Greenply Industries Q4 Results Review - Healthy Growth Trajectory To Continue; Maintain Buy: Yes Securities

Yes Securities Report

Greenply Industries Ltd. reported decent set of numbers, revenue grew by 40.4%YoY and 3% QoQ to Rs 6.0 billion. Ebitda margins came in at 9.6% versus 10.5%/8.7% in Q4 FY23/Q3 FY24, respectively.

The plywood division (78% of total revenue) sales grew by 10.6%YoY and 5.6% QoQ to 18.8 msqm (two-year compound annual growth rate stood at 5%), largely driven by growth in midsegment while premium-segment remained flattish.

Plywood realisations declined to Rs 244/sqm verus Rs 246/Rs 252 in Q4 FY23/Q3 FY24, respectively. Owing to higher timber cost, gross profit margins contracted to 140 bps YoY to 36.5%. Consequently, Ebitda margins declined to 8.5% in Q4 FY24 versus 11.5% in Q4 FY23 (Ebitda/Sqm stood at Rs 21.3 versus Rs 28.8 in Q4 FY23).

Volume mix for Own/joint venture/outsources stood at 57%/3%/40% respectively and value-mix came in at 65%/2%/33%, respectively

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