Q2 2024 Orient Bell Ltd Earnings Call Transcript
Key Points
- The new GVT line at Dora has started commercial production, adding 3.3 million square meters to capacity and completed ahead of schedule at a lower cost.
- The sales team has been ramped up, improving the tooth-to-tail ratio to 2.35, the highest ever.
- Brand investments have been maintained despite a tough quarter.
- GVT now constitutes almost a quarter of the business, up 2.2% year on year, and vitrified sales are growing strongly, now at 47.6%, up 5% year on year.
- 150+ new SKUs were launched across units during the quarter.
- Revenue dropped by 7.4% in the quarter, with volumes down by 3.8% year on year.
- Volume from own manufacturing was down 11.5% year on year, impacting the top line.
- Blended gross margins were lower by 3% year on year due to inventory changes and increased trading mix.
- Fixed costs and other costs such as depreciation and finance charges remained similar to last year, not providing relief.
- The market has been sluggish with intensified competition on pricing and credit terms.
Ladies and gentlemen, good day, and welcome to the Orient Bell Limited Q2 and H1 FY24 earnings conference call. (Operator Instructions) Please note that this conference is being recorded. We have with us today on the call from the management of Orient Bell Limited, Mr. Aditya Gupta, Chief Executive Officer, and Mr. Himanshu Jindal, Chief Financial Officer along with Stellar IR Advisers, investor relations.
The management will be sharing key updates and financial highlights for the quarter ended September 30, 2023, which will be followed by a question and answer session. Please note that some of the statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties. Orient Bell Limited will not in any way be responsible for any actions taken based on such statements and undertake no obligations to publicly update these forward-looking statements documents relating to the company's financial performance are available on the website of the stock exchanges and company's Investors section. Trust, you have been able to go through the same.
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