Q4 2025 Greenply Industries Ltd Earnings Call Transcript
Key Points
- Greenply Industries Ltd (BOM:526797) reported a 4.9% year-over-year volume growth and a 9.8% value growth in its plywood business for the quarter.
- The company's core EBITDA margin improved to 9.2% in Q4 FY25, up from 8.7% in Q4 FY24, reflecting a 50 basis point increase.
- Greenply Industries Ltd (BOM:526797) launched a new product, Water Repellent plywood, showcasing its commitment to product innovation.
- The MDF business saw a significant improvement in EBITDA margins, reaching 15% in Q4 FY25, up from 10.4% in the previous quarter.
- The company is on track to reduce its contingent liability by approximately USD 2 million, indicating a positive financial management strategy.
- Sales in the furniture and fittings segment did not meet expectations in Q4, indicating potential challenges in market penetration.
- The company's net debt stands at INR464 crores, with a debt-equity ratio of 0.57, which may pose financial risks if not managed effectively.
- Inventory levels in the plywood segment increased from 54 days to 79 days, suggesting potential inefficiencies in inventory management.
- The MDF business faced operational disruptions in prior quarters due to breakdowns, impacting production and sales.
- There is an ongoing challenge with receivables, as some dealers delayed payments, affecting the company's cash flow.
Conference is now being recorded.
This is on equity accountants and investors of INR34 crores. Now, I'll share highlights of the individual businesses.
In the plywood business, our volume growth for the quarter was 4.9% YoY, and value growth for the quarter was around 9.8%.
On the margin front, our core EBITDA margin for quarter four FY25 was 9.2%, as against 8.7% in quarter four of FY24. The margin improved on a YoY basis by 50 basis points. On a full year basis, we have achieved a revenue of INR1,959 crores, a growth of 8.1% on a YoY basis. Our core EBITDA grew by 13.3% on a YoY basis to INR166 crores. The EBITDA margin stood at 8.5%.
On the product innovation front, we are happy to share that we have launched a new product, which is named as, Water Repellent plywood during this quarter.
Moving on to MDR business, our revenue in quarter four FY25 was INR135.6 crores and volume at 42,688 CBMs.
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