Greenply Industries Limited reports consolidated PAT of Rs. 21 crore in June quarter
Kolkata, Aug 16 (IBNS): Greenply Industries Limited, which manufactures and markets a comprehensive range of plywood, block boards, decorative veneers and flush doors, reported its financial results (unaudited) for the quarter ending June 30, 2019.
The company, reported a consolidated profit after tax (PAT) of Rs. 21 crore during the quarter ended June 30, 2019 compared to Rs.11.6 crore during the corresponding quarter of the previous year.
The standalone PAT was at Rs.15.7 crore during the first three months of this financial year acompared to Rs 9.7 crore in the corresponding year-ago period.
Total consolidated income for the reported quarter was Rs 349.9 crore as against Rs 309.8 crore recorded during the quarter ended June 30, 2018.
The net sales during the reported quarter increased by 13.5% (consolidated) and 6.5% (standalone) year over year (Y-o-Y) to Rs. 348.2 crore (consolidated) and Rs 304.2 crore (standalone).
The earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 94.2% (consolidated) and 44.6% (standalone) percent Y-o-Y to Rs. 41.6 crore (consolidated) and Rs 33.7 crore (standalone).
Rajesh Mittal, Chairman and Managing Director, Greenply Industries Limited, said, " Greenply Industries account for 26 per cent of the organised plywood market and we are expecting shift from unorganized market to organized market in the coming years after strict implementation of the e-way bill system. The policy reform - housing for all and affordable housing has been a growth driver for us. Our strong customer relationships, far-reaching distribution network, expertise, experience and ability to innovate helped us in consolidating our leadership position in the sector.”
Sanidhya Mittal, Joint Managing Director of Greenply Industries Limited, said, “Consumers' preference shift for branded plywood, inclusion of GST and E-Way Bill implementation has accelerated the growth of organised plywood sector generating markets for niche value-added products developed through constant innovation.”
The organised plywood industry in India is pegged at Rs. 4,500 crore and Greenply Industries has a market share of 26% in the organized sector, according to the company.
The industry is growing at a CAGR of 5-6% backed by surge in demand of interior infrastructure, according to reports.
Image Credit: Greenply Plywood/Twitter