Century Plyboards Ltd - Q4 FY21 first cut - YES Securities

- Sales for the quarter stood at Rs 7,450 Mn above our expectations of Rs 7,055 Mn. Revenues grew by 40.5% y/y & 12.9% q/q.

- Plywood sales came in at Rs 4,056 Mn (up by 42.2% y/y & 11.8% q/q) exceeding our estimates of Rs 3,636 Mn. Laminates division reported growth of 44.2% y/y & 27.4% q/q to Rs 1,529 Mn. MDF/Particle boards/ CFS segment also registered growth of 41.2%/29.8%/7.2% y/y and 2.2%/14.5%/5% sequentially respectively.

- Company reported operational profit of Rs 1,258 Mn (up by 86.4% y/y & minimal 2% q/q). EBITDA margins came in at 16.9% as compared to 12.7%/18.7% in Q4FY20/Q3FY21 respectively. Margins contracted sequentially largely due to higher COGS as %sales which stood at 49.6% in Q4FY21 Vs 48.8% in previous quarter.

- PAT stood at Rs 870 Mn reporting a growth of 32.2% q/q which was largely aided by higher other income which came in at Rs 102 Mn Vs Rs 13Mn/12Mn in Q4FY20/Q3FY21 respectively. Accordingly profit margins improved by 483bps y/y & 171bps q/q to 11.7%

- We currently have a "BUY" rating on the stock, we shall review & update the same post the conference call.

Shares of CENTURY PLYBOARDS (I) LTD. was last trading in BSE at Rs.419 as compared to the previous close of Rs. 432.25. The total number of shares traded during the day was 55173 in over 3433 trades.

The stock hit an intraday high of Rs. 442.75 and intraday low of 416.55. The net turnover during the day was Rs. 23375106.

Source : Equity Bulls

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