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Published on November 8, 2022
Mumbai : Greenply Industries Limited, India’s leading manufacturer of Plywood and allied products today announced its financial results for the quarter and half-year ended September 30, 2022. Below are the key financial highlights for the same:
Consolidated – H1 FY23
Consolidated – Q2 FY23
Rs/Crores | Q2 FY23 | % Change Y-o-Y | % Change Q-o-Q | H1 FY23 | % Change Y-o-Y |
Revenue | 494.7 | 14.4% | 9.1% | 948.3 | 36.8% |
Adj. Core EBITDA* | 52.9 | 0.3% | 20.1% | 96.9 | 40.6% |
Adj. Core EBITDA % | 10.7% | -150 BPS | 98 BPS | 10.2% | 28 BPS |
PAT | 23.6 | -26.1% | 13.8% | 44.3 | 23.4% |
PAT % | 4.8% | -261 BPS | 20 BPS | 4.7% | -51 BPS |
*Excluding non-cash ESOP cost Rs 4.0 crores in Q2 FY23 and Rs 7.9 crores in H1 FY23
New Project Status Updates
The company is setting up a greenfield MDF board manufacturing unit, with the capacity of 800 CBM per day, near Vadodara, Gujarat. Major machinery despatches have been completed, and installation is in progress. Civil construction work is going as planned. The expected COD of the plant is Q4FY23.
Commenting on the performance for Q2 FY23, Mr. Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said “We delivered good volume growth in the quarter backed by commissioning of Sandila unit and improved demand momentum due to festivities. The macro environment has been challenging with continued increase in timber prices, partially offset by ease in some chemical prices. The situation remains volatile. We expect demand scenario to remain favourable with continued momentum in the real estate sector especially semi-urban and rural areas.
Our Green Platinum brand launched in June 2022 with is gaining good demand traction. Also, to cater to the new age customer segment, we have introduced 10ft x 4ft extra-large plywood sheets first time in India with grandness in structure and aesthetics. These new introductions will enhance our brand portfolio propositions.
Our expansion plans are going as scheduled in our upcoming MDF unit at Vadodara, Gujarat. Further, we are focussed on increasing our reach and brand presence to make most of the emerging opportunities.”