ICICI Securities: Greenlam Industries’ Veneer, Allied Product Business Continues To Disappoint
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ICICI Securities Report
Greenlam Industries Ltd. has reported largely in-line Q2 FY21 numbers with consolidated revenue down 17% YoY to Rs 2.89 billion (our estimate Rs 2.97 billion) due to laminates and allied products (LAP)/veneer and allied products (VAP) declining at 12.7%/41.8% YoY, respectively.
International/domestic laminates revenue declined 6.9%/18.8% YoY, respectively.
Under VAP, engineered doors reported faster recovery while decorative veneer and engineered wood flooring continued to report sharp decline due to the discretionary nature of the products.
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