Greenlam Industries - Laminate Margins Surprise Positively In Q3: ICICI Securities
Employees inspect and work on sections of laminate wood flooring during manufacture at a factory in Backa Palanka, Serbia. (Photographer Oliver Bunic/Bloomberg)

Greenlam Industries - Laminate Margins Surprise Positively In Q3: ICICI Securities

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ICICI Securities Report

Greenlam Industries Ltd. reported a beat in its Q3 FY21 numbers with consolidated profit after tax up 10% YoY to Rs 320 million (our estimate Rs 256 million) led by sharp improvement in laminate Ebitda margin at 17.3% (our estimate15%), up 200 basis points YoY.

The higher Ebitda margin is largely attributable to consumption of lower-cost inventory of raw materials and wastage reduction during the quarter.

However, overall revenues were down 6.5% YoY to Rs 3.35 billion (our estimate Rs 3.4 billion) due to sustained decline in veneer and allied product revenues, down 36% YoY (largely due to container availability issues).

Click on the attachment to read the full report:

ICICI Securities Greenlam Q3FY21 Results Update.pdf

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