Greenply Industries Ltd revenues grew by 74% and PAT grew by 415% YoY

Greenply Industries Limited, India’s leading manufacturer of Plywood and allied products today announced its financial results for the quarter ended June 30, 2022. Below are the key financial highlights for the same:

Consolidated – Q1 FY23

  • Revenue at Rs 453.5 crores, grew by 73.9% on y-o-y basis
  • Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 3.9 crores) was Rs 44.0 crores; grew by 171.7% on y-o-y basis with margins of 9.7%
  • Profit after tax (PAT) was at Rs 20.7 crores; a growth of 415.0% on y-o-y basis
  • Net debt was at Rs 349.4 crores and net debt-equity ratio was at 0.62 times

Result Highlights
Rs/ Crores Q1 FY23 Q1 FY22 % Change Y-o-Y Q4 FY22 % Change Q-o-Q
Revenue 453.5 260.8 73.9% 448.6 1.1%
Adj. Core EBITDA 44.0 16.2 171.7% 47.5 -7.3%
Adj. Core EBITDA % 9.7% 6.2% 350 BPS 10.6% -88 BPS
PAT 20.7 4.0 415.0% 29.0 -28.4%
PAT % 4.6% 1.5% 303 BPS 6.5% -189 BPS

 

New Project Status Updates

  • The company has started commercial operations at its greenfield plywood manufacturing unit at district Sandila, Lucknow, U.P.
  • The company is setting up a greenfield MDF board manufacturing unit with the capacity of 800 CBM per day at district Vadodara, Gujarat. Machinery despatches and installation has started, and civil construction work is going as planned. The expected COD of the plant is Q4FY23.

Commenting on the performance for Q1 FY23, Mr. Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said

“In a challenging macro environment, we continued to grow across our portfolio. While input cost inflation continues to hurt the margins, we expect demand to be favourable with significant growth momentum in real estate specially semi-urban and rural areas.

At the forefront of driving innovation, we recently launched “Green Platinum” with 2x Fire resistance, 2x waterproof and 2x moneyback guarantee. It is a new generation product with better value proposition and we expect to get good response from customers.

We are happy to share that we achieved commercial production at our plywood unit at Sandila, Lucknow (U.P.) and capacity expansion plans are going as scheduled in our upcoming MDF unit at Vadodara. We would continue to thrive with our brand’s appeal and distribution reach supported by shift in industry towards organised players.

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