New Delhi: Strong sales growth across its product categories of plywood, laminate, decorative veneer and particle board has contributed in helping the interior infrastructure manufacturer Greenply Industries Limited (GIL) report a revenue of Rs392.20 crore during FY 2006-07. This is a growth of 52.40% over FY 2005-06. The company had posted a revenue of Rs 257.35 crore during FY 2005-06.
Against net profit of Rs 14.08 crore during FY 2005-06, the company posted a net profit of Rs 22.52 crore during 2006-07, representing a growth of 59.90%.
For the quarter ended March 31, 2007, the company earned a revenue of Rs 110.61 crore, representing a growth of 76.30% over the corresponding period last year. The company posted a revenue of Rs 62.74 crore for the quarter ended March 31, 2006.
The net profit for the quarter ended March 31, 2007 was Rs 6.71 crore against Rs 3.77 crore during Q4 2005-06, registering a growth of 77.98%.
GIL Jt. MD Saurabh Mittal said, “Greenply has not only grown beyond the interior infrastructure industry growth rate of 15%, but has bettered earnings guidance of 35% YoY growth.”
The improved show is a result of cost reduction measures, higher capacity utilizations, change in product mix, improved product visibility and market buoyancy.
The company commissioned its Pant Nagar plant in Uttaranchal at a cost of Rs 80 crore. The plant has the capacity of producing 6.60 million sqm of plywood and 1.82 million sqm of particle board, taking the company’s total capacity of plywood to 17.10 million sqm of plywood.
The company signed the first-ever Carbon Credit agreement, worth over $4 million, in the interior infrastructure industry and started expanding its existing laminates production capacity at Behror, Rajasthan, from 39.60 lakh sheets to 53.40 lakh sheets per annum. The total outlay for the company’s projects is estimated at Rs 40 crore, and will involve the setting up of a fourth production line.