Greenlam Q1 Review - Strong Growth In Export Drives Demand; Margins To Remain Under Check: Yes Securities

Yes Securities Report

Greenlam Industries Ltd. registered a steady quarter wherein revenues increased by 17% YoY. Laminates sales (88% of revenue) grew by 13% YoY backed by stellar growth in export markets (53.5% of laminates revenue) wherein revenue increased by 22% YoY owing to 14% YoY volume growth (42% of laminate volumes) on the back of company’s expanding market share and ramp-up of south plant.

Moreover, Greenlam's improving product-mix in export segment enabled them to expand their average selling price to Rs 1,392/sheet versus Rs 1,290/Rs 1,144 in Q1 FY24/Q4 FY24 respectively.

During the quarter sales of Rs 150 million were not recorded due to container availability issues. Demand in domestic markets was also steady which led to volume growth of 11%YoY (two-year CAGR stood at 15%).

However, ASP in domestic markets declined to Rs 5% YoY to Rs 895/sheet. Consequently, domestic laminate revenue (46.5% of laminates sales) grew marginally by 4% YoY.

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