{"id":9734,"date":"2022-06-06T18:15:08","date_gmt":"2022-06-06T12:45:08","guid":{"rendered":"https:\/\/blogs.univest.in\/?p=9734"},"modified":"2022-10-13T14:46:19","modified_gmt":"2022-10-13T09:16:19","slug":"rolex-rings-targets-higher-growth-in-fy23-after-strong-fy22-results","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/rolex-rings-targets-higher-growth-in-fy23-after-strong-fy22-results\/","title":{"rendered":"Rolex Rings\u00a0targets higher growth in FY23 after strong FY22 results"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9734\" class=\"elementor elementor-9734\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9fbf948 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9fbf948\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f218223\" data-id=\"f218223\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-333ffcb elementor-widget elementor-widget-text-editor\" data-id=\"333ffcb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Rolex Rings is among the leading manufacturers of forged and machined components in India, with a customer base spread across the globe. It provides world-class, high-quality customized automotive components along with bearing rings and was listed on the stock exchange in August last year.\u00a0<\/p>\n<p>\u00a0<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/rolex-rings-targets-higher-growth-in-fy23-after-strong-fy22-results\/#Highest_ever_monthly_operations_dispatches_of_300_crores_in_March_2022\" title=\"Highest ever monthly operations &amp; dispatches of 300 crores in March 2022\">Highest ever monthly operations &amp; dispatches of 300 crores in March 2022<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/rolex-rings-targets-higher-growth-in-fy23-after-strong-fy22-results\/#i\" title=\"\u00a0\">\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/rolex-rings-targets-higher-growth-in-fy23-after-strong-fy22-results\/#Capex_and_Customer_acquisition_plans_to_fuel_growth_in_FY23\" title=\"Capex and Customer acquisition plans to fuel growth in FY23\">Capex and Customer acquisition plans to fuel growth in FY23<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/rolex-rings-targets-higher-growth-in-fy23-after-strong-fy22-results\/#i-2\" title=\"\u00a0\">\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/rolex-rings-targets-higher-growth-in-fy23-after-strong-fy22-results\/#Growing_Share_of_EV_components_and_EBITDA_margins\" title=\"Growing Share of EV components and EBITDA margins\">Growing Share of EV components and EBITDA margins<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/rolex-rings-targets-higher-growth-in-fy23-after-strong-fy22-results\/#i-3\" title=\"\u00a0\">\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/rolex-rings-targets-higher-growth-in-fy23-after-strong-fy22-results\/#Technical_Analysis_Rolex_Rings_surges_up_by_2183_in_May_2022\" title=\"Technical Analysis: Rolex Rings surges up by 21.83% in May 2022\u00a0\">Technical Analysis: Rolex Rings surges up by 21.83% in May 2022\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/rolex-rings-targets-higher-growth-in-fy23-after-strong-fy22-results\/#Our_take\" title=\"Our take:\">Our take:<\/a><\/li><\/ul><\/nav><\/div>\n<h5><span class=\"ez-toc-section\" id=\"Highest_ever_monthly_operations_dispatches_of_300_crores_in_March_2022\"><\/span><strong>Highest ever monthly operations &amp; dispatches of 300 crores in March 2022<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p>\u00a0<\/p>\n<p>Two weeks ago, Rolex announced its results for Q4FY22, where it reported a 21.51% jump in revenue from 242.69 crores in Q3FY22 to 294.89 crores in Q4FY22. The net profit increased by 31.05% on a QoQ basis to Rs 39.1 crore. On a YoY basis, total revenue and net profit went up 37.48% and 0.48% in Q4FY22, respectively.\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>The numbers of FY22 compared with FY21 indicate a robust growth of 65.89% in total sales and 51.66% in consolidated net profit. One reason for such high growth numbers can also be attributed to a low base effect as sales were badly affected in FY21 due to the second wave of COVID-19 and movement restrictions due to lockdown.<\/p>\n<p>\u00a0<\/p>\n<p>A more realistic and more recent comparison would be to compare QoQ numbers. Rolex Rings in Q4FY22 has recorded its highest ever operations and dispatches of almost 300 crores, with a monthly run-rate of 100 crores for the very first time, indicating robust growth momentum and increasing demand for Rolex products.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><em><strong>Highest ever revenue from operations and Profit after tax (PAT) in last 5 years in FY22<\/strong><\/em><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-9743 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/rol1-Copy-1024x597.png\" alt=\"Highest ever revenue from operations and Profit after tax (PAT) in last 5 years in FY22\" width=\"1024\" height=\"597\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol1-Copy-1024x597.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol1-Copy-300x175.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol1-Copy-768x448.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol1-Copy-1536x896.png 1536w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol1-Copy.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h5><span class=\"ez-toc-section\" id=\"i\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h5><span class=\"ez-toc-section\" id=\"Capex_and_Customer_acquisition_plans_to_fuel_growth_in_FY23\"><\/span><strong>Capex and Customer acquisition plans to fuel growth in FY23<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p>Quoting the CFO of Rolex Rings<strong> \u201c<\/strong>It is the target of Rolex Rings to achieve annual revenue figure of Rs 1250 crore by FY23\u201d in a conference call with analysts on Q4FY22 results.<\/p>\n<p>Having achieved healthy growth momentum in FY22, the company plans to aim to achieve 1250 crores of annual revenue in FY23. For which the share of exports is around 60% as compared to a 40% share of domestic customers in total revenue.\u00a0<\/p>\n<p><img decoding=\"async\" class=\"wp-image-9750 aligncenter\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/rol2.png\" alt=\"\" width=\"602\" height=\"380\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol2.png 602w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol2-300x189.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/p>\n<p>Rolex plans to expand its business at a global level by acquiring customers in Europe and USA. Rolex Rings was already in talks with some of them and had successfully onboarded 2-3 new customers who would add revenues to Rolex Rings in the second and third quarters of FY23.\u00a0<\/p>\n<p><img decoding=\"async\" class=\"wp-image-9745 size-full aligncenter\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/rol3-Copy.png\" alt=\"\" width=\"600\" height=\"388\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol3-Copy.png 600w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol3-Copy-300x194.png 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>The additional orders will allow them to fully utilize their capacity, which is now functioning at 60\u201362% of its capacity. Apart from increasing its customer portfolio, it also plans to reduce its costs through the capital expenditure of Rs 30 crores on solar plants. Under this capexplan, Rolex is going to set up solar power plants of 16 MGW, 4 MGW of which will be operational before September 2022, and the rest of it by March 2023 after getting approval from the government.\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><em><strong>Rolex plans to invest Rs 30 crores Capex in FY23 for setting up 16 MGW solar power plants<\/strong><\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9746 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/rol4-Copy-1024x617.png\" alt=\"Rolex plans to invest Rs 30 crores Capex in FY23 for setting up 16 MGW solar power plants\" width=\"1024\" height=\"617\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol4-Copy-1024x617.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol4-Copy-300x181.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol4-Copy-768x462.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol4-Copy-1536x925.png 1536w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol4-Copy.png 1541w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h5><span class=\"ez-toc-section\" id=\"i-2\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h5><span class=\"ez-toc-section\" id=\"Growing_Share_of_EV_components_and_EBITDA_margins\"><\/span><strong>Growing Share of EV components and EBITDA margins<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p>Over the last five years, Rolex has recorded robust growth in cash flows and revenue. Earlier, it was the PV (passenger vehicle) components that had the highest share of revenues. Over the last five years, this has reduced from 45% to just 40%. The same is the case with the industrial and CV segments.<\/p>\n<p>The EV component share has seen the biggest gain, from nearly 0% in FY19 to 7% in FY22. This is a positive development, and with the adoption of electric vehicles, it can grow even faster in the coming years. The growing share of EV components is an indication of Rolex adopting faster to newer technologies and making its mark in the segment at an early stage.\u00a0In the conference call with analysts, the management said that \u00a0Rolex expects the share of EV components in total revenue to reach 12-14% in FY23.<\/p>\n<p>\u00a0<\/p>\n<p><em><strong>Share of EV component in total revenues is expected to reach 12-14% mark by FY23<\/strong><\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-9740 size-full aligncenter\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/rol6.png\" alt=\"Share of EV component in total revenues is expected to reach 12-14% mark by FY23\" width=\"598\" height=\"347\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol6.png 598w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol6-300x174.png 300w\" sizes=\"(max-width: 598px) 100vw, 598px\" \/><\/p>\n<p>\u00a0<\/p>\n<p>The EBITDA margin of Rolex has gone up to 23.4% in FY22 from just 18.1% in FY21, which is highest in the last five years. The management if is optimistic about the margins. In the Q4FY22 con call, the Managing Director said \u201cWe will try to maintain the same level of EBITDA margin in coming years\u201d. However, Debt-Equity ratio of company has reduced significantly and is now below 0.5 which is a sign of prudent financial management.\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><em><strong>Rolex Rings made a new high on the charts as it went 13.42% up in Last week with 2.1X Volumes<\/strong><\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9741 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/rol7-1024x579.png\" alt=\"Rolex Rings made a new high on the charts as it went 13.42% up in Last week with 2.1X Volumes\" width=\"1024\" height=\"579\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol7-1024x579.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol7-300x170.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol7-768x434.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/rol7.png 1122w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h5><span class=\"ez-toc-section\" id=\"i-3\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h5><span class=\"ez-toc-section\" id=\"Technical_Analysis_Rolex_Rings_surges_up_by_2183_in_May_2022\"><\/span><strong>Technical Analysis: Rolex Rings surges up by 21.83% in May 2022\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p>In the last week, while the indices were falling, few stock have gone up by more than 10%, one of which was Rolex Rings. With rising interest from market participants, the stock went up by more than 12% intraday on 1<sup>st<\/sup> June and was up 13.42 % up in last week when it formed a breakout candle on the charts with 2.1X volumes.<\/p>\n<p>Moreover, it is currently trading above its short-, medium- and long-term moving averages highlighting high levels of bullishness. It made a bullish crossover on 19th may and MACD line is still above signal line with RSI at 75. Therefore, this strong technical momentum is indicating high investor enthusiasm as it shows signs of the uptrend likely to continue further and touch 1800 levels over the medium term.<\/p>\n<h5><span class=\"ez-toc-section\" id=\"Our_take\"><\/span><strong>Our take:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p>The only key concern for Rolex is increasing steel prices and ocean freight hikes which can significantly increase their costs given their high dependence on exports. The Company aims to tackle this with its price pass-through mechanism and forex fluctuations on monthly basis. So, investors should keep a good check on commodity prices as any further increase can affect their top as well bottom line.\u00a0<\/p>\n<p>The company have strong financials at the end of FY22 and ambitious plans for FY23. The technical charts also indicate a likely continuation of the up move. Investors with a long-term perspective can consider this stock as potential investment in the auto ancillary industry.<\/p>\n<p>\u00a0<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3d84f19 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3d84f19\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e1bf6e3\" data-id=\"e1bf6e3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1f2a698 elementor-widget elementor-widget-text-editor\" data-id=\"1f2a698\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"background-color: #ffffff;\"><em>Note \u2013 This channel is for educational and training purpose only &amp; any stock mentioned here should not be taken as a tip\/recommendation\/advice<\/em><\/p>\n<p style=\"background-color: #ffffff;\"><em>Research done by:\u00a0Ketan Sonalkar,\u00a0SEBI Rgn No INA000011255<\/em><\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5674d54 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5674d54\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ea63ad0\" data-id=\"ea63ad0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c208d3c elementor-shape-circle e-grid-align-left elementor-grid-0 elementor-widget elementor-widget-social-icons\" data-id=\"c208d3c\" data-element_type=\"widget\" data-widget_type=\"social-icons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-social-icons-wrapper elementor-grid\">\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook elementor-repeater-item-b79fad1\" href=\"https:\/\/www.facebook.com\/Univest.in\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-facebook\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-twitter elementor-repeater-item-d960058\" href=\"https:\/\/twitter.com\/InUnivest\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Twitter<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-twitter\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-whatsapp elementor-repeater-item-1a41792\" href=\"https:\/\/wa.me\/+919810917800\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Whatsapp<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-whatsapp\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-telegram elementor-repeater-item-0a982ac\" href=\"https:\/\/t.me\/Univest_in\" target=\"_blank\" rel=\"nofollow\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Telegram<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-telegram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-instagram elementor-repeater-item-c9974a4\" href=\"https:\/\/www.instagram.com\/univest.in\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin elementor-repeater-item-6cd9e60\" href=\"https:\/\/www.linkedin.com\/company\/univest-in\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-linkedin\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Rolex Rings is among the leading manufacturers of forged and machined components in India, with a customer base spread across the globe. It provides world-class, high-quality customized automotive components along with bearing rings and was listed on the stock exchange in August last year. Highest ever monthly operations &amp; dispatches of 300 crores in March<\/p>\n","protected":false},"author":5,"featured_media":26917,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":["post-9734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market"],"metadata":{"_edit_lock":["1665653534:8"],"_edit_last":["8"],"qodef_content_behind_header":["no"],"qodef_show_header_widget_areas":["yes"],"qodef_top_area_header_in_grid":["no"],"_yoast_wpseo_primary_category":["24"],"_yoast_wpseo_estimated-reading-time-minutes":["6"],"_yoast_wpseo_focuskw":["Rolex Rings\u00a0targets higher growth"],"_yoast_wpseo_title":["Rolex Rings\u00a0targets higher growth in FY23 after strong FY22 results"],"_yoast_wpseo_metadesc":["Rolex Rings is among the leading manufacturers of forged and machined components in India, with a customer base spread across the globe."],"_yoast_wpseo_linkdex":["67"],"_elementor_edit_mode":["builder"],"_elementor_template_type":["wp-post"],"_elementor_version":["3.6.5"],"_wp_page_template":["default"],"_elementor_data":["[{\"id\":\"9fbf948\",\"elType\":\"section\",\"settings\":{\"qodef_offset_top\":\"50%\",\"qodef_offset_left\":\"50%\"},\"elements\":[{\"id\":\"f218223\",\"elType\":\"column\",\"settings\":{\"_column_size\":100,\"_inline_size\":null},\"elements\":[{\"id\":\"333ffcb\",\"elType\":\"widget\",\"settings\":{\"editor\":\"<p>Rolex Rings is among the leading manufacturers of forged and machined components in India, with a customer base spread across the globe. It provides world-class, high-quality customized automotive components along with bearing rings and was listed on the stock exchange in August last year.\\u00a0<\\\/p><p>\\u00a0<\\\/p><h5><strong>Highest ever monthly operations &amp; dispatches of 300 crores in March 2022<\\\/strong><\\\/h5><p>\\u00a0<\\\/p><p>Two weeks ago, Rolex announced its results for Q4FY22, where it reported a 21.51% jump in revenue from 242.69 crores in Q3FY22 to 294.89 crores in Q4FY22. The net profit increased by 31.05% on a QoQ basis to Rs 39.1 crore. On a YoY basis, total revenue and net profit went up 37.48% and 0.48% in Q4FY22, respectively.\\u00a0<\\\/p><p>\\u00a0<\\\/p><p>The numbers of FY22 compared with FY21 indicate a robust growth of 65.89% in total sales and 51.66% in consolidated net profit. One reason for such high growth numbers can also be attributed to a low base effect as sales were badly affected in FY21 due to the second wave of COVID-19 and movement restrictions due to lockdown.<\\\/p><p>\\u00a0<\\\/p><p>A more realistic and more recent comparison would be to compare QoQ numbers. Rolex Rings in Q4FY22 has recorded its highest ever operations and dispatches of almost 300 crores, with a monthly run-rate of 100 crores for the very first time, indicating robust growth momentum and increasing demand for Rolex products.<\\\/p><p>\\u00a0<\\\/p><p>\\u00a0<\\\/p><p><em><strong>Highest ever revenue from operations and Profit after tax (PAT) in last 5 years in FY22<\\\/strong><\\\/em><\\\/p><p><img class=\\\"alignnone wp-image-9743 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/rol1-Copy-1024x597.png\\\" alt=\\\"Highest ever revenue from operations and Profit after tax (PAT) in last 5 years in FY22\\\" width=\\\"1024\\\" height=\\\"597\\\" \\\/><\\\/p><h5>\\u00a0<\\\/h5><h5><strong>Capex and Customer acquisition plans to fuel growth in FY23<\\\/strong><\\\/h5><p>Quoting the CFO of Rolex Rings<strong> \\u201c<\\\/strong>It is the target of Rolex Rings to achieve annual revenue figure of Rs 1250 crore by FY23\\u201d in a conference call with analysts on Q4FY22 results.<\\\/p><p>Having achieved healthy growth momentum in FY22, the company plans to aim to achieve 1250 crores of annual revenue in FY23. For which the share of exports is around 60% as compared to a 40% share of domestic customers in total revenue.\\u00a0<\\\/p><p><img class=\\\"wp-image-9750 aligncenter\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/rol2.png\\\" alt=\\\"\\\" width=\\\"602\\\" height=\\\"380\\\" \\\/><\\\/p><p>Rolex plans to expand its business at a global level by acquiring customers in Europe and USA. Rolex Rings was already in talks with some of them and had successfully onboarded 2-3 new customers who would add revenues to Rolex Rings in the second and third quarters of FY23.\\u00a0<\\\/p><p><img class=\\\"wp-image-9745 size-full aligncenter\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/rol3-Copy.png\\\" alt=\\\"\\\" width=\\\"600\\\" height=\\\"388\\\" \\\/><\\\/p><p>The additional orders will allow them to fully utilize their capacity, which is now functioning at 60\\u201362% of its capacity. Apart from increasing its customer portfolio, it also plans to reduce its costs through the capital expenditure of Rs 30 crores on solar plants. Under this capexplan, Rolex is going to set up solar power plants of 16 MGW, 4 MGW of which will be operational before September 2022, and the rest of it by March 2023 after getting approval from the government.\\u00a0<\\\/p><p>\\u00a0<\\\/p><p><em><strong>Rolex plans to invest Rs 30 crores Capex in FY23 for setting up 16 MGW solar power plants<\\\/strong><\\\/em><\\\/p><p><img class=\\\"alignnone wp-image-9746 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/rol4-Copy-1024x617.png\\\" alt=\\\"Rolex plans to invest Rs 30 crores Capex in FY23 for setting up 16 MGW solar power plants\\\" width=\\\"1024\\\" height=\\\"617\\\" \\\/><\\\/p><h5>\\u00a0<\\\/h5><h5><strong>Growing Share of EV components and EBITDA margins<\\\/strong><\\\/h5><p>Over the last five years, Rolex has recorded robust growth in cash flows and revenue. Earlier, it was the PV (passenger vehicle) components that had the highest share of revenues. Over the last five years, this has reduced from 45% to just 40%. The same is the case with the industrial and CV segments.<\\\/p><p>The EV component share has seen the biggest gain, from nearly 0% in FY19 to 7% in FY22. This is a positive development, and with the adoption of electric vehicles, it can grow even faster in the coming years. The growing share of EV components is an indication of Rolex adopting faster to newer technologies and making its mark in the segment at an early stage.\\u00a0In the conference call with analysts, the management said that \\u00a0Rolex expects the share of EV components in total revenue to reach 12-14% in FY23.<\\\/p><p>\\u00a0<\\\/p><p><em><strong>Share of EV component in total revenues is expected to reach 12-14% mark by FY23<\\\/strong><\\\/em><\\\/p><p><img class=\\\"wp-image-9740 size-full aligncenter\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/rol6.png\\\" alt=\\\"Share of EV component in total revenues is expected to reach 12-14% mark by FY23\\\" width=\\\"598\\\" height=\\\"347\\\" \\\/><\\\/p><p>\\u00a0<\\\/p><p>The EBITDA margin of Rolex has gone up to 23.4% in FY22 from just 18.1% in FY21, which is highest in the last five years. The management if is optimistic about the margins. In the Q4FY22 con call, the Managing Director said \\u201cWe will try to maintain the same level of EBITDA margin in coming years\\u201d. However, Debt-Equity ratio of company has reduced significantly and is now below 0.5 which is a sign of prudent financial management.\\u00a0<\\\/p><p>\\u00a0<\\\/p><p><em><strong>Rolex Rings made a new high on the charts as it went 13.42% up in Last week with 2.1X Volumes<\\\/strong><\\\/em><\\\/p><p><img class=\\\"alignnone wp-image-9741 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/rol7-1024x579.png\\\" alt=\\\"Rolex Rings made a new high on the charts as it went 13.42% up in Last week with 2.1X Volumes\\\" width=\\\"1024\\\" height=\\\"579\\\" \\\/><\\\/p><h5>\\u00a0<\\\/h5><h5><strong>Technical Analysis: Rolex Rings surges up by 21.83% in May 2022\\u00a0<\\\/strong><\\\/h5><p>In the last week, while the indices were falling, few stock have gone up by more than 10%, one of which was Rolex Rings. With rising interest from market participants, the stock went up by more than 12% intraday on 1<sup>st<\\\/sup> June and was up 13.42 % up in last week when it formed a breakout candle on the charts with 2.1X volumes.<\\\/p><p>Moreover, it is currently trading above its short-, medium- and long-term moving averages highlighting high levels of bullishness. It made a bullish crossover on 19th may and MACD line is still above signal line with RSI at 75. Therefore, this strong technical momentum is indicating high investor enthusiasm as it shows signs of the uptrend likely to continue further and touch 1800 levels over the medium term.<\\\/p><h5><strong>Our take:<\\\/strong><\\\/h5><p>The only key concern for Rolex is increasing steel prices and ocean freight hikes which can significantly increase their costs given their high dependence on exports. The Company aims to tackle this with its price pass-through mechanism and forex fluctuations on monthly basis. So, investors should keep a good check on commodity prices as any further increase can affect their top as well bottom line.\\u00a0<\\\/p><p>The company have strong financials at the end of FY22 and ambitious plans for FY23. The technical charts also indicate a likely continuation of the up move. Investors with a long-term perspective can consider this stock as potential investment in the auto ancillary industry.<\\\/p><p>\\u00a0<\\\/p>\"},\"elements\":[],\"widgetType\":\"text-editor\"}],\"isInner\":false}],\"isInner\":false},{\"id\":\"3d84f19\",\"elType\":\"section\",\"settings\":{\"qodef_offset_top\":\"50%\",\"qodef_offset_left\":\"50%\"},\"elements\":[{\"id\":\"e1bf6e3\",\"elType\":\"column\",\"settings\":{\"_column_size\":100,\"_inline_size\":null},\"elements\":[{\"id\":\"1f2a698\",\"elType\":\"widget\",\"settings\":{\"editor\":\"<p style=\\\"background-color: #ffffff;\\\"><em>Note \\u2013 This channel is for educational and training purpose only &amp; any stock mentioned here should not be taken as a tip\\\/recommendation\\\/advice<\\\/em><\\\/p><p style=\\\"background-color: #ffffff;\\\"><em>Research done by:\\u00a0Ketan Sonalkar,\\u00a0SEBI Rgn No INA000011255<\\\/em><\\\/p>\"},\"elements\":[],\"widgetType\":\"text-editor\"}],\"isInner\":false}],\"isInner\":false},{\"id\":\"5674d54\",\"elType\":\"section\",\"settings\":{\"qodef_offset_top\":\"50%\",\"qodef_offset_left\":\"50%\"},\"elements\":[{\"id\":\"ea63ad0\",\"elType\":\"column\",\"settings\":{\"_column_size\":100,\"_inline_size\":null},\"elements\":[{\"id\":\"c208d3c\",\"elType\":\"widget\",\"settings\":{\"social_icon_list\":[{\"social_icon\":{\"value\":\"fab fa-facebook\",\"library\":\"fa-brands\"},\"_id\":\"b79fad1\",\"link\":{\"url\":\"https:\\\/\\\/www.facebook.com\\\/Univest.in\",\"is_external\":\"true\",\"nofollow\":\"\",\"custom_attributes\":\"\"}},{\"social_icon\":{\"value\":\"fab fa-twitter\",\"library\":\"fa-brands\"},\"_id\":\"d960058\",\"link\":{\"url\":\"https:\\\/\\\/twitter.com\\\/InUnivest\",\"is_external\":\"true\",\"nofollow\":\"\",\"custom_attributes\":\"\"}},{\"_id\":\"1a41792\",\"social_icon\":{\"value\":\"fab fa-whatsapp\",\"library\":\"fa-brands\"},\"link\":{\"url\":\"https:\\\/\\\/wa.me\\\/+919810917800\",\"is_external\":\"true\",\"nofollow\":\"\",\"custom_attributes\":\"\"}},{\"_id\":\"0a982ac\",\"social_icon\":{\"value\":\"fab fa-telegram\",\"library\":\"fa-brands\"},\"link\":{\"url\":\"https:\\\/\\\/t.me\\\/Univest_in\",\"is_external\":\"true\",\"nofollow\":\"\",\"custom_attributes\":\"\"}},{\"_id\":\"c9974a4\",\"social_icon\":{\"value\":\"fab fa-instagram\",\"library\":\"fa-brands\"},\"link\":{\"url\":\"https:\\\/\\\/www.instagram.com\\\/univest.in\\\/\",\"is_external\":\"true\",\"nofollow\":\"\",\"custom_attributes\":\"\"},\"item_icon_color\":\"custom\",\"item_icon_primary_color\":\"#AF1A62\",\"item_icon_secondary_color\":\"#FFFFFF\"},{\"_id\":\"6cd9e60\",\"social_icon\":{\"value\":\"fab fa-linkedin\",\"library\":\"fa-brands\"},\"link\":{\"url\":\"https:\\\/\\\/www.linkedin.com\\\/company\\\/univest-in\",\"is_external\":\"true\",\"nofollow\":\"\",\"custom_attributes\":\"\"}}],\"shape\":\"circle\",\"align\":\"left\",\"icon_size\":{\"unit\":\"px\",\"size\":29,\"sizes\":[]},\"icon_padding\":{\"unit\":\"em\",\"size\":0.5,\"sizes\":[]},\"icon_spacing\":{\"unit\":\"px\",\"size\":6,\"sizes\":[]}},\"elements\":[],\"widgetType\":\"social-icons\"}],\"isInner\":false}],\"isInner\":false}]"],"_yoast_wpseo_content_score":["30"],"nectar_blog_post_view_count":["259"],"_schema_ref":["11166"],"_schema_json":["a:12:{s:8:\"@context\";s:19:\"https:\/\/schema.org\/\";s:5:\"@type\";s:11:\"BlogPosting\";s:16:\"mainEntityOfPage\";a:2:{s:5:\"@type\";s:7:\"WebPage\";s:3:\"@id\";s:87:\"https:\/\/univest.in\/rolex-rings-targets-higher-growth-in-fy23-after-strong-fy22-results\/\";}s:3:\"url\";s:87:\"https:\/\/univest.in\/rolex-rings-targets-higher-growth-in-fy23-after-strong-fy22-results\/\";s:8:\"headline\";s:68:\"Rolex Rings\u00a0targets higher growth in FY23 after strong FY22 results\";s:13:\"datePublished\";s:25:\"2022-06-06T18:15:08+05:30\";s:12:\"dateModified\";s:25:\"2022-06-07T17:28:42+05:30\";s:9:\"publisher\";a:4:{s:5:\"@type\";s:12:\"Organization\";s:3:\"@id\";s:32:\"https:\/\/univest.in\/#organization\";s:4:\"name\";s:7:\"Univest\";s:4:\"logo\";a:4:{s:5:\"@type\";s:11:\"ImageObject\";s:3:\"url\";s:62:\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/Univest-Logo.png\";s:5:\"width\";i:600;s:6:\"height\";i:60;}}s:5:\"image\";a:4:{s:5:\"@type\";s:11:\"ImageObject\";s:3:\"url\";s:68:\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/rol1-Copy-1024x597.png\";s:5:\"width\";s:4:\"1024\";s:6:\"height\";s:3:\"597\";}s:14:\"articleSection\";s:6:\"Market\";s:11:\"description\";s:342:\"Rolex Rings is among the leading manufacturers of forged and machined components in India, with a customer base spread across the globe. It provides world-class, high-quality customized automotive components along with bearing rings and was listed on the stock exchange in August last year.\u00a0\u00a0Highest ever monthly operations &amp; 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