Hold Greenply Industries; target of Rs 375: Anand Rathi

Anand Rathi's research report on Greenply Industries

Greenply’s revenue/gross profit/EBITDA grew 12.8/12.3/19.2% y/y to Rs6.4bn/2.5bn/576m, though adj. PAT was 6.1% lower y/y at Rs176m. Higher input costs trimmed the gross margin 18bps y/y to 39.1%, but economies of scale pulled up the EBITDA margin 48bps y/y to 9%.

Outlook

We arrive at a 12-mth TP of Rs375, 20x FY27e earnings (earlier Rs230, 15x FY24e earnings).

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