Greenply Industries Ltd

About [ edit ]

Established in 1990, # Greenply Industries Limited is amongst the leading plywood manufacturers in India with a 26% share of the organized market. Greenply offers a wide range of panel products including plywood, block boards, decorative veneers, doors, and film-faced plywood, among others. #

Key Points [ edit ]
  • Market Cap 2,535 Cr.
  • Current Price 207
  • High / Low 225 / 73.5
  • Stock P/E 41.6
  • Book Value 35.6
  • Dividend Yield 0.19 %
  • ROCE 15.5 %
  • ROE 15.0 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Debtor days have improved from 77.06 to 60.73 days.

Cons

  • The company has delivered a poor sales growth of -6.67% over past five years.
  • Dividend payout has been low at 8.20% of profits over last 3 years

Peer comparison

Sector: Miscellaneous Industry: Miscellaneous

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
309 362 349 392 349 380 346 345 133 296 340 397
288 327 310 344 309 336 306 315 137 264 299 351
Operating Profit 21 35 39 48 40 45 40 30 -4 31 42 45
OPM % 7% 10% 11% 12% 12% 12% 11% 9% -3% 11% 12% 11%
Other Income 1 2 0 1 0 0 0 -48 0 1 2 4
Interest 4 4 5 6 5 5 5 5 5 4 4 4
Depreciation 5 6 6 6 6 6 6 7 5 6 6 6
Profit before tax 12 27 29 38 30 33 29 -30 -14 23 34 39
Tax % 45% 36% 29% 21% 29% 20% 26% 29% 22% 19% 26% 27%
Net Profit 12 18 21 30 21 26 21 -22 -11 19 25 29
EPS in Rs 0.94 1.43 1.70 2.42 1.71 2.15 1.74 -1.75 -0.92 1.51 2.04 2.34

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
889 1,261 1,708 2,047 2,217 1,567 1,646 1,668 912 1,412 1,420 1,165
811 1,145 1,530 1,776 1,945 1,357 1,403 1,421 848 1,266 1,265 1,051
Operating Profit 77 116 178 272 272 210 243 247 64 146 156 114
OPM % 9% 9% 10% 13% 12% 13% 15% 15% 7% 10% 11% 10%
Other Income 21 3 4 5 4 17 7 4 86 6 -48 7
Interest 27 48 65 66 64 38 31 19 8 19 21 17
Depreciation 22 42 48 54 60 47 50 51 18 22 26 23
Profit before tax 48 29 68 157 153 141 170 181 124 111 61 81
Tax % 15% 20% 17% 24% 23% 12% 24% 31% 11% 28% 22% 25%
Net Profit 41 23 57 120 118 124 128 125 111 80 47 61
EPS in Rs 3.68 1.95 4.71 9.93 9.76 10.31 10.63 10.23 9.02 6.50 3.85 4.97
Dividend Payout % 8% 10% 9% 6% 6% 6% 6% 6% 7% 6% 10% 8%
Compounded Sales Growth
10 Years:-1%
5 Years:-7%
3 Years:9%
TTM:-18%
Compounded Profit Growth
10 Years:10%
5 Years:-14%
3 Years:-19%
TTM:-25%
Stock Price CAGR
10 Years:21%
5 Years:0%
3 Years:2%
1 Year:128%
Return on Equity
10 Years:19%
5 Years:16%
3 Years:16%
Last Year:15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
11 12 12 12 12 12 12 12 12 12 12 12
Reserves 251 299 351 462 572 474 602 760 865 323 366 424
Borrowings 441 625 706 686 748 332 270 446 712 250 279 168
309 237 308 412 488 331 316 356 521 302 305 310
Total Liabilities 1,011 1,173 1,376 1,572 1,820 1,149 1,200 1,575 2,111 887 962 915
544 612 632 665 699 533 542 526 580 252 314 308
CWIP 13 11 14 23 117 14 9 269 770 17 5 6
Investments 0 0 0 0 0 35 29 26 18 22 24 23
454 551 731 883 1,004 567 620 754 742 596 619 578
Total Assets 1,011 1,173 1,376 1,572 1,820 1,149 1,200 1,575 2,111 887 962 915

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
127 19 44 184 189 187 191 212 113 98 58 228
-325 -104 -57 -86 -172 -105 -63 -363 -328 -89 -58 -125
193 88 12 -94 -23 -82 -100 190 164 -28 -19 -92
Net Cash Flow -5 3 -2 4 -6 1 28 39 -50 -19 -20 11

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 13% 10% 14% 20% 18% 15% 24% 19% 10% 12% 21% 16%
Debtor Days 67 60 68 62 61 60 74 65 114 79 92 61
Inventory Turnover 2.97 3.66 4.16 3.93 3.51 3.17 5.99 6.40 2.99 4.37 4.95 3.84

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
51.03 51.03 51.03 51.03 51.03 51.70 51.80 52.01 52.02 52.02 52.20 52.20
11.85 11.85 11.85 10.90 10.98 10.97 10.91 10.82 10.79 7.28 1.54 1.99
19.16 19.48 20.02 20.51 20.88 22.21 22.81 22.88 22.99 24.02 26.27 28.16
17.96 17.64 17.10 17.56 17.11 15.12 14.48 14.28 14.21 16.68 19.99 17.65

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