Greenply Industries shares crack 3.7% after Q4 profit sinks 62%

The company posted a 61.8 percent drop in March quarter net profit at Rs 11.1 crore, missing analysts’ estimates.

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Shares of Greenply Industries tumbled 3.7 percent to Rs 157.45 in morning trade on May 31 after the company posted a 61.8 percent drop in the March quarter net profit at Rs 11.1 crore, missing analysts’ estimates.

The company reported a loss of Rs 16.6 crore due to disposal of assets by Greenply Industries (Myanmar).

Despite this setback, Greenply Industries managed to achieve growth in revenue and EBITDA (earnings before interest, taxes, depreciation, and amortisation).

For the fourth quarter, Greenply Industries recorded a revenue of Rs 469.15 crore, marking a 4.59 percent increase compared to the same period last year. This figure surpassed the Bloomberg estimate of Rs 452.6 crore.

The company’s EBITDA also exhibited positive growth, reaching Rs 47.6 crore, a 6.85 percent rise from the previous year.

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Greenply Industries witnessed a slight improvement in its EBITDA margin, which stood at 10.1 percent, exceeding analysts’ estimates of 8.4 percent.

The board of Greenply Industries has recommended a dividend of Rs 0.50 per share.

“Greenply continues to lag behind Century in the plywood segment where the latter recorded 12.4 percent Plywood volumes growth. In terms of foray into MDF (greenfield MDF plant in Vadodara has started commercial production from May, 2023), the risk of supply glut likely in H2FY24 onwards needs to be monitored,” ICICI Securities said in a note.

MDF stands for Medium Density Fibreboard.

JM Financial said the company’s plywood revenue grew 3 percent YoY, in line with estimates, but volumes declined 1 percent. “Higher timber prices led to gross margin contraction of 150 bps YoY/ 60 bps QoQ,” it said.

Shares of Greenply Industries are up over 7 percent so far this year.

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