Greenply Industries Q4 Review - Gabon Unit Disappoints; Balance Sheet Strengthens Further: ICICI Securities
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ICICI Securities Report
Greenply Industries Ltd. has reported lower-than-estimated profit before tax of Rs 392 million (Rs 430 million), up 106%/16% YoY/QoQ led by disappointing Ebitda margin at 11.5% (our estimate: 12.7%), down 80 basis points QoQ.
Gabon revenue and Ebitda margin took a sharp dive in Q4 FY21 led by continued issues in container availability.
The silver lining was plywood growth of 16% QoQ and 20 basis points higher Ebitda margin QoQ at 13%.
Management continued strengthening balance sheet with working capital days at 53 days versus 78 days YoY and reduction in consolidated debt from Rs 2.67 billion to Rs 1.92 billion YoY.
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