News: Greenply consolidated topline was at ₹ 640 crore, up 12.8% YoY. The MDF revenues stood at ₹ 126.4 crore, down 4.3% QoQ, with volumes of 40553 CBM, down 5% QoQ, impacted by Plant shutdown in September and Gujarat floods. The plywood volumes were up 5.8% YoY at 20.2 MSM with Plywood revenues up 7.5% YoY at ₹ 514 crore. EBITDA was at ₹ 57.6 crore with margin of 9% (up 48 bps YoY). The Ply margin at 8.3% was up 75 bps YoY. MDF margins stood at 11.8% down 159 bps YoY given the plant shutdown. PAT for continuing operations was at ₹ 17.6 crore, down 6.4% YoY.
Views: Wood panel remain in a sweet spot going ahead as real estate completion will drive strong demand momentum. We await company update on earlier guidance of Ply revenue growth of 8-10% in FY25. We also await outlook for MDF growth and margins ahead.
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