Greenlam Industries Ltd - Investor Presentation 2023

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Greenlam/2023-24 October 31, 2023

The Manager

BSE Limited Department of Corporate Services Floor 25, P. J. Towers, Dalal Street Mumbai - 400 001 Fax No. 022-2272-3121/1278/1557/3354 Email: [email protected]

BSE Scrip Code: 538979

The Manager

National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra (E) Mumbai - 400 051 Fax No. 022-2659-8237/8238/8347/8348 Email: [email protected] NSE Symbol: GREENLAM

Dear Sir/Madam,

Sub: Investor Presentation

Please find enclosed herewith the Investor Presentation on the Q2 H1 FY24 Financial Results of the Company.

Kindly take the above information on records.

Thanking you, Yours faithfully,

For GREENLAM INDUSTRIES LIMITED

Digitally signed by PRAKASH PRAKASH KUMAR BISWAL KUMAR BISWAL Date: 2023.10.31 15:03:03 +05'30'

PRAKASH KUMAR BISWAL COMPANY SECRETARY & VICE PRESIDENT – LEGAL

Encl. A/a

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BETTERING Culture of Execution Excellence

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Greenlam Industries Limited

Analyst Presentation October 2023

Greenlam Industries Limited l Analyst Presentation l October 2023

Safe harbor

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Greenlam Industries Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the company.

Greenlam Industries Limited l Analyst Presentation l October 2023

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Strong delivery
The company A structured The We delivered on
completed execution laid the commissioning our project
greenfield and groundwork for demonstrated a commitments
brownfield the company's dedication to showcasing
expansion sustainable maintain capital strong execution
projects for the revenue and efficiency and capabilities
laminate and profitability continually create
plywood growth stakeholder value
categories
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Greenlam Industries Limited l Analyst Presentation l October 2023

What we have achieved in the last 18 months

Increased our Acquired and Commissioned a Commissioned laminate capacity enhanced our greenfield laminate India’s largest single from 15.62 mn sheets laminate capacity in project in Naidupeta location plywood to 24.52 mn sheets Prantij to 5.4 mn (capacity 3.5 mn manufacturing unit per annum (increase sheets per annum sheet/board per (capacity 18.9 mn of ~57%) annum) sq.m. per annum)

Greenlam Industries Limited l Analyst Presentation l October 2023

Part 1

Who we are and what we do

Greenlam Industries Limited l Analyst Presentation l October 2023

Greenlam. A snapshot

Background

Commenced operations in Behror in 1993

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Promoter

Company stewarded by Mr. Saurabh Mittal (Managing Director & CEO) with more than 25 years of experience in the wood panel business with experienced teams

Manufacturing capabilities

5 facilities across Behror (Rajasthan), Nalagarh (Himachal Pradesh), Prantij (Gujarat), Tindivanam (Tamil Nadu) and Naidupeta (Andhra Pradesh)

Product solution

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Engaged in the manufacture of laminates, decorative veneers, engineered wooden flooring, engineered wooden door, plywood and prelam particle board/MDF

Domestic footprint

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Products marketed through 9 large regional distribution centres, 21 branch offices, 6 warehouses and 23,000+ distributors, dealers and retailers

Global footprint

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Products available in over 100 countries, supported by 4 international distribution centres, 15 international offices, 8 operational overseas subsidiaries

Benchmark certifications

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FSC, PEFC, ISO 14001, GRIHA, GREENPRO, REACH compliances and OHSAS ISO 14001 and ISO 50001. Product-specific

certifications like CE, UL, NSF, SEFA, Green label, Greenguard and NEMA (US & North America) and BS EN (Global), ISO 9001 (Quality Management Systems) and SEDEX certification for Ethical Trade Initiatives. These certifications testify low chemical emissions, sustainable forest management, food safety etc.

Market capitalization

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Listed on the BSE Limited and National Stock Exchange of India Limited. Market capitalisation was Rs.5275.3 cr as on September 30, 2023 (closing price, NSE)

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Talent

Greenlam family has over 6500 employees (as on September 30, 2023) including contractual employees and over 130 multicultural employees working for us in overseas markets

Greenlam Industries Limited l Analyst Presentation l October 2023

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Greenlam. A leader
One of the top India’s
three laminate largest exporter
brands across of laminate for
First in the
the world 12 consecutive
wood panel space
years
to be funded by
International
Finance
India's first India's only
Corporation,
organised engineered
Washington (IFC)
engineered wooden flooring
wooden door manufacturer
manufacturer
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Greenlam Industries Limited l Analyst Presentation l October 2023

Our Board

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Mr. Shiv Prakash Mittal

Non-Executive Chairman

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Ms. Matangi Gowrishankar

Independent Director

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Mr. Saurabh Mittal

Managing Director & CEO

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Mr. Yogesh Kapur

Independent Director

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Ms. Parul Mittal

Whole-Time Director

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Mr. Rahul Chhabra

Independent Director

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Mr. Sandip Das

Independent Director

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Mr. Jalaj Ashwin Dani

Non-Executive Non-Independent Director

Greenlam Industries Limited l Analyst Presentation l October 2023

Our growth journey

1992-93 2002

Set up the first laminate unit at Behror; started the commercial production and export of laminates

Started the commercial production of decorative veneers

2005-08 Setting up of overseas subsidiaries in Singapore and the US

2009

Started the commercial production of second laminate unit at Nalagarh

2012

Set up a subsidiary in the UK

2014-16 2019 2016-21 2022 2023

Demerged into a separate entity and listed on NSE and BSE
Commercial production of engineered wooden flooring and engineered wooden doors started in Behror
Acquired Greenlam Decolan SA in Switzerland
Incorporated Greenlam South Limited (GSL)
Commissioned multiple brownfield laminate capacities
Acquired 74.91% equity share capital of HG Industries Limited (formerly Himalaya Granites Limited)
Issued first listed • Commenced non-convertible enhanced capacity debentures and of the laminate unit raised Rs. 99 cr in Prantij
Acquired laminate • Commenced a plant in Prantij, greenfield plywood Gujarat unit at Tindivanam
Raised Rs. 195 cr • Commenced a via a preferential greenfield laminate issue of equity unit at Naidupeta shares

Greenlam Industries Limited l Analyst Presentation l October 2023

Our brands

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Greenlam Industries Limited l Analyst Presentation l October 2023

Our products

Laminates

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Laminates

Compact laminates 100+

10,000

Decors collection

Decors

Veneered laminates

Veneered Compact laminates

200+

20+

Natural veneer Natural veneer species species

Applications

The laminates business has witnessed an immense change in design and product performance. It graduated from a commodity product to become a lifestyle and low maintenance surfacing option.

Greenlam offers a variety of laminates catering to application needs, starting from liners to specialised material for segments like hospitality, health, education, retail, commercial and residential spaces.

Greenlam offers products across dimensions (3’x7’, 4’x8’, 4’x10’, 4.25’x10’, 5’x12’, 6’x12’, 6’x14’) and thicknesses (0.5mm -30mm). The products can be used on vertical and horizontal surfaces. They are available in an array of designs, colours and textures. These can be applied on almost every surface - table tops, doors, shelves and counters to reception desks and furniture.

Greenlam Industries Limited l Analyst Presentation l October 2023

Our products

Clads

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Exterior Interior clads clads

100+

Decors Decors

Applications

Resistant to weather, fading and fire.

Extensively used in residential and commercial applications.

The interior cladding solution represent fully integrated wall protection system. Anti-fungal, Anti-bacterial and Anti-viral properties, impact and scratch resistance make them ideal in health care, education and commercial applications.

Greenlam Industries Limited l Analyst Presentation l October 2023 13

Our products

Restroom cubicle and locker solutions

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Magna Air 2 3 Models Models Cocoon Aster 5 3 Models Models Altura Series Lockers

6 6 Models Models

Applications

Manufactured in strict adherence with accepted fire safety norms, enhancing their utility.

Assortment of restroom products comprising restroom cubicles, specially adapted handholds for the differently-abled and privy divider panels - a complete solution for commercial and public area applications.

Greenlam Industries Limited l Analyst Presentation l October 2023

Our products Melamine-faced chipboard

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100+

Decors

Applications

With increased organised carpentry (OEM) in India, the use of engineered wood like melamine faced chipboard (MFC) is finding use pace in the kitchen and modular furniture segments.

Engineered wood complements laminate sale to the OEM segment. The Company offers best-in-class quality comprising European and Japanese décor paper.

Greenlam’s product comes in varied dimensions (4’x8’, 6’x8’, 6’x9’) and thicknesses (9mm, 12mm, 18mm, 25mm) that are ideal for interiors and furniture surfacing. The product is extensively used in commercial and residential applications across cabinets, shelves, partitions, office furniture and retail stores etc.

Greenlam Industries Limited l Analyst Presentation l October 2023

Our products

Decorative veneers

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Naturals

Teak

360

Varieties

Engineered

Varieties

Applications

The specification industry leads sales of this category.

Decowood Veneer comes in three categories – Natural, Engineered & Teak. Decowood – and has a wide and beautiful range of decorative veneers. Its premium range of natural decorative veneers is sourced from across the globe (200+ species).

The ‘Natural collection’ offers rich natural colours, intricate grain and the warmth of natural wood. Apart from natural veneers, Decowood also offers the collection of hand-crafted veneers wherein the look of natural veneers is enhanced using special surface textures, treatments and patterns, giving customers a wider palette of woods.

Greenlam Industries Limited l Analyst Presentation l October 2023

Our products

Engineered wooden flooring

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Atmos

Pristine

156

SKU’s SKU’s

Applications

Mikasa offers unparalleled flooring solutions with its premium engineered wooden flooring. Made for the first time in India with the latest technology and expert craftmanship, the engineered wooden flooring is used in commercial and residential spaces.

The wide collection aggregates the most exotic wood species from the world over. Mikasa offers a large collection of engineered wooden flooring with 166 SKUs, which evoke free-flowing contours of peace, health and comfort. It offers a complete flooring solution spread across Long Planks, Herringbone, Chevron, Staircase solution and Accessories.

Greenlam Industries Limited l Analyst Presentation l October 2023 17

Our products

Engineered wooden doors and frames

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Fire-rated door Non-fire rated sets door sets

Specialty door Acoustic door sets sets

Designer door sets

Applications

Increasingly used in high-end realty development.

Unlike traditional doors (where the door and frame were separate units), Mikasa doors and frames are integrated and ready-to install. A factory-finish ensures consistent quality and unique designs.

Consolidates beauty and excellence, engineered to perform.

These doors and frames can be fabricated in any size and dimension.

Greenlam Industries Limited l Analyst Presentation l October 2023

Our products Plywood

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Plywood

Blockboard

Product range

Different sizes available

4'x8', 4'x7', 4'x6', 3'x8', 3'x7', 3'x6', 2.5'x8', 2.5'x6', 2.5'x8'

Thickness range available

4mm – 25mm

Applications

Indoor and outdoor furniture, Interior designs, cabinets and shelving, marine applications, bathroom interiors, kitchen applications and areas with heavy wiring

MikasaPly provides a range of products that are user-friendly and packed with advanced features, making them suitable for a range of applications, including residential, commercial, and industrial.

The No Nonsense Ply comes with a smooth surface, and minimal emission factor due to triple-stage resin treatment. Moreover, each MikasaPly is vacuum-pressure chemically treated for termites, borers, bacteria, and fungus, to deliver a defect-free product that also has high impact and tensile strength.

Greenlam Industries Limited l Analyst Presentation l October 2023

Green credentials

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Greenguard Greenguard Gold PEFC™ NSF
Green label
GRIHA GreenPro IGBC
FSC® ISO ISO ISO
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Greenlam Industries Limited l Analyst Presentation l October 2023

Greenlam’s domestic footprint

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Nalagarh,
Himachal Pradesh
Behror,
Rajasthan
Prantij,
Gurarat
Naidupeta,
Andhra Pradesh
Tindivanam, Manufacturing facilities
Tamil Nadu Branch offices
Corporate offices
Regional distribution centres/godowns
Greenlam experience centres
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The map is for pictorial representation only. Map is not to scale. All data, information, and map are provided ‘as is’ without warranty or any representation of accuracy, timeliness or completeness

Manufacturing capacities

Products	Unit	Capacity	Location
Current capacities
High pressure laminate	Million sheets / boards	24.52	Behror, Rajasthan Nalagarh, Himachal Pradesh Prantij, Gujarat Naidupeta, Andhra Pradesh^
Decorative veneer	Million sq.m	4.2	Behror, Rajasthan
Engineered wood floor	Million sq.m	1.0	Behror, Rajasthan
Engineered doors	Units	120,000	Behror,Rajasthan
Plywood*	Million sq.m	18.9	Tindivanam, Tamil Nadu
Upcoming capacities
Particle board	CBM	231,000	Naidupeta, Andhra Pradesh

*Started commercial production from June 09, 2023

^Started commercial production from September 29, 2023

Greenlam Industries Limited l Analyst Presentation l October 2023

Greenlam’s manufacturing facilities

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Behror, Rajasthan

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Nalagarh, Himachal Pradesh

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Prantij, Gujarat

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Tindivanam, Tamil Nadu

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Naidupeta, Andhra Pradesh

Greenlam Industries Limited l Analyst Presentation l October 2023

Greenlam’s 100+ 15 Number of countries global footprint

130+

Number of countries where Greenlam is present

Number of global Number of overseas Greenlam offices operational global employees Greenlam subsidiaries

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INDIA
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The maps provided are for pictorial representation only. Maps not to scale. All data, information, and maps are provided ‘as is’ without warranty or any representation of accuracy, timeliness or completeness

Greenlam Industries Limited l Analyst Presentation l October 2023 23

Greenlam. Poised to address the India and international laminates market

12 000 3 000 9 000 , , , Rs. Cr, size of the Rs. Cr, size of exports Rs. Cr, size of the laminate market in from India domestic market India 3 000 15.3 25.4^ , Rs. Cr, size of the %, share of Greenlam % share of Greenlam in domestic unorganised in India’s organized laminate export market domestic market

6 000 , Rs. Cr, size of the domestic organised market

*As on March 31, 2023

^Based on standalone laminate exports

8 10 bn USD global laminate bn USD projected market market size by 2030

~115* mn USD Greenlam's international laminate revenues

*As on March 31, 2023

Greenlam Industries Limited l Analyst Presentation l October 2023

The growth of our business

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(Rs. crore) EBIDTA (Rs. Crore) EBIDTA margin (%) (Rs. crore)
250.0 232.9 16.0
14.4 14.0
13.5
200.0 12.4 178.3 173.3 187.0 11.5 12.0
158.5 11.0
150.0 10.0
8.0
100.0 6.0
4.0
50.0
2.0
0.0 0.0
F Y 19 F Y 20 F Y 21 F Y 22 F Y 23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
Revenue EBIDTA & Margin Net profit
(x) (%) (%)
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
F Y 19 F Y 20 F Y 21 F Y 22 F Y 23
Net debt equity ratio RoCE Return on equity
128.0
2,026.0
90.6
1,703.4 86.7
77.1
1280.7 1,320.6 73.7
1,199.6 EBITDA (Rs crore) EBITDA margin (%)
18.2 18.0
0.60 17.2 16.8 17.3
15.7
0.53 14.9
13.8
12.8 13.2
0.32
0.26
0.21
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*EBITDA is before exceptional items

**ROCE is before exceptional items & excluding project capital employed

Greenlam Industries Limited l Analyst Presentation l October 2023

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Part 2
Our
prospects
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Greenlam Industries Limited l Analyst Presentation l October 2023

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Our goals
To graduate
from standalone
surfacing products
to an integrated
(surface and
To emerge as substrate) solution To grow from
India’s leading provider a position of
wood panel respect to
player first recall
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Greenlam Industries Limited l Analyst Presentation l October 2023

Greenlam’s addressable domestic market

14 000 , Rs. cr, Greenlam’s addressable market as on March 31, 2023

44 000 , Rs. cr, Greenlam’s addressable market as on September 30, 2023

49 000 , Rs. cr, approximate size of Greenlam's addressable market post particle board expansion

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49,000
44,000 5,000
30,000 30,000
14,000
2,000 2,000 2,000
12,000 12,000 12,000
Mar-23 Sep-23 Addressable market after
expansion
Laminate Decorative Veneer Plywood Particle Board
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Greenlam Industries Limited l Analyst Presentation l October 2023

What Greenlam is doing with its earnings…

Making the largest investment in its business
Broadbasing its revenue mix beyond laminates to plywood and particle board
Extended beyond two locations to five
Entered West India with one manufacturing facility and South India with two manufacturing facilities

Greenlam’s outlay in FY 23 to FY 25

1200

Rs. cr, proposed expansion outlay, FY 2023-25

Lar est g

Expansion undertaken by the company so far

100

%, ongoing expansion programme will account for the current asset base when completed

Greenlam Industries Limited l Analyst Presentation l October 2023

We are optimistic about our investments for domestic market

The Indian economic growth story appears poised at a multi-year expansion runway

Higher demand for residential and commercial real estate including hospitality, education, IT, healthcare etc.

In a post-GST world, India’s organized sector is carving out a larger market share

India’s plywood sector – the base building block – is at a point of demand take-off

India’s particle board sector is at an inflection point

Indian consumers are willing to pay more for better products

Consumers seek to buy all their surface and substrate products from a single brand or outlet

Consumer preference to opt for mechanised furniture fabricator for interiors gaining prominence

Greenlam Industries Limited l Analyst Presentation l October 2023

We are optimistic about our investments for international markets

Significant export opportunities as India is an established laminate export hub

International players not adding any meaningful capacities

Cost of production in international markets are unfavorable

Geopolitical issues are forcing countries to expand their suppliers, a positive for Indian manufacturers

Proximity of new facilities to ports, enabling a faster turnaround

Larger size of laminate to augment penetration in the international market

Sizable additions to international presence and human capital

Certifications and quality at par with international players

Greenlam Industries Limited l Analyst Presentation l October 2023 31

Projected outcomes of Greenlam’s record investment

What Greenlam achieved in 8 years from its existing business has been creditable
We charted out a five – year growth roadmap in FY 2021-2022
We will broadbase our portfolio towards a onestop solution
We will deepen our financial discipline and security – across a larger scale
We will position ourselves as an integrated surface and solution provider
We will strengthen our brand (‘Peace of mind’)

Greenlam Industries Limited l Analyst Presentation l October 2023 32

These are the product segments where we were present

These are the product segments where we intend to be present

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Engineered
Wooden Floors
Laminates & Doors Plywood
Laminate
Engineered
Decorative
Wooden Floor
Veneer
& Doors
Particle Decorative
board Veneer
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Greenlam Industries Limited l Analyst Presentation l October 2023

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Part 3
Business
update
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Greenlam Industries Limited l Analyst Presentation l October 2023 34

Laminates

Prantij, Gujarat

Acquired in June 2022, this plant was initially commissioned with a capacity of 3.40 million sheets per annum in August 2022 and the capacity was enhanced to 5.40 million sheets per annum in May 2023
The total cost incurred in acquiring, modernizing and expanding the capacity was approximately Rs.75 cr
This expansion has strengthened the company’s ability to service product segment in which we were not present earlier
This facility, being near to western ports, has augmented export potential
The facility produces varieties of laminates to address the dynamic market environment
Currently the plant is running at near 100% level

Greenlam Industries Limited l Analyst Presentation l October 2023 35

Pl wood y

Tindivanam, Tamil Nadu

Largest single location plywood manufacturing unit in India with an installed capacity of 18.9 million sq. m. per annum
The total capital expenditure was Rs.130 crores till the commencement of commercial production
We produce 100% calibrated plywood with better panelling and surface finish, a must for mechanised furniture manufacturing
The plywood product is marketed under the brand ‘ Mikasa Ply – The No Nonsense Ply ’
The products are appreciated for their quality by channel partners
The plant is near the agroforestry belt and port, facilitating the easy availability of raw materials
South India is the biggest market for branded plywood
The commercial production of the plywood unit commenced on June 09, 2023

Greenlam Industries Limited l Analyst Presentation l October 2023 36

Laminates

Naidupeta, Andhra Pradesh

This greenfield project for the manufacture of high-pressure laminate began commercial production on September 29, 2023 with a capacity of 3.50 million sheets and compact boards
Total capital expenditure was Rs. 238 cr till the commencement of commercial production
With this expansion, Greenlam’s consolidated laminate manufacturing capacity stands at 24.52 million sheets and compact boards, reinforcing its industry leadership position
We introduced our second large size laminate production line where we can produce laminate and compact boards in 14 feet length (6’ x 14’)
This category of laminate shall primarily address the export market as well as the domestic market, enabling better realizations and value mix
Our plant, proximate to ports (70-100 kms distance to Chennai, Kattupalli, and Krishnapatnam) will help in reducing lead time and quicker inventory churn
The facility offers the ability to undertake multiple rounds of brownfield expansion with a lower capex outlay

Greenlam Industries Limited l Analyst Presentation l October 2023 37

Particle board

Naidupeta, Andhra Pradesh

Our state-of-the-art manufacturing facility for plain and pre-lam particle board, with a capacity of 2,31,000 CBM per annum, was announced in December 2021
The fully automated European Continuous Press Line has the capability to produce particle boards in various dimensions and thicknesses
The facility is scheduled to commence commercial production by Q4FY24
Located in South India, the facility is close to the agroforestry belt and port
Since agroforestry will be the primary source of raw material, we shall initiate plantation activities in the nearby catchment areas

Greenlam Industries Limited l Analyst Presentation l October 2023

Demand drivers

Rising population and urbanisation

Demographic dividend

Growing renovation demand

Rise in demand for new homes

Higher demand and new construction in hospitality, education, healthcare, IT and others India’s particle board sector is at an inflection point

Better tax compliances favouring organised sector growth

Mechanised furniture manufacture growing

Policy push for the establishment of furniture parks and thrust on manufacturing and exporting furniture from India

Significant export opportunities as our laminates have gained international acceptability

Greenlam Industries Limited l Analyst Presentation l October 2023

Conclusion We have embarked on the Next Orbit that will transform us…

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More
Larger
profitable
Laying the
foundation of a More
more valuable sustainable
Greenlam
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Greenlam Industries Limited l Analyst Presentation l October 2023

Part 4

Consolidated financial statements

Greenlam Industries Limited l Analyst Presentation l October 2023

Profit and Loss Statement

INR Crores	Q2 FY24	Q2 FY23	YoY%	Q1 FY24	QoQ%	H1FY24	H1FY23	YoY%
Revenue	603.6	518.0	16.5%	515.2	17.2%	1,118.9	988.6	13.2%
Raw Material	293.3	287.2		245.9		539.2	545.9
Gross Profit	310.3	230.9	34.4%	269.3	15.2%	579.7	442.7	30.9%
*Gross Margin %*	*51.4%*	*44.6%*	*680 bps*	*52.3%*	*(90) bps*	*51.8%*	*44.8%*	*700 bps*
Employee Cost	107.7	75.4		96.2		203.8	148.5
Other Expenses	127.1	101.8		108.8		235.9	190.2
EBITDA	75.6	53.7	40.8%	64.4	17.5%	139.9	104.0	34.5%
*EBITDA Margin %*	*12.5%*	*10.4%*	*210 bps*	*12.5%*	-	*12.5%*	*10.5%*	*200 bps*
Other (Income)/Cost	(5.8)	(5.2)		(4.0)		(9.9)	(7.6)
Interest	9.3	5.7		7.3		16.6	11.0
Depreciation	19.5	15.4		17.4		36.9	30.2
PBT	52.7	37.7	39.6%	43.7	20.6%	96.4	70.5	36.7%
*PBT Margin %*	*8.7%*	*7.3%*	*140 bps*	*8.5%*	*20 bps*	*8.6%*	*7.1%*	*150 bps*
Tax	13.3	8.6		11.4		24.7	16.7
PAT	39.4	29.2	34.9%	32.2	22.1%	71.6	53.8	33.2%
*PAT Margin %*	*6.5%*	*5.6%*	*90 bps*	*6.3%*	*20 bps*	*6.4%*	*5.4%*	*100 bps*

Greenlam Industries Limited l Analyst Presentation l October 2023 42

Balance Sheet

INR Crores	Sept-23	Mar-23		INR Crores	Sept-23	Mar-23
Shareholders Fund 1,022.5 969.0 Share Capital 12.7 12.7 Reserves & Surplus 1012.3 955.9 Minority -2.5 0.3 Borrowings 878.5 569.8 Long Term Borrowing 685.9 383.6 Short Term Borrowings 192.6 186.2 Liabilities 601.6 513.8 Trade Payables 302.0 269.7 Other Liabilities 299.6 244.1 Total Liabilities 2,502.6 2,052.6*				Non-Current Assets 1,468.4 1,041.9
				Fixed Assets 1,341.6 894.0
				Goodwill 3.5 3.5
				Other Non-Current Assets 123.2 144.4
				Current Assets 1,034.2 1,010.6
				Inventories 548.2 513.5
				Trade receivables 148.8 144.3
				Cash and Bank Balances 27.2 15.9
				Current Investment 181.3 242.0
				Other Current Assets 128.6 95.0
				Total Assets 2,502.6 2,052.6

*Includes Current portion of long-term debt

Greenlam Industries Limited l Analyst Presentation l October 2023

Laminates & Allied Segment

INR Crores	Q2 FY24	Q2 FY23	YoY%	Q1 FY24	QoQ%	H1 FY24	H1 FY23	YoY%
Net Revenue from Operations	531.2	471.3	12.7%	472.0	12.5%	1,003.1	901.5	11.3%
Gross Profit	279.6	213.4	31.0%	250.3	11.7%	529.9	410.2	29.2%
*Gross Margin %*	*52.6%*	*45.3%*	*730 bps*	*53.0%*	*(40) bps*	*52.8%*	*45.5%*	*730 bps*
EBIDTA	87.1	57.2	52.2%	69.9	24.5%	157.0	110.2	42.5%
*EBIDTA Margin %*	*16.4%*	*12.1%*	*430 bps*	*14.8%*	*160 bps*	*15.7%*	*12.2%*	*350 bps*
Capital Employed*	778	586		573		778	586

*The capital employed has been regrouped and reclassified as capital employed related to Projects have been classified under ‘Unallocated’

Greenlam Industries Limited l Analyst Presentation l October 2023

Laminates & Allied Segment – Quantitative Details

Particulars	Q2 FY24	Q2 FY23	YoY%	Q1 FY24	QoQ%	H1 FY24	H1 FY23	YoY%
Annual Installed Capacity (Mn Sheets)	24.52^	19.02		21.02		24.52^	19.02
Production (Mn Sheets)	4.96	4.22	17.4%	4.68	5.9%	9.63	8.51	13.2%
Capacity Utilization (Annualized)	94%*	99%		89%		99%*	104%
Sales (Mn Sheets)	4.93	4.26	15.7%	4.17	18.2%	9.10	8.19	11.0%
Average Realisation (INR / Sheet)	1,034	1,059	-2.3%	1,086	-4.8%	1,058	1,049	0.8%

^ Includes capacity related to laminate unit at Naiduepta plant for 3.50 million sheets/boards

*Laminate facility at Naidupeta, Andhra Pradesh started commercial production on Sept 29. Since the plant is in stabilization mode, we have not considered any production and capacity utilization related to this unit

Greenlam Industries Limited l Analyst Presentation l October 2023

Veneers & Allied Segment

INR Crores	Q2 FY24	Q2 FY23	YoY%	Q1 FY24	QoQ%	H1 FY24	H1 FY23	YoY%
Net Revenue from Operations	57.5	46.8	23.1%	42.5	35.4%	100.0	87.1	14.8%
Gross Profit	24.6	17.5	40.8%	18.3	34.7%	42.9	32.6	31.6%
*Gross Margin %*	*42.8%*	*37.4%*	*540 bps*	*43.0%*	*-20 bps*	*42.9%*	*37.4%*	*550 bps*
EBIDTA	(1.4)	(3.2)		(1.6)		(2.9)	(5.6)
*EBIDTA Margin %*	*-2.3%*	*-6.9%*		*-3.8%*		*-2.9%*	*-6.4%*
Capital Employed*	180	193		193		180	193

*The capital employed has been regrouped and reclassified as capital employed related to Projects have been classified under ‘Unallocated’

Greenlam Industries Limited l Analyst Presentation l October 2023

Decorative Veneers – Quantitative Details

Particulars	Q2 FY24	Q2 FY23	YoY%	Q1 FY24	QoQ%	H1 FY24	H1 FY23	YoY%
Annual Installed Capacity (Mn Sqmt)	4.20	4.20		4.20		4.20	4.20
Production (Mn Sqmt)	0.41	0.39	5.9%	0.26	58.5%	0.67	0.66	1.4%
Capacity Utilization (Annualized)	40%	37%		25%		29%	31%
Sales (Mn Sqmt)	0.39	0.40	-1.0%	0.27	42.9%	0.67	0.64	3.7%
Average Realisation (INR / Sqmt)	917	746	23.0%	916	0.1%	917	851	7.7%

Greenlam Industries Limited l Analyst Presentation l October 2023 47

Plywood & Allied Segment

INR Crores	Q2 FY24	H1 FY24	Quantitative Details	Q2 FY24	H1 FY24
Net Revenue from Operations	14.9	15.7	Annual Installed Capacity (Mn Sqmt)	18.90	18.90
Gross Profit	6.1	6.9
			Production (Mn Sqmt)	0.75	0.79
*Gross Margin %*	*40.9%*	*43.9%*	Capacity Utilization (Annualized)	16%	14%
EBIDTA	-10.1	-14.1
			Sales (Mn Sqmt)	0.63	0.66
*EBIDTA Margin %*	*-67.8%*	*-89.8%*
Capital Employed	175	175	Average Realisation (INR / Sqmt)	239	239

Greenlam Industries Limited l Analyst Presentation l October 2023

Operating Parameters - Net Working Capital

Particulars	Q2 FY24	Q2 FY24	Q2 FY23	Q2 FY23	Q1 FY24	Q1 FY24	H1 FY24	H1 FY24	H1 FY23	H1 FY23
Amt INR Crores Days Amt INR Crores Days Amt INR Crores Days Amt INR Crores Days Amt INR Crores Days
Inventory*	548.2	83	527.0	93	540.0	96	548.2	89	527.0	97
Debtors	148.8	22	138.7	24	143.2	25	148.8	24	138.7	26
Creditors	302.0	46	276.0	49	278.0	49	302.0	49	276.0	51
NWC	395.0	60	389.7	69	405.2	72	395.0	64	389.7	72

*Includes inventory of Plywood unit and laminate unit at Naidupeta

Greenlam Industries Limited l Analyst Presentation l October 2023

Debt Position

INR Crores	H1FY24	H1FY23	Q1FY24	Net Debt-Equity Ratio	Net Debt-Equity Ratio

Long Term Debt (Including current portion)	136.6	169.9	149.6	0.66
Long Term Debt (Project)	549.3	5.7	422.3
Short Term Debt	192.5	165.3	173.1		0.08
Total Debt	878.5	340.8	745.0	H1 FY24	H1 FY23
Cash & Bank Balance	27.2	14.6	19.7
Liquid Investments	181.3	250.7	203.6	^Net	Debt-Equity Ratio
Net Debt	669.9	75.5	521.7	2.39
Net worth	1,022.5	893.5	999.1
EBITDA*	139.9	104.0	64.4
					0.36
Net Debt-Equity Ratio	0.66	0.08	0.52
				H1 FY24	H1 FY23
Net Debt-EBITDA Ratio	2.39	0.36	2.03

*EBIDTA is before exceptional items if any

^Annualised

Greenlam Industries Limited l Analyst Presentation l October 2023

Return Ratios – ROCE & ROE

INR Crores	Q2FY24	Q2FY23	Q1FY24	H1 FY24	H1 FY23	^ROCE (Ex- Projects)	^ROCE (Ex- Projects)	^ROCE (Ex- Projects)

EBIT	62.0	43.4	51.0	112.9	81.5	15.4%
								14.0%
PAT	39.4	29.2	32.2	71.6	53.8		13.1%
Capital Employed	1,915.3	1,250.2	1,759.2	1,915.3	1,250.2
						Q2FY24 Q2FY23 H1FY24
Capital Employed (Ex- Projects)	1,380.4*	1,066.2	1,019.4	1,380.4*	1,066.2
Net Worth	1,022.5	893.5	999.1	1,022.5	893.5		^ROE
						15.4%
ROCE	12.9%	13.9%	11.6%	11.8%	13.0%
								14.0%
							13.1%
ROCE (Ex-Projects)	18.0%	16.3%	20.0%	16.4%	15.3%
ROE	15.4%	13.1%	12.9%	14.0%	12.0%
						Q2FY24 Q2FY23 H1FY24

*Excludes capital employed for Particle board project

^Annualised

Greenlam Industries Limited l Analyst Presentation l October 2023

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