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Buy Greenlam Industries; target of Rs 420: Sharekhan

Sharekhan is bullish on Greenlam Industries has recommended buy rating on the stock with a target price of Rs 420 in its research report dated November 14, 2022.

November 28, 2022 / 06:47 PM IST
 
 
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Sharekhan's research report on Greenlam Industries

For Q2FY2023, Consolidated revenues beat estimates led by strong realization growth in laminates while OPM lagged on account of continued raw material cost pressures. The company reduced its net debt to Rs. 75.5 crore led by Rs. 195 crore preferential issue. The working capital gets reduced by 8 days to 69 days. The company’s Rs. 1000-crore capex plans for laminates, particleboard, and plywood businesses remain on track.

Outlook

We retain Buy on Greenlam Industries Limited (Greenlam) with an unchanged PT of Rs. 420, considering its strong growth outlook over FY2022-FY2025E.