DUROPLY CONTINUES ITS PROFITABLE JOURNEY, REPORTS Rs. 1.19 CRORE PAT IN Q2 FY23, 12.15% GROWTH OVER Rs. 1.06 CRORE PAT IN Q1 FY23
DUROPLY HAS ISSUED AND ALLOTTED 10.33 LAKH EQUITY SHARES AND 11.91 LAKH WARRANTS DURING Q2 FY23
Duroply Industries Limited, India’s premium and most experienced plywood manufacturer amongst the leading players, has reported 63.06% growth in sales in Q2 FY23 over Q2 FY22, rising to Rs. 75.16 crores from Rs. 46.09 crores in Q2 FY23. The Company has continued its profitable journey in the second quarter ended Sept 30, 2022 and has reported a profit after tax of Rs. 1.19 crore, after turning around in Q1 FY23 having reported a profit after tax of Rs. 1.06 crore. Earnings before Interest and Tax (EBIT) for Q2 FY23 stands at Rs. 3.65 crores, 192% up from Rs. 1.25 crores during Q2 FY22.
Commenting on the results, Mr. Akhilesh Chitlangia, Executive Director and Chief Operating Officer, Duroply, said, “Our business model shows resilience with the continued growth in turnover and profitability in spite of toughening economic conditions. High inflation and subsequent increase in interest rates have not slowed the Company’s growth journey. We are one of the most experienced plywood players in the Indian market and will continue to focus on providing premium quality plywood to our esteemed customers to ensure durability of interior works of Indian houses.” Board of Directors of Duroply in its meeting on July 13, 2022 had approved issuance of up to 10.33 lakh equity shares to promoters and 25 investors via preferential issue, at a price of Rs 126 per share, and 11.91 lakh warrants to promoters. The total fund by raising equity shares was to be Rs 13.02 crore and Rs 15 crore via issuing warrants. During the quarter ended September 30, 2022, Duroply has issued and allotted equity shares and warrants.