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ICICI Direct Report
Greenply Industries Ltd. reported robust growth, albeit on a benign base (~12% YoY decline in Q4 FY20).
The topline at Rs 396.7 crore was up 15.1% YoY driven by 20.9% growth in plywood revenues at Rs 359.4 crore.
Ebitda margins expanded 279 basis points YoY to 11.5%, owing to cost rationalisation and operating leverage benefits.
Profit after tax was at Rs 28.6 crore versus loss in the base quarter owing to one-time exceptional hit of ~Rs 50 crore (reversal of excise duty benefit on retrospective basis due to Supreme Court ruling).
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