Stylam Industries Ltd has approved the proposal for setting up a plant for the manufacture of laminates in its wholly owned subsidiary company Stylam Panels Limited. The total cost of the project will be Rs 150 crores.
The company has reported net Sales of Rs 240 crores during the period ended March 31, 2023 as compared to Rs. 180 crores during the period ended December 31, 2022. The FY2019-23 Sales CAGR came at 20%.
Stylam’s Laminate sales volumes came at 2.73mn sheets in Q4, 2023 compared to 2.3mn sheets in Q4, 2022 and 3.01mn sheets in Q3, 2023.
The company has posted export revenues at Rs 1.5bn in Q4, 2023 vs. Rs 1.1bn in Q4, 2022 and Rs 1.54bn in Q3, 2023. FY 2019-23 export revenue CAGR came at 21%. Domestic revenue stood at Rs 860mn vs. Rs 690mn in 4Q22 and Rs 800mn in 3Q23. FY19- 23 domestic revenue CAGR came at 19%.
The company has posted net profit of Rs 268mn for the period ended March 31, 2023 as against Rs 166mn in the same period last year and Rs 240mn in the previous quarter of 2023.
According to Phillip Capital report, Stylam is the fastest growing company in exports from India. Stylam’s exports revenue CAGR was 16% over FY18-22, which was higher than the exports industry. Also, its share in total Laminates exports has grown to 17% in FY22 from 10% in FY17. It offers products in 80+ countries; in FY22, it derived 89% of its export revenue from Europe, Far East, and the Middle East. Stylam now spends more on certification to increase its geographical presence in new markets.
With a net sales of Rs 960 crores in FY 2023, Stylam has been the first company to introduce/ manufacture value-added products such as HPL cladding, cubicles, lockers, acrylic solid surface, etc.