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Acrysil Ltd: Alpha Recommendation
Katalyst Wealth, Sep 2011, Pages: 32
Acrysil Ltd is a leading manufacturer and exporter of Composite Quartz & Granite Kitchen Sinks from India with Technical Know-how from Schock & Co., Germany.
The company began in a small way with about 2800 sinks annually, along with thermoplastic co-extruded profiles for the domestic auto industry and is now sitting on a production capacity of 2,20,000 kitchen sinks annually.
Acrysil is the only company in all of Asia - and one of just four companies worldwide - manufacturing composite quartz sinks. They are the India's largest sink manufacturer in the non-steel category and the company has set the goal to be the No. 1 manufacturer across all categories, in terms of branded volume.
Acrysil – At the right place at the right time?
In its initial days i.e. early 1990s, it was a challenging task for the company to penetrate into niche high income households and premium institutions in India. CARYSIL sinks being relatively costly in comparison to sinks from the unorganized segment, ACRYSIL couldn’t find its place in the price sensitive India market.
With domestic response being somewhat slow to take off, Acrysil began its focus on exports of quartz sinks in 1993. 2001-02 was the year that Acrysil first looked at India as a potential growth market for quartz sinks, ready for the introduction of carefully chosen models. This proved to be an accurate insight: in just a decade, domestic sales have multiplied from Rs 108.32 Lakhs in 2001-02 to Rs 868 Lakhs in 2010-11.
We believe there could not be a better time for the company to focus more intensely on growth in domestic market, because along with the growth of disposable incomes in the middle-class, there is more than proportionate growth in its very highest strata. In all major cities in India, one can see the flourishing of premium shopping.
There's a boom in ultra-select housing developments and gated communities and one can see the growing market for goods that were once considered the ultimate in luxury, affordable only by a select few.
In other words, there is now a substantial domestic market for high-end premium products like Carysil Quartz and Stainless steel sinks - designed for the higher income strata. In India, people and establishments with the means are willing to pay considerably higher for genuine value.
Quartz and premium Stainless steel sinks are destined to be the material for upscale kitchens and no company better than Acrysil is at the cusp of capitalizing on the same.
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