Tuesday, July 25, 2023

Plywood Business* Revenues Grew By 4% In Q1FY24 On YoY Basis

* MDF Business started commercial operations 

Greenply Industries Limited, India’s leading manufacturer of Plywood and allied products announced its financial results for the quarter ended June 30, 2023. Below are the key financial highlights for the same: 

Plywood Business* – Q1 FY24 

Sales volume of 16.3 MSM, grew by 1.6% on a y-o-y basis 

Realisation of Rs 249 per SQM, grew by 2.9% on a y-o-y basis 

Revenue at Rs 412.3 crores, grew by 4.4% on a y-o-y basis 

Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 1.7 crores) was Rs 35.9 crores; declined by 1.2% on y-o-y basis with a margin of 8.7% 

Profit after tax (PAT) was at Rs 20.9 crores 

MDF Business – Q1 FY24 

Sales volume of 6,062 CBM 

Realisation of Rs 28,546 per CBM 

Revenue at Rs 18.1 crores 

Core EBITDA loss was Rs 7.3 crores 

Net loss was Rs 14.8 crores 

Greenply Middle East Ltd (GMEL); Gabon operations – Q1 FY24 

Sales volume of 9,024 CBM, declined by 31.7% on y-o-y basis 

Revenue at Rs 45.8 crores, declined by 22.1% on y-o-y basis 

Core EBIDTA margin at 6.1% 

Net loss was Rs 4.7 crores 

Consolidated – Q1 FY24  

Revenue at Rs 476.1 crores, grew by 5.0% on y-o-y basis              

Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 1.8 crores) was Rs 31.6 crores; declined by 28.4% on y-o-y basis with margin of 6.6% 

Profit after tax (PAT) was at Rs 0.8 crore 

Commenting on the performance for Q1FY24, Mr. Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said, “In the last quarter, we have successfully started commercial operations of our MDF facility. Our product response has been satisfactory across regions and from all consumer types. Initially, we started with the launch of plain products, and we will keep introducing more value-added products, which will improve our financial performance. 

In the plywood business, the volume growth was soft, however, we expect the volumes to rebound in the second half of the financial year. At the same time, our realisations have improved and helped us to offset the raw material price increase”. 

About Greenply: 

Greenply Industries Limited (GIL), having a leadership position in the plywood industry with four 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, MDF, Block board, Flush doors, Decorative Veneers and PVC products. The company has a widespread presence in over 1100 cities, towns, and villages across 27 states and 6 union territories, serviced through a well-entrenched distribution network of more than 2,300 dealers and authorised stockists, a retail network exceeding 6,000 and more than 50 physical and virtual branches pan-India.  

Greenply pushed the bar of our innovation to pioneer India’s first-of-its-kind E-Zero plywood range in FY21. The Company added another feather to its cap by publishing its first sustainability report for FY22, the first of its kind in the wood panel industry. Greenply has been conferred with Great Place to Work third year in a row (2020, 2021, 2022) for its contribution to building High-Trust and High-Performance Culture in the organization. 

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