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ICICI Securities Report
Greenlam Industries Ltd. has reported a decent set of numbers led by better than expected recovery in its international business (laminate export revenue declining mere 12.9% YoY).
However, domestic laminates revenue declined 65.7% YoY marred by Covid-19 led intermittent lockdown and muted real estate sector demand.
Veneer and allied product segment continued to disappoint with losses swelling YoY due to operating deleverage. Ebitda margin came in at 4.9% (our estimate 5.3%), down 540 basis points YoY, due to operating deleverage.
With Greenlam’s foreseeing strong market share gain opportunity in both domestic and export laminate markets in near to medium term, we build-in a steady-state recovery in laminates segment starting Q2 FY21.
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