Greenply Industries’ Balance Sheet Strengthened; Growth Key Ahead: ICICI Direct
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ICICI Direct Report
Greenply Industries Ltd.’s Q3 FY21 performance was again about balance sheet than profit and loss as it focussed on credit correction while revenues were muted.
The company has reduced its consolidated net debt by approximately Rs 113 crore in Q3 FY21 to Rs 82 crore driven by strong receivables collection and moving to stricter working capital control (at 60 days versus 66 days in Q2 and 80 days in Q3 FY20).
The company’s Q3 consolidated topline at Rs 340 crore was down 1.6% YoY owing to 3% YoY decline in plywood revenues at Rs 310 crore (volumes, down 2.4%).
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