Greenply Industries Limited, a manufacturer of plywood and allied products announced its financial results for the quarter and half-year that ended September 30, 2022. Revenue was at Rs 948.3 crores as it grew by 36.8% on a y-o-y basis. The adjusted core EBITDA (excluding non-cash ESOP cost of Rs 7.9 crores) was Rs 96.9 crores; grew by 40.6% on the y-o-y basis with margins of 10.2%. The profit after tax (PAT) was at Rs 44.3 crores; a growth of 23.4% on a y-o-y basis.
The net debt was at Rs 479.7 crores and the net debt-equity ratio was at 0.83 times Consolidated – Q2 FY23. Revenue at Rs 494.7 crores, grew by 14.4% on a y-o-y basis. Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 4.0 crores) was Rs 52.9 crores; it grew by 0.3% on the y-o-y basis with margins of 10.7%. Profit after tax (PAT) was at Rs 23.6 crores; a decline of 26.1% on a y-o-y basis.
The company is setting up a greenfield MDF board manufacturing unit, with a capacity of 800 CBM per day, near Vadodara, Gujarat. Major machinery despatches have been completed, and installation is in progress. Civil construction work is going as planned. The expected COD of the plant is Q4FY23.
Commenting on the performance for Q2 FY23, Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said, “We delivered good volume growth in the quarter backed by commissioning of Sandila unit and improved demand momentum due to festivities. The macro-environment has been challenging with the continued increase in timber prices, partially offset by the ease in some chemical prices. The situation remains volatile. We expect the demand scenario to remain favourable with continued momentum in the real estate sector, especially in semi-urban and rural areas.
He further added, “Our Green Platinum brand launched in June 2022 with is gaining good demand traction. Also, to cater to the new age customer segment, we have introduced 10ft x 4ft extra-large plywood sheets first time in India with grandness in structure and aesthetics. These new introductions will enhance our brand portfolio propositions. Our expansion plans are going as scheduled in our upcoming MDF unit at Vadodara, Gujarat. Further, we are focusing on increasing our reach and brand presence to make the most of the emerging opportunities.”
