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Anand Rathi Report
Marred by its India operation, Greenply Industries Ltd.’s Q1 was weak. Against 50% utilisation in India, Gabon operated at a higher 80% in Q1.
Gabon’s FY21 revenue is likely to be closer to the FY20 level. Gradual recovery is expected in India in FY21 and a bounce back only in FY22 on improved consumer sentiment for home renovation/purchases.
Thus, on backward integration and tight cost control, Greenply expects an ambitious 400 basis point margin expansion and debt-free status by FY23
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