ICICI Securities: Greenpanel Industries’ Strong MDF Volume Recovery Aids Q2 Beat 
A worker measures the thickness of a length of plywood using a digital vernier caliper in a workshop in Thailand. (Photograph Taylor Weidman/Bloomberg)

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.

Click on the attachment to read the full report:

ICICI Securities Greenpanel Q2FY21 Results Update.pdf


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