Greenply Industries Ltd - Q4FY21 first cut - YES Securities

- Sales for the quarter stood at Rs3,967 mn (above our expectation of Rs3,823 mn), reporting a growth of 15.1% y/y & 16.5% q/q. Greenply (stand) sales stood at Rs3,583 mn (up by 20.9% y/y & 16% q/q), while revenues of subsidiary came in at Rs373 mn, registering 23.1% sequential growth but a 21.5% decline y/y.

- Sales volumes came in at 15.85 msqm (up 18.9% y/y & 13.2% q/q) which was in-line with our estimates of 15.6 msqm. Realizations for Q4FY21 improved marginally by 1.4% both y/y & q/q to Rs222.

- For Q4FY21, EBITDA stood at Rs455 mn, a growth of 52.3% y/y & 9% q/q. Operating margins came in at 11.5% vs 8.7%/12.3% in Q4FY20/Q3FY21 respectively. Greenply (stand) EBITDA margins came in at 13% Vs 8.8%/12.8% in Q4FY20/Q3FY21 respectively. EBITDA margins for subsidiary came in at 7.8% Vs 10.9%/12.9% in Q4FY20/Q3FY21 respectively.

- Company reported Rs286 mn profit for Q4FY21 as compared to loss of Rs215 mn (one-time loss of Rs500 mn) in Q4FY20. As compared to previous quarter, profits grew by 14.5%.

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

Shares of GREENPLY INDUSTRIES LTD. was last trading in BSE at Rs.215.45 as compared to the previous close of Rs. 219.6. The total number of shares traded during the day was 58613 in over 1608 trades.

The stock hit an intraday high of Rs. 225 and intraday low of 214.35. The net turnover during the day was Rs. 12745798.

Source : Equity Bulls

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