Greenply Industries, a manufacturer of plywood an allied products, has reported a growth of 20.86 per cent in its consolidated net profit during the quarter ended December 31, 2022. Its profit after tax (PAT) stood at Rs 36.04 crore in Q3 FY23 as against Rs 29.82 crore in registered in the corresponding quarter of the previous fiscal.
The company’s consolidated total income stood at Rs 431.25 crore in Q3 FY23, a growth of 1.77 per cent from Rs 423.75 crore it recorded in the similar quarter last year.
Manoj Tulsian, JMD & CEO of the company said, “The quarter posed difficulties due to the extended holiday season and sluggish demand. On the raw material front, we have seen some relief as chemical prices have come down from the peak, while the c ost of timber remains on the high side.”
During the quarter, sales volume of its plywood business witnessed a growth of 2.4% year-on-year basis and stood at 16 million sq meters (MSM). The company’s consolidated net debt was at Rs 555.7 crore and net debt-equity ratio was at 0.89 times during 9M FY23, it said in a media release. Greenply Industries expects to start the trial run of its Vadodara plant in Q4 FY23. “Our MDF unit at Vadodara is advancing well and we are working tirelessly to start trial run in this quarter. The unit will help us tap into the under-serviced western market and benefit the company with improved product diversification,” said Tulsian. www.realty.economictimes.indiatimes.com