Century Plyboards (India) Ltd. share price target

It derives majority of revenues from plywood (53% of FY21 revenue), followed by laminates (19%), and MDF (17%) segments while the balance is contributed by fibre cement boards and particle board divisions. Century also operates a CFS with the capacity to handle 156,000 TEUs containers and contributed ~4% to the overall FY21 revenues...

Record revenue/profitability with record margins; beat on all fronts

Q2 revenue/PAT came in at Rs 8.1bn/Rs 1bn led by robust price realisations across segments

Decent performance across segments; in line with est.

It derives majority of revenues from plywood (53% of FY21 revenue), followed by laminates (19%), and MDF (17%) segments while balance is contributed by fibre cement boards and particle board divisions. Century also operates a CFS with capacity to handle 156,000 TEUs containers and contributed ~4% to overall FY21 revenues...

Q1 standalone revenue growth robust at 124% YoY off a low base, with strong growth across segments

CPBI: Strong quarter; downgrade to SELL on rich valuations. CRS: Good quarter; cut to REDUCE on limited upside. MUNI: Stellar quarter; recent rally caps upside downgrade to ADD. IIP: Industrial output steady over a 2-year horizon

Robust performance across segments

CPIL's overall plywood division volumes for Q4 grew 39.1% YoY to 77,489 CBM on account of 44.1% YoY growth in plywood and 6.7% growth in Decoply while commercial veneer declined 23.3% YoY. Plywood EBITDA margins were up 470 bps YoY at 12.8%. Laminates division volumes were up 37.9% YoY to 19,30,535 units. Revenue from this segment was up 45.4% YoY to | 150.7 crore. We expect ~15% CAGR in FY21-23 in plywood revenues to | 1477.4 crore, led by a) pent-up demand, b) benefits arising due to ViroKill technology and c) market share gain. For laminates, we bake...

CPBI reported robust standalone revenue growth of 41% YoY off a soft base, with the plywood/MDF/laminate segments growing 43%/41%/44%