Sharekhan's research report on Greenlam Industries
For Q4FY2024, the company reported marginally higher consolidated revenues with higher than expected OPMs. Net earnings beat was further aided by lower other income and tax outgo. Company retained 20% consolidated revenue growth guidance for FY2025 while OPMs may remain flat to marginally higher. Particleboard unit is delayed by a quarter to Q3FY2025 with rated capacity rising to 886 cbm per day. However, capital outlay too sees upward revision by Rs. 100 crore to Rs. 875 crore.
Outlook
We retain a Buy on Greenlam Industries Limited with a revised PT of Rs. 670, assigning a higher valuation multiple considering its strong earnings growth trajectory over FY2024-FY2026E.
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