Greenply Q1 Results: Net profit at ₹0.8 crores, revenue up by 5% (YoY)

Greenply Industries Limited released their Q1 net consolidated results on Tuesday and informed that their profit after tax (PAT) stood at ₹0.8 crore during the quarter ending June 2023. The revenue of the company rose by 5% year-on-year and reached ₹476.1 crores during the period under review.

The company was profitable only in the Plywood business as it reported a profit after tax (PAT) of ₹20.9 crore. Greenply reported a 4.4% (YoY) jump in the revenue in the plywood segment which reached ₹412.3 crores during the period under review. In the Plywood business, the EBITDA was ₹35.9 crores which declined by 1.2% (YoY). The EBITDA margin stood at 8.7% during the quarter ending June 2023.

Net loss in MDF business and Gabon operations

Greenply reported a net loss of ₹14.8 crore in the MDF Business of the company. The revenue during Q1FY24 stood at ₹18.1 crores and the core EBITDA loss was at ₹7.3 crores during the period under review. In the Gabon operations, the company reported a net loss of ₹4.7 crores with revenue declining 22.1% (YoY) to ₹45.8 crores during the Q1FY24.

Also read: L&T Q1 Results: Net profit rises 46% to ₹2,493 crore, revenue up by 34%

“In the last quarter, we have successfully started commercial operations of our MDF facility. Our product response has been satisfactory across regions and from all consumer types. Initially, we started with launch of plain products, and we will keep introducing more value-added products, which will improve our financial performance," JMD & CEO Manoj Tulsian said. 

"In the plywood business, the volume growth was soft, however we expect the volumes to rebound in the second half of the financial year. At the same time, our realisations have improved and helped us to offset the raw material price increase,” the top officer added.