Duroply Reports 60.2% Sales Growth in First Nine Months This Fiscal
Duroply Industries Limited, India’s plywood manufacturer, reported 60.2% growth in sales during first nine months this fiscal, to Rs. 218.12 crores from Rs. 136.20 crores reported for same period last fiscal. Sales grew by 30.5% in Q3 FY23 over same quarter last fiscal, rising to Rs. 71.74 crores from Rs. 54.98 crores. The Company has maintained its profitable journey and has reported profit after tax of Rs. 0.72 crore during the quarter ended Dec 31, 2022. Earnings before Interest and Tax (EBIT) during Q3 FY23 increased by 21.3%, to Rs. 2.47 crore from Rs. 2.04 crore during same quarter last fiscal. Commenting on the results, Akhilesh Chitlangia, Executive Director and Chief Operating Officer, Duroply, said, “We are buoyed with our performance this quarter. Demand in Quarter 3 is always challenging due to the festive seasons across India. In addition, the inflationary pressure have posed significant challenges on business operations. Despite this, we have continued our growth and profitable turnaround.” He said further, “Following the infusion of funds by way of preferential issue of fresh equity and warrants in Q2 FY 23, we have also substantially increased our marketing spend, from 1.6% of turnover last FY to over 4% in current financial year. The benefits of this investment are expected to be reaped in the forthcoming quarters. In addition, we have seen a substantial decrease in our interest costs, which is down by 18% QoQ basis and by 28% YOY basis in Q3 FY 23. Our focus remains firmly on innovation, better supply chain management and growing our footprint across the nation with our unwavering commitment to quality.”
Tags : Duroply Industries Limited India plywood manufacturer growth sales Akhilesh Chitlangia Executive Director and Chief Operating Officer Duroply