Greenply Industries Ltd's Q2FY19 standalone net profit declines 60.7% yoy to Rs14.30cr: Misses Estimates

The company’s standalone net revenue in the quarter stood at Rs441.60cr, down 0.45% yoy.

Nov 12, 2018 04:11 IST India Infoline Research Team

Greenply Industries Ltd Q2FY19

Standalone Results Q2FY19: (in Rs cr)

Q2FY19 YoY (%)
Revenue 441.60 [0.5]
EBITDA 44.40 [31.5]
EBITDA Margin (%) 10.1 [456]
Net Profit (adjusted) 14.30 [60.7]
***EBITDA margin change is bps

Greenply Industries Ltd's Q2FY19 results missed the consensus estimates. Net Revenue for the quarter declined 0.5% yoy to Rs441.6cr against Rs443.6cr in Q2FY18, missing the estimates of Rs456cr. EBITDA for the quarter declined 31.5% yoy to Rs44.4cr against Rs64.8cr in Q2FY18. EBITDA margin declined 456bps yoy to 10.1%. Net profit for the quarter declined 60.7% yoy to Rs14.3cr against Rs36.4cr in the corresponding quarter last year, missing the street estimates of Rs17cr.

• Revenue for the plywood and allied products segment grew 11.4% yoy to Rs352.97cr in Q2FY19 against Rs316.91cr in Q2FY18. EBITDA margin of the segment expanded to 11.5% in Q2FY19 against 11% yoy. Segment production grew 19.3% yoy to 10.59mn sqm with a utilization of 120% in Q2FY19. Average realization declined 1.3% yoy to Rs223/sqm.
• Medium density fiberboard and allied products revenue declined 28% yoy to Rs87.63cr in Q2FY19 against Rs121.66cr in Q2FY18. EBITDA margin of the segment contracted to 4.7% in Q2FY19 against 26% yoy. Segment production grew 34.1% yoy to 56,256 cubic meter with a utilization of 42% in Q2FY19. Average realization declined 12.7% yoy to Rs23,194/cubic meter.

Technical View:

Greenply Industries Ltd ended at Rs144.65, down 6.45 points, or 4.27%, from its previous close of Rs151.10 on the BSE. The scrip opened at Rs154 and touched a high and low of Rs154 and Rs140.80, respectively. A total of 10,71,437 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200-DMA.

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