News:Greenply reported a weak performance. The topline at Rs 469.2 crore, was up by 4.6% YoY led by 3.1% growth in Plywood revenues at Rs 427 crore with volumes being flat YoY at 17 MSM. The EBITDA margins was at 10.1%, was up 20 bps YoY. The reported PAT at Rs 11.1 crore, was down 62% YoY, as the company recorded a loss on disposal of Myanmar assets of Rs 16.6 crore (exited due to political uncertainty). Adjusted PAT at Rs 27.7 crore was down 4.4% YoY.
Views: Greenply continues to lag behind Century in plywood segment where the latter recorded 12.4% Plywood volumes growth. Furthermore, in terms of foray into MDF (greenfield MDF plant in Vadodara has started commercial production from May, 2023), risk of supply glut likely in H2FY24 onwards needs to be monitored.
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