ICICI Securities: Greenpanel Industries’ Strong MDF Volume Recovery Aids Q2 Beat
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ICICI Securities Report
Greenpanel Industries Ltd. has reported better-than-expected Q2 FY21 revenue at Rs 2.25 million (our estimate Rs 2.15 billion), up 17% YoY driven by 25.8% YoY growth in medium-density fibreboard and mere 4.5% YoY decline in plywood segment.
Ebitda margin at 20.6% (our estimate 19.5%), up 500 basis points YoY was aided by 220 basis points YoY improvement in MDF Ebitda margin to 21.8% and 430 basis points YoY increase in plywood Ebita margin to 16.4%.
Operating leverage, reduction in plant wastages, and cost optimisation led to beat in Ebitda margins.
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