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ICICI Securities Report
We expect Greenpanel Industries Ltd. to continue to post strong earnings growth in near-to-medium term driven by -
1. increasing demand for modular furniture particularly post Covid-19;
2. possible import substitution with likely imposition of anti-dumping duty on thin medium density fibre and countervailing duty on all MDF imports into India and
3. delay in incremental capacity addition by top MDF players.
Despite fresh worries of Covid-19 cases increasing in the country, we believe this could be a potential blessing in disguise for the company with the likelihood of people incrementally opting for modular furniture over customised home-made furniture.
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