Greenply FY22 Revenues Grew By 34% And PAT Grew By 56%

Greenply Industries Limited, India’s leading manufacturer of Plywood and allied products announced its financial results for the quarter and year ended March 31, 2022. Below are the key financial highlights: 

Consolidated – FY22  

Revenue is at Rs 1,562.8 crores; a growth of 34.1% YoY  

Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 12.1 crores) stood at Rs 162.3 crores; a growth of 38.5% YoY and the EBITDA margins were at 10.4% 

Profit after tax (PAT) is at Rs 94.7 crores a growth of 55.5% YoY  

Net debt stood was at Rs 219.3 crores and Net debt-equity ratio was at 0.4 times 

Consolidated – Q4FY22  

Revenue is at Rs 448.6 crores; a growth of 13.1% YoY 

Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 3.0 crores) was at Rs 47.6 crores; a growth of 3.5% YoY with EBITDA margins at 10.6% 

Profit after tax (PAT) was Rs 29.0 crores; a growth of 1.2% YoY  

Upcoming Project Status Updates 

The company is setting up a greenfield plywood manufacturing unit with the capacity of 13.5 Mn Sqm p.a. at district Sandila, Lucknow, U.P. The financial closure for the project and the construction activity is now complete. Commercial operation is expected to start shortly.  

The company is setting up a greenfield MDF board manufacturing unit with the capacity of 800 CBM per day near Vadodara, Gujarat. The financial closure for the project is completed. Civil construction work for the project is in full swing. First phase of machinery despatches has started. The expected COD of the plant is likely to be in the fourth quarter of FY23. 

Commenting on the performance for Q4 FY22, Mr. Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said  

“We have seen an improving demand scenario in FY22 and accordingly have achieved a strong financial performance in FY22.  

While the increasing raw material prices and raw material availability continues to constrain the growth trajectory, a renewed demand in the real estate industry is likely to support the performance going forward. Overall, we expect strong growth led by continued momentum in real estate, increased home and office renovation activities and a shift of consumer preference towards branded products. 

We are excited to join hands as an associate sponsor partner of ‘Lucknow Super Giants’, a new IPL franchise. We believe that this association will strengthen the brand recall value. Further, our Zero-emission products has achieved the milestone of reaching to over one million homes” 

About Greenply: 

Greenply Industries Limited (GIL), having leadership position in plywood industry with three state–of-the-art manufacturing facilities spread across the country. The Company provides world class interior products for the domestic and global markets including Plywood, Block board, Flush doors, Decorative Veneers and PVC products. The company has widespread presence in over 1140 cities, towns, and villages across 28 states and 6 union territories, serviced through a well-entrenched distribution network of more than 2,350 dealers and authorised stockists, a retail network exceeding 6,000 and more than 50 physical and virtual branches pan-India.  

We pushed the bar of our innovation to pioneer India’s first-of-its-kind E-Zero plywood range in FY21. The Zero emission products are aimed at safeguarding the indoor air quality. Greenply has been conferred with Great Place to Work for the third year in a row for its contribution on building High-Trust and High-Performance Culture in the organization.