ICICI Securities: Greenlam Industries’ Exports Continue To Drive Outperformance

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Greenlam Industries Ltd. has reported a decent set of numbers led by better than expected recovery in its international business (laminate export revenue declining mere 12.9% YoY).However, domestic laminates revenue declined 65.7% YoY marred by Covid-19 led intermittent lockdown and muted real estate sector demand.Veneer and allied product segment continued to disappoint with losses swelling YoY due to operating deleverage. Ebitda margin came in at 4.9% (our estimate 5.3%), down 540 basis points YoY, due to operating deleverage.With Greenlam’s foreseeing strong market share gain opportunity in both domestic and export laminate markets in near to medium term, we build-in a steady-state recovery in laminates segment starting Q2 FY21..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Securities: Greenlam Industries’ Exports Continue To Drive Outperformance

ICICI Securities: Greenlam Industries’ Exports Continue To Drive Outperformance

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