Greenpanel Industries Ltd Share Price – NSE  /  BSE

Miscellaneous, Small Cap

Greenpanel Industries will hold a meeting of the Board of Directors of the Company on 1 November 2023.

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The stock has added 4.85% in four sessions, from its recent closing low of Rs 332.95 recorded on 18 August 2023.

In the past six months, the stock has gained 24.38% while the benchmark Sensex has risen 10.99% during the same period.

In an exchange filing made during market hours today, Greenpanel Industries said that CARE Ratings has reaffirmed its long-term rating on the debt instruments of the company at 'CARE A+; Stable'.

The agency has also reaffirmed the company's short-term rating at 'CARE A1+'.

CARE Ratings said that the ratings assigned to the bank facilities of Greenpanel Industries (Greenpanel) continue to draw strength from its leadership position in the domestic organised medium-density fibreboard (MDF) industry with strong brand image and extensive distribution network and marketing support. The ratings also factor in the strategic location of both its manufacturing units with raw material linkages and comfortable capital structure with healthy liquidity and debt coverage indicators apart from experience of its promoters in the interior infrastructure industry.

The ratings are however constrained by decline in its operating profitability, competition from imports as well as increasing domestic capacity for MDF, exposure to foreign exchange fluctuation and input price volatility apart from its large size under implementation brownfield expansion capex.

Greenpanel is primarily engaged in the manufacturing of wood-based panel products used in interior infrastructure which includes plywood, MDF boards and allied products. Apart from domestic market, the company also has presence in the export market (for MDF) with presence in around 16 countries, whereby exports comprised around 14% of its sales in FY23.

The company's consolidated net profit declined 51.98% to Rs 37.26 crore on a 16.77% fall in sales to Rs 386.19 crore in Q1 FY24 over Q1 FY23.

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Greenpanel Industries has received revision in credit ratings from CARE Ratings as under:

Long term bank facilities (Rs 120 crore) - CARE A+; Stable (reaffirmed)
Long term bank facilities (Rs 50 crore)- CARE A+; Stable (revised from CARE A+ ; Stable/ CARE A1+)
Long term / short term bank facilities (Rs 65 crore) - CARE A+; Stable / CARE A1+ (reaffirmed)
Short term bank facilities (Rs 5 crore) - CARE A1+ (reaffirmed)

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Net profit of Greenpanel Industries declined 51.98% to Rs 37.26 crore in the quarter ended June 2023 as against Rs 77.60 crore during the previous quarter ended June 2022. Sales declined 16.77% to Rs 386.19 crore in the quarter ended June 2023 as against Rs 464.00 crore during the previous quarter ended June 2022.

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