Managers - Analyst Would growth get constrained due to lack of capacity for the first 3 quarters of FY23? Rohan Desai - Whole-time Director Currently at 80% of utilization. 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