Greenply Industries' net profit increases 26.33% in Q2 FY25

29 Oct 2024 CW Team

Greenply Industries reported a 26.33% rise in its net consolidated profit for the quarter ended September 30, 2024. Profit after tax stood at Rs 175.6 million, compared to Rs 139 million in the same quarter last year, the company announced in a BSE filing.

The company's net consolidated total income grew 12.52% to Rs 6.42 billion in Q2 FY25, up from Rs 5.70 billion in the corresponding quarter of the previous fiscal.

Manoj Tulsian, Joint Managing Director & CEO, stated, "While our plywood business has shown consistent growth, margins remain under pressure due to high raw material costs and product mix changes. We are actively working on strategies to improve profitability. The MDF business faced a decline in revenue on a quarter-over-quarter basis due to a plant shutdown and power cuts in Gujarat. However, we remain optimistic about stronger performance in the second half, aiming to meet our 50% annual revenue growth target. Our Furniture & Fittings JV will begin full-scale production from November 2024, following successful equipment installation and trial runs."

In Q2 FY25, revenue from the plywood and allied products segment stood at Rs 514 crore, growing 7.5% year-on-year, with a sales volume of 20.2 million square meters (MSM) and realisation at Rs 251 per square meter—an improvement of 2.4%.

The MDF segment reported revenue of Rs 1.26 billion, with a sales volume of 40,553 cubic meters (CBM) and realisation at Rs 31,169 per CBM during the quarter. (ET)

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