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ICICI Securities Report
Greenpanel Industries Ltd. has reported better-than-expected revenue at Rs 902 million (our estimate Rs 835 million), down 57% YoY due to 62% YoY decline in plywood segment and 55.7% YoY decline in medium-density fibreboard (MDF) segment.
Gross margin fell sharply by 510 basis points YoY on higher mix of low-margin MDF exports and operating deleverage.
However, with sharp recovery being witnessed in June 2020 and July 2020 (achieving approximately 90% of sales compared to same months last year), management expects a mere 10% decline in MDF revenue for FY21.
The encouraging outlook in Greenpanel Industries’ MDF segment is largely driven by higher demand prospects in domestic modular furniture space post Covid-19 breakout and likely faster recovery in MDF exports
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