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ICICI Securities Report
Greenlam Industries Ltd. reported a beat in its Q3 FY21 numbers with consolidated profit after tax up 10% YoY to Rs 320 million (our estimate Rs 256 million) led by sharp improvement in laminate Ebitda margin at 17.3% (our estimate15%), up 200 basis points YoY.
The higher Ebitda margin is largely attributable to consumption of lower-cost inventory of raw materials and wastage reduction during the quarter.
However, overall revenues were down 6.5% YoY to Rs 3.35 billion (our estimate Rs 3.4 billion) due to sustained decline in veneer and allied product revenues, down 36% YoY (largely due to container availability issues).
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