Greenpanel Industries Q4 Review - Strong Growth Momentum Sustains: ICICI Securities
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ICICI Securities Report
We remain positively surprised with Greenpanel Industries Ltd.'s management assertion of sustainability/improvement over an impressive Q4 FY21 volume/margin delivery into FY22, which paves the way for an impressive execution opportunity (excluding probable near-term Covid-19 impact) over the next couple of years.
As far as Q4 FY21 was concerned, the company sustained its overall growth momentum across all parameters – volumes, realisations, margins and cashflow generation with:
- 12.7%/21.7% QoQ rise in its medium density fibre volumes/revenues;
- 21.3%/35.8% QoQ growth in plywood volumes/revenues;
- 330 basis points QoQ expansion in overall Ebitda margin; and
- net debt reduction of Rs 0.75 billion QoQ.
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