Sharekhan's research report on Greenlam Industries
For Q3FY2023, the company reported broadly in-line performance with a marginal miss on OPM. Consolidated revenues/operating profit/net profit were up 12%/2.7%/5.1% y-o-y respectively. Company targets revenue growth of 20% y-o-y and 20-25% y-o-y for FY2023 and FY2024 respectively. Net debt inches up with new project led borrowings. The company’s Rs. 950 crore capex plans for laminates, particleboard, and plywood businesses remain on track.
Outlook
We retain a Buy on Greenlam Industries Limited (Greenlam) with a revised PT of Rs. 385, factoring lowered estimates and considering its strong growth outlook over FY2023-FY2025E.
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