News: Greenply reported a mixed bag performance. The topline at Rs. 421.1 crore, was up 13.1% YoY driven by 15.3% growth in plywood revenues at Rs. 414,3 crore with volumes up ~8% YoY. The EBITDA margins declined by 150 bps YoY to 9.9%, owing to higher marketing expenses. The PAT came in at Rs. 29 crore, up 1.2% YoY as lower margins offset the robust topline growth benefits
Views: Greenply continues to lag behind Century in plywood segment where the latter recorded 19% 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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