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  • Greenlam Industries Ltd. announces Unaudited Consolidated Financial Results for Quarter Ended June 30, 2021

    Published on July 27, 2021

    Greenlam Industries Ltd., leading manufacturers of surfacing products with its flagship brands Greenlam Laminates, NewMika Laminates, Decowood Veneers, Mikasa Floors and Mikasa Doors & Frames, today announced its unaudited financial results for the Quarter ended June 30, 2021.

    For the first quarter ended on Jun 30, 2021, consolidated net revenues from operations witnessed a growth of 110%, at Rs. 336.1 crore, as compared to Rs. 160.4 crore in the corresponding quarter of the previous financial year. Both domestic and international business saw good growth on yoy basis. Overall laminate business grew by 113% in value terms as compared to the same quarter last year. Operating Profit grew by 386% at Rs. 38.2 crore as compared to Rs. 7.9 crore in the corresponding quarter last year. The company reported a net profit of Rs. 17.3 crore for the current quarter as compared to a net loss of Rs. 7.7 crore in the corresponding quarter last year.

    Speaking on the financial results Mr. Saurabh Mittal, Managing Director and CEO, Greenlam Industries Ltd. said, “We have seen a reasonable quarter despite the resurgence of Covid-19 cases which resulted in lockdown by various states. Since there was no directive on partial operations from the government, our plants were operating in full capacity.

    Though we saw YoY growth in both domestic and international businesses, we had anticipated to see a better performance. This was hampered due to delayed unlocking of the domestic market and supply chain disruptions in international markets. Overall consolidated revenues for the quarter stood at INR 336.1 crore, led by the growth in laminate business by 113%. The EBDITA for the quarter stood at INR 38.2 crore and we saw a net profit of INR 17.3 crore as compared to net loss of INR 7.7 crore in Q1 of last year. In these challenging market situations, we saw higher inventory days due to lower revenues but were able to scale the business with strict control on balance sheet. The business environment is still uncertain due to the predicted third wave of the pandemic, however we are well equipped and will continue to drive our business.

    At Greenlam, it is a continuous pursuit to bring the best, innovation-driven products to our consumers. Therefore, we use anti-bacteria property as a standard offering on our entire range of Greenlam Laminates and Greenlam Compacts for over 10 years. We continue to be committed to redefining interior spaces with superior quality and hygienic products, innovation in technology and bring the best trends in home décor to our customers.”