Greenlam Industries Q4 Results Review- Premium Valuations Compel Rating Downgrade, Assign Sell: Yes Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Yes Securities Report.Greenlam Industries Ltd. registered healthy revenue growth of 17% YoY and 11%QoQ to Rs 6.24 billion. Laminates sales (86 of revenue), grew by 9% YoY and 7.4% QoQ (two-year CAGR stood at 12.5%), wherein volumes increased by 12% YoY and 12.5% QoQ (two-year CAGR stood at 14%). Average selling price came in at Rs 1,026 versus Rs 1,053/Rs 1,075 in Q4 FY23/Q3 FY24, respectively. Ebitda margins came in at 16.6% versus 15.6%/15.8% in Q4 FY23/Q3 FY24, respectively. For laminates, domestic revenue (49.5% of laminates revenue) increased by 12%YoY and remained flattish QoQ while exports revenue (50.5% of laminates sales) grew by 7%YoY and 14.4% QoQ. Domestic volumes (56.3% of laminates vols) reported a growth of 8.4% YoY and 4% QoQ (two-year CAGR stood at 17%); Exports volumes (43.7% of laminates vols), registered an increase of 16.6% YoY and 25% QoQ (two-year CAGR stood at 11%). Laminates plant operated at 85% utilization on total capacity of 24.52 million sheets. Veneers and allied segment’s revenue grew by 45% YoY and 28% QoQ to Rs 610 million. Ebitda margins stood at 3.3% versus loss of Rs 16 million in Q4 FY23 and marginal profit of Rs 3 million in previous quarter. Plywood segment (commenced operations in FY24) volumes stood at 1.04 msqm versus 0.73 msqm in Q3 FY24, average selling price improved sequentially from Rs 218/sqm to Rs 251/sqm. The segment’s operational loss stood at Rs 76 million versus loss of Rs 83 million in previous quarter. Utilization during Q4 FY24 stood at 23%..Click on the attachment to read the full report:.Greenply Industries Q4 Results Review - Healthy Growth Trajectory To Continue; Maintain Buy: Yes Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Greenlam Industries Q4 Results Review- Premium Valuations Compel Rating Downgrade, Assign Sell: Yes Securities

In FY24, the company missed the annual target of 20-25% revenue growth due to sluggish demand in domestic markets and red-sea issues impacting the export biz.

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Greenlam Industries Q4 Results Review- Premium Valuations Compel Rating Downgrade, Assign Sell: Yes Securities

In FY24, the company missed the annual target of 20-25% revenue growth due to sluggish demand in domestic markets and red-sea issues impacting the export biz.

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