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IDBI Capital Report
Century Plyboards India Ltd.'s Q2 FY23 Ebitda margin was below our estimate, although sales were in-line with our expectations. Its net sales was flat YoY to Rs 9,002 million.
However, Ebitda fell by 28.6% QoQ to Rs 1,037 million.
Ebitda margin contracted by 496 bps QoQ to 11.5% due to rising prices of raw material cost across all the segment (except laminates).
Nevertheless, the company expects demand to remain robust in H2 FY23 due to strong demand in real estate space and softening of commodity prices.
Century has improved its working capital by four days QoQ to 55 days. However, we cut our F23/FY24 Ebitda forecast by 11%/7% respectively due to factor rising prices of key inputs.
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