#CenturyPlyboard conducted their today at 3:30 APM.

Here are the key takeaways πŸ˜€πŸ˜Š
Business Update:
β€’ Q4 was the best quarter for century in history of co.
β€’ Laminate has shown very good performance with increasing margins.
β€’ Q1 FY22 has been affected due to covid, however things have improved now.
β€’ Strengthen the balance sheet and net debt near to 0.
Capacity Utilization & CAPEX:
β€’ Plywood capacity has been ramped up and now is 100%+. Capacity would be increased here, with CAPEX spent.
β€’ Laminates: Current utilization is low. Hence capex can be in next year. Laminates can add another 15-16%

β€’ MDF- Co. is already doing capex, and capacity is added here.
β€’ Particle Board: From Q2 additional capcaity can be seen.

β€’ New Facility will add 30% in Plywood while rest in other segment.
CAPEX Update:
β€’ Hoshiarpur CAPEX on line and is expected to start this year only.
β€’ South Plan Delay is bit increased and land acquisition is taking time and commercial production is expected to start next H2 next year.
β€’ 700 cr next 2 year.
β€’ Capex of Andhra is ~450cr.
β€’ Overall segment got impacted and unorganized sector, were major sufferer.
β€’ Raw Material price has been at the All time high.
β€’ Looking for green field capex but next year in Q3 or Q4.
β€’ Brand building activity leading to growth, and is increasing in market share
β€’ Unorganized Player took bigger hit, due to working capital issue, raw material procurement, helping organised player
β€’ Adding capacity in South, Karnal. This will increase 25% of capacity
β€’ For long term 14-15% EBIT margins is sustainable for the segment. This is majorly because of operating leverage of capacity addition.
β€’ Margin may get impact this year, due to wave 2 impact in Q1, however long terms margins to be 14-15%.
β€’ Plant was operational in entire pandemic, and co, already has stock left.
β€’ Additional capacity may take time as demand is also sluggish. But till FY 2024 with CAPEX, this segment can show good result.
β€’ Current capacity is 1.5 Million cubic meter. With capacity additional it would be 2 Million Cubic Meter. While China product is around 60 Million Cubic Meter
Particle Board:
β€’ Increase the csot of Melamine has been impacted to a lot. Sharp increase in cost of Melamine has impacted the margins, and Particle Board revenue share in MDF segment is ~60%.
β€’ RM cost has been increased a bit, however these cost are adjustable.
β€’ Supply is not increasing in market and increase in price is expected to be transfer to customer.
β€’ Hence margin are expected to be in the same range last year.
β€’ Travel, employee cost is reduced.
β€’ Import is very low currently in India, and co. expect import ban to be imposed by government, however without that to domestic product demand is increasing.
Future Focus:
β€’ Plywood- 10-15% growth
β€’ Laminates- Trying for 15%+ growth
β€’ MDF- Target to ~3x the revenue in next 2-3 years.

Price Hike: There has been minimum price hike this quarter around 2-3%
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