Sharekhan's research report on Greenlam Industries
For Q4FY2023, the company reported strong beat on consolidated net profit led by positive surprise in OPM that was aided by softening input costs and absence of Ad expenses. Company retained revenue growth guidance of 20-25% y-o-y for FY2024 which would be aided by a 10-12% y-o-y volume growth in laminates and revenue contribution from the Plywood venture. Greenfield laminate and particle board capacities are expected to start commercial operations from Q2FY2024 and Q4FY2024 respectively.
Outlook
We retain a Buy on Greenlam Industries Limited (Greenlam) with a revised PT of Rs. 410, factoring upwardly revised estimates and strong growth outlook over FY2023-FY2025E.
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