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Yes Securities Report
Greenpanel Industries Ltd. registered a strong quarter given that Q1 is traditionally a soft quarter for the industry. Company’s revenue stood at Rs 4.64 billion, registering a 50.5%YoY growth and remained flattish as compared to previous quarter which was largely on account of healthy demand for medium density fibre and steady pricing.
Greenpanel announced a capex of Rs 6 billion for additional capacity of 231,000 cubic metre per annum at their Andhra plant. Management expects the plant to commission by Q2 FY25 and is likely to generate Rs 7.7 billion revenue at optimum utilisation.
Commenting on near‐term demand, management stated that higher interest cost and overall inflation will impact demand in coming quarters.
Moreover, chemical prices are expected to move upwards and passing‐ on the incremental cost could be challenging and hence management revised their MDF margin guidance downwards to 26‐27% for FY23.
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