Corporate Feature     

Published: January 31, 2024
Updated: January 31, 2024

Rushil Decor Ltd

Top-end laminates for global clients

Rushil Decor (BSE: 533470, NSE: RUSHIL), a leading player in Laminate and MDF panel boards, has attained 3-Star Export House certification, signalling a significant triumph in the realm of international trade. This prestigious recognition from the Directorate General of Foreign Trade, Ministry of Commerce and Industry (Government of India), is a testament to Rushil Decor’s unwavering commitment to quality with innovative design that meets the needs of the international market.

“The 3-Star Export House certification is a matter of immense pride and validation for Rushil Decor. It underscores our commitment to delivering products of the highest quality to the global market. This recognition not only elevates our credibility but also paves the way for expanded horizons and sustained growth,” said Rushil Thakkar, Director, Rushil Decor Limited.

Mr Thakkar added, “To get 3-Star Export House certification, we achieved an export target of Rs 250 crore. We are now targeting the Rs 500-crore export mark within a span of the next four years so as to secure a 4-Star Export House status. At present, more than 26 per cent of the company’s revenue comes from export. We are currently exporting to more than 51 countries across the world.”

In the first half of fiscal 2023-24, Rushil Decor showcased an exceptional export performance, surpassing expectations by achieving revenues of Rs 116.89 crore. This outstanding achievement played a pivotal role in elevating its stature to 3-Star Export House status.

‘3-STAR’ BENEFITS

As a 3-Star Export House, Rushil Decor now stands to benefit from a range of advantages that will streamline trade operations, which includes:

• Authorisation and customs clearance for imports and exports on a self-declaration basis.
• Exemption from furnishing bank guarantees for Foreign Trade Promotion Schemes.
• Priority fixation of input-output within 60 days by the Norms Committee.
• Exemption from compulsory negotiation of documents through banks.
• Benefits of the Accredited Clients Programme, as per the guidelines of the Central Board of Excise and Customs.
• Eligibility to export freely exportable items on free of cost basis for export promotion, subject to an annual limit of Rs10 lakh or 2% of average annual export realisation during the preceding 3 licensing years, whichever is higher.
• Eligible to self-certify its goods as originating from India.

TECH-DRIVEN

The company’s rapid growth and commitment to international trade have led to this remarkable progression. Previously, it held a 2-Star Export House status.

Founded in 1993, Rushil Décor, a globally leading company in modern interior infrastructure and eco-friendly, composite wood panels is committed to shaping a better planet.

Leveraging modern technology, inspiring designs, next- generation innovations and a people-first, purposeful approach, Rushil Decor is passionate about setting new industry standards and superior experiences, ensuring high productivity. The company has five state-of-the-art manufacturing plants with an annual capacity of 3,30,000 CBM MDF and 3.49 million Laminates, which cater to its customers in more than 51 countries across the world. The company has achieved revenue of Rs 838.4 crore in FY23, with EBIDTA and PAT of Rs 149.4 crore and Rs 77.7 crore respectively.

REDEFINING WOOD

With a strong network of branches, distributors, thousands of dealers and a rich talent pool of experts, Rushil is focused on redefining the future of wood. What makes Rushil special is its unmatched quality, design, customer centricity, value-led DIV, green engineered products from agroforestry, and a wide range of high-performance surface engineering solutions. Driven by automated plants, world-class German technologies and global standards, Rushil relentlessly creates smarter spaces. Rushil Decor’s product portfolio includes VIR Laminates, VIR MDF boards, VIR MAXPRO (HDFWR) boards/VIR Pre-laminated Decorative MDF / HDFWR boards, VIR PVC and VIR WPC boards/doors. Optimal supply chain efficiencies, utilization of resources and strategic local plantations offer cost advantages in raw material sourcing and manufacturing excellence, enabling high output to cover global market demand.

Rushil Décor Limited (BSE: 533470. NSE: RUSHIL), one of the leading suppliers of sustainable MDF and laminates, has announced its unaudited financial results for the quarter ended 31st December, 2023.

The company is poised to double its exports to INR 500 crores within the next 3-4 years, leveraging a synergistic strategy that encompasses the initiation of a laminates project and an augmentation of the proportion of value-added products in overseas markets.

In the month of December, the company’s Chikmagalur plant in Karnataka not only achieved its highest-ever sales volume but also demonstrated exceptional operational efficiency, surpassing 120% in capacity utilization. Rushil Decor’s Eco-Friendly MDF segment has achieved a noteworthy milestone with value-added products now constituting 52% in value terms. Looking ahead to Q4FY24, the company aims to further elevate this proportion to 55%. This targeted approach is anticipated to have a substantial positive impact on its overall realizations, reinforcing its dedication to product diversification and enhanced value creation.

Speaking on the Performance, Mr. Krupesh Thakkar, Chairman & Managing Director, Rushil Decor Limited said,”The company’s significant advancement on its growth path instills optimism for a strong performance in Q4FY24. As we propel towards our long-term vision, we chart a course of expansion, recognizing the pivotal role of prudent decision-making and avoid overleveraging. Embracing a forward-thinking approach, we actively seek new areas of business for sustained growth.

Looking ahead, our vision is not only to achieve market leadership but also to become a catalyst for positive industry change through innovation, sustainability, and customer satisfaction.”

*For the quarter Q3FY24, if we do not consider forex loss, EBITDA in terms of value would be INR 33.74 crores and EBITDA Margins would be 15.83%.

Mr. Rushil Thakkar, Executive Director, Rushil Décor Limited,

said, “the revenue performance in the quarter has been significant, marked by a sequential growth of 4%. This growth was primarily attributed to strong sales volumes in MDF which grew by 15% YoY coupled with increased demand during the festive season. Geographically, our sales mix demonstrated strong footprints from Western and Southern markets. The traction from the northern region have shown commendable progress during the quarter, and we anticipate that this trend will continue for us in the coming quarters.

We have placed a strong prominence on ecological sustainability in our plant operations. Through the rejuvenation of wasteland via tree cultivation, we utilize these trees for producing our value-added products. This proactive approach significantly contributes to the decarbonization of our facilities, fostering a sustainable ecosystem. During Q3FY24, our eco-friendly MDF segment experienced a significant uptick of 54% in quantity and 33% rise in value terms for the value-added products in comparison to Q3FY23. We are confident that our strategic emphasis on expanding the value-added product portfolio will enhance margins and drive improved realizations moving forward.

As we look to the future, the implementation of (BIS) norms next month stands as a significant and pivotal development for our industry. Importantly, we assert our complete compliance with these norms, and anticipate that it will strategically position us to capture market share from unorganized players. This aligns with our objective to provide Indian consumers with highquality products, discouraging the use of inferior imported alternatives.”

Founded in 1993, Rushil Décor Limited (BSE: 533470, NSE: RUSHIL), a globally leading company in modern interior infrastructure, and eco-friendly, composite wood panels are committed to shaping a better planet. Leveraging modern technology, inspiring designs, next-generation innovations, and a people-first, purposeful approach, RUSHIL is passionate about setting new industry standards and superior experiences, ensuring high productivity. The company has five stateof-the-art manufacturing plants with an annual capacity of 3,30,000 CBM MDF and 3.49 million Laminates, which cater to its customers in more than 50 countries across the world. The Company achieved revenue of INR 838.4 crores in FY’23 with EBIDTA and PAT of INR 149.4 crores and INR 77.7 crores respectively. With a strong network of branches, distributors, thousands of dealers, and a rich talent pool of experts, RUSHIL is focused on redefining the future of wood. What makes RUSHIL special is its unmatched quality, design, customer centricity, valueled DIY green-engineered products from agroforestry, and a wide range of high-performance surface engineering solutions. Driven by automated plants, worldclass German technologies, and global standards, RUSHIL relentlessly creates smarter spaces. RUSHIL’s product portfolio includes VIR Laminates, VIR MDF boards, VIR MAXPRO (HDFWR) boards / VIR Pre-laminated Decorative MDF / HDFWR boards, VIR PVC and VIR WPC boards/ doors. Optimal supply chain efficiencies, utilization of resources, and strategic local plantations offer cost advantage in raw material sourcing, and manufacturing excellence, enabling high output to cover global market demand.