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ICICI Securities Report
After several quarters of muted and decline in volumes, Greenply Industries Ltd. has finally returned to growth (with a bang: high double-digit growth) - that is the insight from our conversations with multiple plywood dealers (pan-India).
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With the (recent) sharp improvement in working capital management (leading to strong balance sheet strengthening) and sudden recovery in the secondary real estate market post-Covid-19, we expect growth momentum to sustain in the near-to-medium term.
With sharp recovery in growth, we estimate the plywood Ebitda margin to improve to 13.6% by FY23 (versus management guidance of 14.6%).
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