News: Greenply reported a mixed bag performance. The topline at Rs 453.5 crore, was up by 73.9% YoY driven by 85% growth in Plywood revenues at Rs 394.6 crore (3 year CAGR of ~9%) with volumes up ~80% YoY on a depressed base of Q1FY22 (due to Covid second wave). The EBITDA margins was at 8.8%, down 110 bps QoQ, owing to higher input costs. The PAT came in at Rs 20.7 crore, down 28.7% QoQ.
View: Greenply continues to lag behind Century in plywood segment where the latter recorded 113% volumes growth despite higher base. Furthermore, foray into MDF, wherein risk of supply glut is likely in FY23/24 onwards, needs to be monitored.
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