Religare's research report on Greenply IndustriesWe recently met the management of Greenply Industries (GIL). Key takeaways: (1) Overall demand scenario remains tepid even as demand for plywood has improved slightly in Jan-Feb’16. (2) Plywood/MDF margins to remain stable in the near term. (3) Excise exemption for the Nagaland unit to help generate Rs 50mn-60mn (pre-tax) as additional income every year for the next 10 years. (4) New MDF plant on track for completion by H1FY19. Maintain BUY; Mar’17 TP Rs 250 (Rs 246 earlier).We remain positive on GIL due to its market leadership in the organised plywood/MDF segments and expectations of a 17.8% earnings CAGR over FY16-FY18 with strong return ratios. BUY; Mar’17 TP Rs 250 (Rs 246 earlier). For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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