Sharekhan's research report on Greenlam Industries
Consolidated revenues beat estimates led by strong realization growth in laminates while OPM lagged on account of continued raw material cost pressures. The company targets overall revenue growth of 20-25% y-o-y for FY2023 and aims to treble revenues in three years. In laminates segment, it expects to grow its sales volumes by 12-15% y-o-y. The company’s Rs. 1000-crore capex plans for laminates, particleboard, and plywood businesses remain on track. Gujarat based acquired unit to start contributing from H2FY2023.
We retain Buy on Greenlam Industries Limited (Greenlam) with a revised PT of Rs. 420, considering its strong growth outlook over FY2022-FY2024E.
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