News: Greenply consolidated topline was at ₹ 599.8 crore, up 40% YoY. This was largely driven by ramp up in new MDF plant (started from Q1FY24). MDF revenues stood at ₹ 131.1 crore with volumes of 45764 CBM (up 9% QoQ). The plywood volumes were up 10.6% YoY at 18.8 MSM with Plywood revenues up 9.5% YoY at ₹ 468 crore. EBITDA was at ₹ 57.7 crore with margin of 9.6% (down 90 bps YoY). The Ply margin at 8.6% declined by 290 bps YoY due to increase in raw material prices and higher advertisement expenses. PAT at ₹ 28.4 crore was up 156% YoY, as base quarter had ₹ 16.6 crore of exceptional loss.
Views: Wood panel remain in a sweet spot going ahead as real estate completion will drive strong demand momentum. We expect the overall margins to improve ahead as MDF utilisations improve.
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