Highlights for the Quarter ended 30th June 2022
- Net revenues reported at Rs. 470.6 crores, growth of 40.0% on YoY basis
- International and domestic revenues of laminate business grew by 91.7% and 10.0% respectively on YoY basis
- EBDITA reported at Rs. 50.4 crores, growth of 31.8% on YoY basis
- Net Profit reported at Rs. 24.6 crores, growth of 41.7% on YoY basis
Financial Highlights for Q1 FY23 Results – Consolidated
| Earnings Highlights | |||||
| (₹ in Crore) | Q1FY23 | Q1FY22 | Growth % (y-o-y) | Q4FY22 | Growth % (q-o-q) |
| Net Sales | 470.6 | 336.1 | 40.0% | 463.4 | 1.6% |
| EBDITA | 50.4 | 38.2 | 31.8% | 49.6 | 1.6% |
| Profit before Tax | 32.7 | 22.5 | 45.5% | 33.0 | -0.8% |
| Profit after Tax | 24.6 | 17.3 | 41.7% | 25.7 | -4.2% |
| Basic EPS (₹)* | 2.05 | 1.44 | 2.12 |
*Not annualized
Greenlam Industries Ltd., among the world’s top 3 laminate manufacturers with its flagship brands Greenlam Laminates, NewMika Laminates, Decowood Veneers, Mikasa Floors & Mikasa Doors & Frames, today announced its unaudited financial results for the first quarter of the financial year 2022-23.
For the first quarter ended on Jun 30, 2022, consolidated net revenues from operations witnessed a growth of 40.0%, at Rs. 470.6 crore, as compared to Rs. 336.1 crore in the corresponding quarter of the previous financial year. The laminate business witnessed a volume growth of 7.9% on YoY basis which was driven primarily by domestic market. The operating profit grew by 31.8% at Rs. 50.4 crore as compared to Rs. 38.2 crore in the corresponding quarter last year. The company reported a net profit of Rs. 24.6 crore for the current quarter.
Speaking about the results Mr. Saurabh Mittal, Managing Director and Chief Executive Officer, Greenlam Industries Ltd. said, “The first quarter of 2022-23 witnessed continued momentum with revenue growth of 1.6% sequentially. The laminate business continues to thrive with reasonable growth in both domestic and international markets and capacity utilisations at 110%. The overall volume growth for laminate business stood at 2.9% sequentially and 7.9% on YoY basis. Veneer and allied businesses also showed reasonable traction during the quarter. Despite the continued increase in raw material prices and supply chain challenges, the company maintained its margins sequentially. We continued our focus on controlling our balance sheet. However, the net working capital increased by 3 days to 77 days in Q1FY23 as compared to 74 days in Q4FY22. This was primarily on account logistics challenges in exports due to which finished goods inventory in transit for exports was higher.
During the quarter we strengthened our manufacturing footprint and capacity in the laminate’s category with the acquisition of Gujarat based Bloom Dekor’s manufacturing facility. The installed capacity of the unit is 3.4 million sheets which is likely to be operationalised by Q2FY23. Further this capacity shall be upgraded to 5.4 million sheets per annum. This development reiterates the company’s vision of manufacturing world class surfacing products and a global leader in the international laminate industry.
At Greenlam, we always believe in serving our customers with only the best. Our constant endeavor is to bring superior products, which are developed using the latest industry-first technology that aid them to redefine their living spaces.’’
