Greenply Industries Ltd consolidated revenue grows by 24% in the third quarter of FY 2022

Greenply Industries Limited, one of country's leading manufacturers of Plywood and allied products has posted a rise of 23% in its consolidated revenue registering around Rs 421.21 on YoY basis. During the same quarter, its Profit After Taxt (PAT) is at 29.8 cr which is 19.3% up on YoY basis. A report by SURFACES REPORTER (SR).

The Gross margin of the firm stood at 38.7% with a decline of 334 bps on YoY basis while adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 3.0 crores) stood at Rs 45.8 crores, a growth of 9.8% on YoY basis with margins of 10.9%. Over all, the net debt posted is around 119.1 cr and Net debt-equity is 0.24 times during the same quarter.

The statement also posted the nine monthly result for FY 22 according to which the consolidated revenue is at 1114.3 cr, a rise of 45% on YoY basis. The gross margin stood at 175 bps, a decline of 40.2% and adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 9.0 crores) at Rs 114.7 crores grew by 61.1% on YoY basis with margins of 10.3%.

During this time period, the Profit After Tax (PAT) stands at Rs 65.8 cr posting a growth of 103% YoY and the net working capital stood at 42 days in December 2021 vs 39 days in September 2021 indicating a better financial health of the firm.

Commenting on the performance for Q3 FY22, Mr. Manoj Tulsian, JMD & CEO, Greenply Industries Ltd., said, “We have maintained our growth momentum in the last quarter despite some headwinds related to third wave of pandemic. This is supported by our strong brand positioning as eco-friendly and durable product. Going forward, we maintain positive outlook in the backdrop of strong fundamentals of our economy and the promising outlook of the housing sector”

Upcoming projects of Greenply Industries Limited

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 plant’s machinery erection work is underway while trial runs are expected in March 2022 and commercial operations will commence in Q1 FY2.

In addition, Greenply is also setting up a greenfield MDF board manufacturing unit with the capacity of 800 CBM per day at district Vadodara, Gujarat. All plant & machineries have been ordered and construction activities are under full swing. The expected COD of the plant is Q4FY23.

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