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Century Plyboard: Strong growth across all segments

News: Century Plyboard’s (CPIL) Q2FY22 performance was highlighted by robust growth across segments, aided by strong demand recovery and benign base (which had ~12% revenues decline). The topline was up 56.5% YoY to Rs. 813.6 crore. MDF, Plywood, Laminate revenues grew 36.3%, 68.2%, 60.9% YoY to Rs.127.4 crore, Rs.450.8 crore, Rs. 163.7 crore, respectively. EBITDA margin expanded 312 bps YoY to 19.2% due to operating leverage. Overall, reported PAT was up 92.6% YoY to Rs.99.1 crore, given the healthy operating performance.

Views: CPIL’s results were strong on all front as growth recovery trajectory was robust across segment. The balance sheet is also strong with net cash status. However, MDF pricing on new capacity addition across addition is a key monitorable and could pose a risk ahead. We await management commentary on the same.