Greenpanel Industries Q3 Review -  Volume Growth, Margin Tailwinds To Persist: ICICI Securities
A worker secures a piece of plywood on a window of a building. (Photographer: David Paul Morris/Bloomberg)

Greenpanel Industries Q3 Review - Volume Growth, Margin Tailwinds To Persist: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Despite incurring forex loss of Rs 80 million for the quarter, Greenpanel Industries Ltd. for the second successive quarter delivered a strong beat on its Q3 FY21 revenues/earnings driven by -

  1. 43.3%/49.5% YoY jump in its medium density fibre volumes/revenues;
  2. 11.7%/5.5% YoY growth in plywood volumes/revenues; and
  3. 690 basis points YoY expansion in overall Ebitda margin.

Sustainable demand tailwinds in MDF, delay in greenfield MDF projects of CPBI and Rushil Decor, firm MDF pricing and recently initiated productivity enhancement and cost control measures at its MDF units, are likely to drive considerable improvement in the company’s profitability going forward.

Click on the attachment to read the full report:

ICICI Securities Greenpanel Q3FY21 Results Update.pdf

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