ICICI Securities: Greenlam Industries’ Veneer, Allied Product Business Continues To Disappoint 
Employees inspect and work on sections of laminate wood flooring during manufacture at a factory in Backa Palanka, Serbia (Photographer Oliver Bunic/Bloomberg)

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.

Click on the attachment to read the full report:

ICICI Securities Greenlam Q2FY21 Results Update.pdf

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