- Leader in wood panels in which their principal product is MDF (Medium Density Fibreboard)
- Demerged from Greenply in 2018
- 2 plants in UP & AP (this one being the largest MDF plant in the world.
Greenpanel Industries FY21 Annual Report Takeaways.
'27% market share of the Indian MDF market & growing'
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- Leader in wood panels in which their principal product is MDF (Medium Density Fibreboard)
- Demerged from Greenply in 2018
- 2 plants in UP & AP (this one being the largest MDF plant in the world.
Rev up 20%
Expanded EBITDA margin by 420bps
Net profit up 370%
Strong Cashflows
Receivables cycle down to 28
Paid back 157crs of debt
Talks of sustainable growth with a focus on cashflows & lower working capital.
- Committed to producing only as much as the market can absorb (can they control their competitors?)
- Did not & will not discount to push sales
- Get a better credit profile.
- Will do Capacity growth at lower capital cost than greenfield.
- Gained market share in MDF: As the broad MDF market de-grew by 37% while they grew by 20%
- Q1 of FY21 showed 57% regrowth in revenues which bounced back leading to the highest ever sales in Q4
- No big capex in the next 3yrs | Peak rev at 1600crs
Economic growth
Attractive social fundamentals
Vast under consumption
Increase in incomes and aspirations
Lifestyle priorities
Atmanirbhar Bharat
Urban real estate growth
Rural emergence
- Demand risk: depends on increased construction of real estate & people's willingness to spend on upgrading.
- Import risk: In the past few years, cheap imports were dumped all over 🇮🇳
& many others.
78% of the company's revenue comes from MDF.
Current capacity utilisation at 69% (up from 60% in FY20)
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"I lied about my basic beliefs in order to keep a prestigious job. Now that it will be zero-cost to me, I have a few things to say."
We know that elite institutions like the one Flier was in (partial) charge of rely on irrelevant status markers like private school education, whiteness, legacy, and ability to charm an old white guy at an interview.
Harvard's discriminatory policies are becoming increasingly well known, across the political spectrum (see, e.g., the recent lawsuit on discrimination against East Asian applications.)
It's refreshing to hear a senior administrator admits to personally opposing policies that attempt to remedy these basic flaws. These are flaws that harm his institution's ability to do cutting-edge research and to serve the public.
Harvard is being eclipsed by institutions that have different ideas about how to run a 21st Century institution. Stanford, for one; the UC system; the "public Ivys".
As a dean of a major academic institution, I could not have said this. But I will now. Requiring such statements in applications for appointments and promotions is an affront to academic freedom, and diminishes the true value of diversity, equity of inclusion by trivializing it. https://t.co/NfcI5VLODi
— Jeffrey Flier (@jflier) November 10, 2018
We know that elite institutions like the one Flier was in (partial) charge of rely on irrelevant status markers like private school education, whiteness, legacy, and ability to charm an old white guy at an interview.
Harvard's discriminatory policies are becoming increasingly well known, across the political spectrum (see, e.g., the recent lawsuit on discrimination against East Asian applications.)
It's refreshing to hear a senior administrator admits to personally opposing policies that attempt to remedy these basic flaws. These are flaws that harm his institution's ability to do cutting-edge research and to serve the public.
Harvard is being eclipsed by institutions that have different ideas about how to run a 21st Century institution. Stanford, for one; the UC system; the "public Ivys".
