Greenlam Industries Ltd., leading manufacturers of surfacing products with its flagship brand Greenlam Laminates, Decowood Premium Veneers, Mikasa Real Wood Floors & Mikasa Engineered Doors & Frames, today announced its financial results for the second quarter and half year ended September 30, 2018.
For the second quarter ended Sept 30, 2018, net revenues from Operations witnessed a growth of 15.6%, at Rs. 318.4 crores, as compared to Rs. 275.6 crores in the corresponding quarter of previous financial year. International revenues for laminate business grew by 20.4% YoY and Operating Profit increased by 3.0% at Rs. 39.3 crores as compared to Rs. 38.2 crores in the corresponding quarter last year. The company recorded a net profit of Rs. 18.2 crores, as compared to Rs. 16.0 crores in the corresponding quarter last year, which is an increase of 13.9%.
For the half year end Sept 30, 2018, net revenues from Operations witnessed a growth of 9.6%, at Rs. 606.5 crores, as compared to Rs. 553.3 crores in corresponding half year result of the previous financial year. International revenue for laminate business grew by 18.9% and Operating Profit increased by 3.0% at Rs. 73.1 crores as compared to Rs. 71.0 crores in the corresponding of the previous financial year.
Speaking about the results Mr. Saurabh Mittal, Managing Director and Chief Executive Officer, Greenlam Industries Ltd. said, “We are pleased to witness a higher growth in our international markets for the quarter. Our domestic business has also done well. Though the industry witnessed increase in raw material cost due to currency depreciation, we have been able to maintain financial discipline. Our endeavor has always been to maintain momentum to deliver superior quality products to our consumers with innovation in technology. Considering this quarter’s numbers, we look forward to riding this wave of progression and facilitating a fruitful year ahead.”
