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Ladies and gentlemen, good day, and welcome to Mayur Uniquoters Q4 FY '24 Earnings Conference Call hosted by Monarch Networth Capital. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Dani from Monarch Networth Capital. Thank you, and over to you, sir.
Yes. Thank you, Joseph. Good afternoon, everyone. On behalf of Monarch Networth Capital, it's my pleasure to host the senior management of Mayur Uniquoters. We have with us Mr. Suresh Kumar Poddar, Chairman and Managing Director of the company; and Mr. Vinod Sharma, CFO of the company. I will now hand the call to Mr. Vinod Sharma for opening remarks. Then, we'll move to Q&A. Thank you, and over to you, sir.
Thank you, Rahul. Good afternoon, dear investors and analysts. It's a great pleasure to address you as we reflect on the past year and look forward to the future of the company. Your support and trust in Mayur Uniquoters 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 Uniquoters Limited Q4 FY '24 Conference Call. Mayur Uniquoters being a market leader in the synthetic leather industry and an nice player has been able to leverage the emerging [ apposite ] and delivered 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 '24 under review, and we will also give replies to your queries after our review on the financial advise -- results of the quarter. The company has achieved the revenue from operations on consolidated basis is INR 220.89 crores, PBT INR 39.93crores and PAT, INR 32.15 crores.
In the quarter, the consolidated revenue increased by 24%. PBT and PAT have increased by 10% and 18%, respectively. The revenue from operations on a stand-alone basis is INR 216.1 crores; PBT, INR 39.7 crores; and PET, INR 31.98 crores. And in this quarter, the revenue increased by 24% and PAT increased by 9%.
Our endeavor is to make the company a preferred supplier for the leading OEM, especially U.S. and European regions. [indiscernible] formed earlier that we have been selected and received some good orders for OEM supplies to new orders in export markets. And based on that, our OEM export sale is expected to increase further in this year as well as coming 2 years.
And the supply to some new hurdles has already started and some orders is expected to start in coming quarters. So we are hoping for a good performance in these 3 years. Also considering the continued request from our export OM customers, especially in the U.S., we have seen and finalized the industrial land to start with warehousing custodies and manifesting such [ letters ] in Mexico, near U.S. border soon. And land acquisition process will be completed after the required legal formalities done in Mexico.
Further to start the general business and European regions, we are also planning to establish a subsidy company soon in Lithuania, Europe to cater and supply our products to nearby countries in Europe. While pursuing our business interest, Mayur in the quarters has also been endeavoring to fulfill our responsibilities towards society.
Under the corporate social responsibility program, we contributed towards the regular plantations and having a plan to do it at large scale in coming years. The company has also adopted many happy schools for education of children. The company has worked on education for all people and underprivileged children, various health care initiatives, especially child skill development, water for all, sanitation in school area, distribution of books, bags, clothes, et cetera. And most importantly, family planning and family welfare schemes in the villages.
The state government has also recognized these initiatives on various platforms. I'm thankful to all the investors for their valuable time to those who became the part of this earnings call.
With this personal note, I would like to conclude and request you all to open the form for request. And I also request you that the conference call time is 45 minutes, therefore, kindly avoid repeated questions, and we will not discuss volume data. So please avoid volume-related queries. Thank you. Yes. over to you [indiscernible].
[Operator Instructions] First question is from the line of Soumik Ganguly from [ Aditya Money Limited ].
Yes. Sir, as you mentioned, revenue, EBT and PAT had an increase. So what would be the qualitative reason for it?
EBT has increased. Revenue has increased. PBT, that has increased for those reasons.
So is the market improving. We have good sales in automotive industry, so doing good and export is doing very good. That's the main reason.
Next question is from the line of [ Ritika Gupta ], an individual investor.
So I just wanted to know that can you elaborate on where the growth has come from? How has the footwear industry done in this quarter? How has the export OEM done, auto OEM domestic as well as the furnishing industry?
See, every area has done good except footwear industry. Because there was one regulation by Government of India, [ BIS specific Asia ]. Back in every footwear they have to use the BIS specification, which people were not ready for that. And because this cycle is very big cycle, manufacturer supply to a wholesaler. Wholesaler supply to the retailer.
Then from retailer, it comes to the consumer. Now because of this regulation and those existing stocks were so high that they have to consume the stocks, which is without BIS, first, to liquidate those stocks. They have their rate they have reduced. That's why the sale was down.
Okay. And sir, can you give us the breakup for export OEM or domestic auto OEM footwear, furnishing for this quarter, please, in terms of value, not volume?
Yes, please, note done.
Yes.
Overall, overall export volume is INR 66.62 crores in export, and the INR 147.58 crores in domestic. So would you like to have more breakup?
Yes, yes. In domestic, can you give us auto OEM or auto replacement footwear?
Auto OEM INR 52 crores. Replacement, INR 40 crores. Footwear, INR 48 crores. And others, you can take INR 8 crores.
Okay. Sir, can you also tell us what is the outlook for the export OEM and whether the BMW order has contributed to the growth in Q4, and whether it's a fixed price contract and how do freight costs impact us?
Outlook for export future is very good. OEM export is good general export is good. They're looking good.
And what kind of growth can we envisage in export OEM for this coming year?
20% you can consider in export OEM. And export general, we can -- you can consider 20% to 25%. 22%, 25% export and -- been in September.
Local. Domestic OEM.
Okay. And as per the numbers that you gave us, sir, the footwear industry is showing a growth year-on-year in terms of Q4 FY '23 and Q4 FY '24. You mentioned INR 48 crores of sale and footwear domestic versus INR 33.6 crores, which is Q4 FY '23, which I have the numbers.
In Q4, it has increased numbers in footwear, certainly. But overall, if you see the comparison of...
Yes. The whole year is down.
Yes, it's down.
[indiscernible]. So what is the outlook going forward? Can we see this run rate for Q4 continuing or we will see a dip again?
No, it will footwear will not increase much. But on footwear, we are working in very details with global brands. A local brand, there is too much competition also, and people are working with very, very little margin, which we don't want. So we are working on global brands, and we have already started working these brands. People have started visiting our factory. And hopefully, will start increasing.
It will take some time, but this will be a big leap in course of time because these -- once you are approved to these big brands, they can recommend you for the whole world, wherever they are manufacturing. So the chance is very good. We have a very good lead, but it will definitely take time. Because they have so many processes that it takes a long time to get approval then to get a business. But I think in next 3 years' time, this business will start increasing. And it will start every year, but after 3 years, we will see the big jump.
Okay. And what about the BMW order? Has it contributed to our Q4 revenue?
Yes, it has contributed, but not much because they are buying in Thailand only. Now they are starting in South Africa from this year. This year, it will increase, the quantity.
Okay. And is it a fixed-price contract? Like how does -- have freight costs impacted us in this Q4? And do we see them going forward also impacting us?
Yes, it is a fixed price contract and freight cost, it's a temporary phenomena actually when it increases because of certain reasons. And now it is coming.
Okay. And is it possible also to give us the PU revenue for this quarter?
PU, around INR 6.5 crores in last quarter.
Okay. And what about the investment that you mentioned of up to INR 30 crores in America? I understand it's for warehousing facilities, but is it going to like increase revenues? Or what is the purpose? And when can we see it?
Actually, we are taking this land for -- starting -- to start with the warehousing capacities and later, we'll use it for manufacturing capacities.
Okay. We are planning to set up a manufacturing?
Yes, yes, yes.
Next question is from the line of [ Oder Kumar ] from U.K. Capital.
Sir, despite good scale of business and exports doing well, why the margins contracted this time? It should have been gone up, right? And any margin expansion we're looking forward or...
Yes, definitely, margin is also good in this quarter also, and it will further improve in coming quarters because of increase in the exports. But this quarter, because we have taken -- considered some provisions on account of materials and employment benefits and all. That's why it is disclosed. Otherwise, it is better than last quarter.
Any pain on the raw material side, sir, and how does -- moving forward?
No such a special [ well ] in raw material side.
Next question is from the line of Rishab Bothra from Anand Rathi.
Sir, I wanted to understand, though, I believe in each of the calls mentioned that it takes time for approvals and things will follow sooner than later. But what I see is from 2016 to 2021, our sales have been in the range of INR 500 crores to INR 600 crores, up and down plus minus 10%. And margins were around 27%, came down to 20%.
Last 2 years, we have seen healthy growth in revenues. But was it because of volume or price increases? First question. And the offtake which we are mentioning last 2, 3 years, with automobile giant, a lot of orders going in. How are those pipelines shaping up? And when will we reach back to the margin trajectory of 25%, 26% plus?
Sir, I'm mentioning a full year, not the quarterly Q4. Overall margin in FY '24.
Sir, you take 1 by 1 question, okay? It's easy to reply.
First one is on the revenue front. We were in the range of INR 500 crores to INR 600 crores. Now increased to INR 800 crores.
Yes, '21, we were ranging between INR 500 crores to INR 600 crores. Correct. You are absolutely correct. And margin was around 24%, 25%. Okay. Now for the last 2 years, and we are increasing in revenue terms and our margin was also increasing [indiscernible].
Margin come down [indiscernible] if you look at '20 '22, '23, 18%, 19% is the margin. So around 400 to 500 basis point reduction is there in margins -- operating margin.
He is comparing with the '18, '19 margin.
Lot of things have been the changed.
Last 7 years, a lot of things have changed. So '18, '19 margin, abnormally high.
I have to discuss about the last year and this year and the future year. What has happened 4 years back and now this is happening, it is very difficult to reply.
You mean to say we will not be able to scale up to those levels of margins. These 20%, 21%, 22% is a normal level now going forward?
Yes. And you can take that the last year margin was better than years back, I think, 21%, 22% and 22%, 23% is better, now 23%, 24% is better than last year. And we are expecting improvement in margin as well as revenue in coming 2, 3 years, is basically 2, 3 years.
And in terms of the revenue increase, is it because of volume increase or is it because of price increase of the commodity?
Both.
Both. And what is the scope for further increase in revenue? I mean, what is the spare capacity we have currently?
Spare, around 25% capacity is there, and we can easily go up.
And you mentioned PVA or PU?
Yes. PVC and PU, both.
So in PU, we are utilizing around 50%, 60% capacity?
No, no, no. I'm talking about average capacity. Average total capacity, okay? And in PU, we have subsequent 70%, 80% in [indiscernible]. And PVC, we have 20%, 25%.
Okay. And I see the depreciation fees are increasing year-on-year from INR 22 crores to INR 29 crores in FY '24. So where has been the major expansion [ rate ] or something has changed in terms of policy?
Some CapEx, we are incurring INR 30 crores to INR 40 crores on a year -- on an average every year. And for [ Valia ], we have -- actually they can consider some additional depreciation on buildings and plant and machinery.
Next question is from the line of [ Pranav ] from [ Rare Enterprises ].
Sir, so if I had to -- a chance to look at the export data, and the market is very, very huge. And whoever is producing premium PU leather and PVC leather. All those geographies are high-cost geographies like Europe and U.S.
So actually, your strategy fits the market opportunity perfectly in that you will only do in a high-value segment. Sir, the question is then, what it will take for us to crack this market very fast? Because though the strategy is perfect, the speed is a little bit less than what it could have been.
I know there are some onetime factors, but the market is huge. So for example, China is like $2.5 billion export. But they are exporting in $2 per kg market, whereas our realization is much, much better. So can you just highlight what we need to do to improve our revenue growth considerably?
Yes. The growth in export automotive. See, export automotive is growing, going very much. And from this year and next 3 years, if we grow more than 2.5x to 3x, you see we -- in export OEM, OEM business is a different business. It cannot be that justify like, I can't increase any quantity in 1 year or 2 years. They have a process. Any new model they introduce, they introduced 2 years before. And accordingly, there are a lot. Now whatever allotment we have got now from this year, in the next 3 years, it will be 2.5x, which models we already have allotted to us. But naturally, we are increasing.
Actually getting the orders from auto, automotive industry, it's very different from others.
And one thing to remember, automotive industries propose, in particular model, they have 2 suppliers. They will not change the supplier until -- unless there is a problem with their supplier. So any new business is always coming from new orders, so that we are getting it successfully. Every quarter from now, every quarter, we will have some model in the next 3 years.
Right. So in non-auto...
Has already's been allotted.
Even in non-auto OEM, so for example, furnishing and fashion and every other category, these categories also have really high realization. And those are not as a step change like an auto OEM, right?
So in those markets, in foreign export markets, what will it take for us to have a significant share because the way I realize is that 15%, 16% of market is each in fashion and furniture. So auto OEM is just 15%, 20% of the remaining 50%. So anything on fashion and furnishing in global market is a huge premium market. So any steps there?
For furnishing is concerned, see, general export is increasing about 15% to 18% every month. Now how it is increasing. There also, there are a lot of different type of market. One is you see footwear market, then it is what we call is auto market and furniture market also. But furniture market is also like an automotive market.
There also, they just don't like to buy just like that. It takes time. So we are working in these 3 areas, in general export, footwear, leather goods. And now we have got good success in marine business. They are doing hardly any marine business. Now it has started picking up because there is less competition in marine. So now people have accepted our material, and we have started supplying.
You know one thing you must remember. It is not easy to just like that increase the business. Suppose you are buying something from somebody. I went as a new customer. You will first help me for 1 year, 1.5 years that how is my quality, how is my supply. And then accordingly, you will keep on increasing.
I can tell you in marine, we have got very, very good future. Because recently, in the last 1.5 years, we have participated in 4 different exhibitions for Marine. So that has given us a very good exposure. So that will also come. You see there is a very good future for export, and there is a margin also. So we are working on that very seriously.
Next question is from the line of Awanish Chandra from SMIFS.
Congratulations, sir, on a strong set of numbers. Sir, a few updates. And first thing on the Mexico side, you have already explained many things in your place delays, but who will look after the business? What kind of growth potential and business we are looking at? Any ballpark figure on the business plan from the Mexico side?
Mexico. As I told you that the OEM export, which is mainly at the moment, concentrating on U.S.A. Now like BMW and Mercedes, we are already supplying to South Africa. Now they have told us that if you have a plant here, we'll give you the business of America also, which is double than South Africa. Volkswagen, we are supplying 100% in India, they have also said same thing.
Nowadays, Americans are also pressuring to have supplies from their own country because when we are supplying from here, the time period is too long. And then nowadays, market is very fluctuating. Certain model is running very good. Certainly is reduced. Suddenly the model, which is less willing, that increased like anything. So they are avoiding to give us the future trend for 3 months, 4 months. They are bringing it down every year. So it has become necessary for us to have our unit over there, for which we are working.
So we will be recruiting people over the year or somebody will go from -- in there, our management team and look after all those venues. Sir, I was asking in Mexico, we will be recruiting people or management team, some senior person will go from here and they will look after the business in Mexico.
When we are starting the factory, we know what to do, where from the new people has to come. People have to go from here, we are working on all those things because, of course, we have to send people from here also. Then we'll get a good person from here from outside. So that we are looking already.
Okay, sir. And 2 very small update. One, BMW last time, we said that we will be starting in quarter 1 FY '25. So we are already in quarter 1 FY '25. So will it get delayed or this quarter, we are starting?
Listen to me. See, we always talk according to the projection of the OEMs but their projection always varies. And that varies is not maybe 1 quarter or 4 months, you can't help it if we tell you whatever they tell us. But that is there, then the business is there. Business is allotted. You understand my point?
Yes, sir. Yes. So still there will be some bit of delay over here on BMW main start?
[indiscernible]
Okay, sir. And sir, PU business, we have been doing INR 6 crores, INR 7 crores every quarter. So any guidance over there on the PU in FY '25?
FY '25 PU will increase, but not that big. And what I've told now that we are working on the big brands, and those big brands are all in PU. So whenever those things start working, and it will start. It has started working, but it takes time. So I don't feel that, of course, it takes time but the things will be all right. And every year, it will increase.
Next question is from the line of Manjeet Buaria from Solidarity Investment Manager.
Vinod, just 2 bookkeeping questions before my main question. What was the FY '24 full year quantum you mentioned for export full year and export in general? Rupees, crores?
Yes, yes. I included both. If you wanted separate, I can give you separate numbers.
Can you give me export general rupees core revenue?
For whole year or quarter?
Full year.
Full year, okay. I told this first quarter.
I want the full year, sir.
Okay, okay. Export general, INR 70 crores. And export OEM, INR 168 crores.
And domestic OEM, sir, for full year?
Domestic, INR 185 crores. And replacement, INR 143 crores.
Okay. Now to my main question. One I just wanted to clarify, you mentioned the export OEM, which is INR 168 crores in FY '24. This is whatever orders you have won, the programs you have won, that can be thrown up to 3x in the next 3 years. Is that correct, sir, this INR 168 crores?
We have told you 2.5 to 3x. It will be there, definitely will be there. And -- but you have to consider the quantity mid of the last year. [indiscernible] We are already actually increased if you see the FY '22, then this quantum was INR 140 crores. And it has increased to INR 168 crores. Already, we are on the path to increase and definitely, this INR 140 crores will be 3 times in the next 3 years.
Got it. So this INR 140 crores should set at INR 420 crores by FY '27 is what your current program...
Yes, we are expecting.
Sir, the second question I had was on your margins that I appreciate a lot has changed. But given exports are going to increase so significantly, why is it tough to go back to a 24%, 25% margins, which we did in the past? Because I believe this will be much higher margin in the export OEM scene.
As soon as this export sale is increasing, definitely, we can expect a better margin in coming years, definitely. And it is -- you have seen in the last 2 years also, the margin is increasing and because of increase in export OEM value.
Okay. One last question, sir, was on the marine business. If you could just explain where does the product in application in the marine business? And what is the sort of size of this industry globally, the PVC or PU for marine industry? For the segment, we want to take in the high margin segments.
Quantum, I can't tell you right now. But in marine business, they all use PVC not PU.
Sir, [indiscernible] marine business or application [indiscernible] in the marine business segment?
Application in marine, where they use in both and all that, you see there is a sitting area on that it is used in these developed countries, most of the people are having their own boat like the car. So it's a very, very good market, and there are very few people. And the quality of this product is very, very difficult because the boat is in open air. There is a summer, there is a water. There is a humidity. So the quality is required to be suitable to this.
So again, we have recently introduced in this thing, but there is a very big market like automotive. And there are very established suppliers. And because this is in open, so they're very -- I mean, precisely look for the new customers. But we have started getting orders. We have started supplying. And to whom we are supplying from 2, 3, 4, 5, 6 months, we are satisfied with our quality and gradually, they are increasing.
And sir, how far are we from our PU plant starting to go towards 70%, 80% utilization? [indiscernible] globally [indiscernible]?
Listen, we have started with a very good idea, invested money on that. But because of manipulation in the customs, all these problems are creating. Even people are ready to buy 10%, 12% higher from China from us, but the difference is more than 30% to 35%. Now why that difference is there because of the manipulation in customs. In 1 container, it is more than INR 30 lakh to INR 40 lakh increase, we are working seriously on that. We have increased the import duty in PU from 10% to 20%. We have tried to implement this antidumping to [indiscernible].
But in spite of that, they are, every time, reducing the value. So that is the big crunch we are having. We are working with the government, we are working -- and that's why I told that why we want to go in the branded products in footwear, because they all use PU. So that is really a little problem, but if this manipulation is not done, we can start from -- but within 1.5 years, we can do all the 3 shifts.
Next question is from the line of [ Arun Maurya ] from Vallum Capital Advisors.
It would be really helpful if you can shed some light on the PV volumes and PVC volumes for this quarter.
Sorry, we could not get your question.
Could you please -- is the PV volumes, PU and PV volumes for this quarter?
Total volume for this quarter is 77 lakh meters, and it includes a few volume of 3 lakhs meters a quarter.
And it will be also helpful if you can just give an overall export volumes and revenue of PU and PVC.
What was your question?
Can you just give like the numbers on overall export volumes of overall exports?
That we can't give you.
Next question is from the line of [ Bhargav ] from [ Ambitaset Management ].
So was this BS implementation in footwear, are you seeing any investments happening in footwear manufacturing in India?
Acquire.
[indiscernible] are there a lot of sportswear getting imported into India but -- especially from China. But post this BS implementation, are you seeing any Taiwanese contract manufacturer setting up facilities in India or an Indian sportswear company increasing investment in India?
Yes, they are coming in India.
You see a lot of all known brands have started sourcing their material from India. Now today, we are in South India, the 3 big manufactures from Taiwan who started sourcing from India.
Are we supplying to any of them? Will we be able to supply PU to any of these players?
Because they are all using PU and that PU, they are importing and that is without duty. So that is a little problem, but we have already started working like with Tata, Tata was doing good exports. And [ Jara ] is also manufacturing in India. With them, we are in contact, they have listed our factory. There is one more footwear brand, which is working here. We have discussed with them more than hundreds of samples we have submitted them. Now you see these guys take a sample, make their product. When they sold to their customer overseas and accordingly, they do start supply.
So this is good future, but it will take time. It will grow gradually. It cannot -- this business is not like this that I went somewhere and we have shown the material and shown the price and the [indiscernible] they start to borrow. They don't do like that. It's a bit -- wrong procedure. We are very hopeful because we are getting good response, very positive response. So I am 100% sure that we will have a good business in coming years. But it will grow slowly. And once it has grown, it will be unlike anything because at that time, they will recommend to all over the world, our product.
So sir, amongst the domestic players, who all are into manufacturing of PU apart from Mayur?
There are 3 manufactures.
JS is manufacturing PU.
And like does he have [indiscernible]?
Three more companies.
But they are not that much of organized.
Got you. And organized [indiscernible] and other capacity to you [Foreign Language]
Which? PU? [Foreign Language].
[Foreign Language]
INR 125 crores to INR 150 crores.
Mr. Bhargav, may we please request you to rejoin the queue?
[Foreign Language]
[Foreign Language]
FY '24 [Foreign Language]
INR 25 crores.
Next question is from the line of Shashank Kanodia from ICICI Securities.
Sir, I just wanted to check that -- on the auto OEM exports. We were guiding something like INR 600 crores of revenues [indiscernible] a base of INR 160 crores in FY '23. So is there any change in time over there? So have we lost any client or any capability-wise, there is an issue, because now you're building just INR 400-odd crores in that, too, by FY '27.
So which segment you are talking about? Auto domestic?
Auto OEM exports.
Exports, it is increasing.
Sir, in a couple of calls back, you've given a guidance that it should be INR 600 crores by FY '26.
INR 600 crores. Today, in last year, we have done INR 168 crores. And we are expecting 400 plus something in the coming 2 years. Three years, including this year.
Okay. Secondly, sir, we have been talking about good growth across OEMs and placement market, but still a full year basis, [indiscernible] has hardly grown anything right. So now going forward, realistically, sir, how should we take the growth prospect for you? Because time and again, there have been some disappointments, there have been some false promises. So can we consider that we should be
[Technical Difficulty]
It seems that we have lost the line from the current questioner. We will move to the next question from the line of Viraj.
Call duration is 45 minutes, so you can take a last question.
Okay, sir. We'll take the last question from the line of [indiscernible] Singh from [ Kantar PMS ].
Sir, with regards to all the commentary and discussion previously. So I mean, what kind of outlook do we have for FY '25 in terms of top line and bottom line? What kind of growth are we looking at in FY '25? And what kind of margins are we looking at in FY '25 looking at the current scenario and for FY '26 as well for the next 2 years?
We are expecting growth in top line, 20% to 25%, okay? And in the bottom line, should be 10% to 15%.
All right. So we are expecting a 10% to 15% increase in the bottom line. So I mean, are we looking at some margin contraction because top line is growing faster than the bottom line?
25% in line and bottom line. 20% to 25%, both.
All right. And sir, what gives us the confidence for this, my last question.
Yes?
Yes, what gives us the confidence for these numbers?
Yes. For this number. You see, can anyone tell confidently that what is going to happen tomorrow? So how can you ask this question that how much I'm confident? Now we have made certain assessments accordingly, that we are talking to you because we are working on certain things that we will improve in these areas so much, this area so much. And accordingly, we are telling.
Now whatever we are telling, that is whatever work we have done in this -- for this year. But how can I say that we are confident or not confident? We will try our best, whatever we are saying. But what is happening in the -- during the year that nobody is confident. But we will try to maintain it our best unless there is some extraordinary things happen in India or in the world.
All right, sir, got it. That's what I wanted to understand basically. I mean, normally, companies get confidence from the kind of order book they have or the kind of -- I mean the...
You try to appreciate our views also. We are confident, but it is subject to the everything goes well, then it will be done. We are 100% confident. That's why we are telling you because we have done projections. We have done assessments. Based on that, we are telling you. But it is subject to that everything goes well and everything is -- everything happens in the same direction as we have expected. But if something goes in different directions, then it may affect our projections.
Ladies and gentlemen, we will take this as the last question for the day. I would now like to hand the conference over to the management for the closing comments.
Thank you for organizing this conference. And it gives us a lot of learning and understanding that what investors are looking for Mayur. And we can just tell you one thing, that we are doing our best, and we see the good future. And we will definitely do better and better in coming years. Thank you for organizing this meeting.
Thank you. On behalf of Monarch Networth Capital, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.