Sharekhan's research report on Greenpanel Industries
Consolidated OPM positively surprised in Q4FY2022 led by pricing actions undertaken during 9MFY2022 and a favourable product mix. Operating and net profit were up 42% y-o-y and 43% y-o-y, respectively, for Q4FY2022. The management expects MDF and Plywood volumes to rise by 15-18% y-o-y and 6-8% y-o-y for FY2023 with gross and operating margins sustaining at FY2022 levels. Greenpanel would announce the next round of capacity expansion by May-June 2022 which is likely to be a brownfield one, at its Southern plant.
Outlook
We retain a Buy on Greenpanel Industries Limited (Greenpanel) with a revised PT of Rs. 700, factoring in upwardly revised estimates and considering a strong earnings growth outlook.
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