Greenply Industries Ltd. share price target

Greenply Industries (MTLM) reported a tepid consolidated revenue growth of 1.7% YoY (3-year CAGR 7.4%) in Q3FY23, on a high base, with India plywood business (standalone & Sandila) growing at 8.7% YoY, while plywood volume was flat YoY (3- year CAGR of 3.7%). Consolidated operating margin declined 257bps YoY to 7.6%, as India plywood operating margin contracted ~90bps YoY and Gabon operations margin declined ~880bps YoY (due to slowdown in European demand) resulting in EBITDA/PBT decline of 24%/45.6% YoY.

Consolidated Q2 revenue grew 14% YoY on a 7% increase in volumes and 6% higher realisations in India plywood operations

Greenply Industries (MTLM) reported better than expected consolidated revenue growth of 14.4% YoY with standalone India plywood business growing at 14.8% YoY (3-yr CAGR of 7.7%) aided by volume growth of 6.9% YoY (3-yr CAGR of 3.9%) on a high base YoY.

Greenply Industries (MTLM) reported better than expected consolidated revenue growth of 73.9% YoY with standalone India plywood business growing at 85% YoY (3-
year CAGR of 8.9%) aided by volume growth of 79% YoY (3-year CAGR of 5.7%) due to
low base.

Consolidated Q1 revenue grew 74% YoY backed by a 79% increase in plywood volumes and 3% rise in price realisation for India operations

Consolidated Q4 revenue grew 13% YoY backed by an 8% rise in plywood volumes and 7% rise in price realisation for India operations