Furniture-Furnishing Paints company Greenlam Industries announced Q1FY24 results: Net revenues reported at Rs 515.2 crore, a growth of 9.5% on a YoY basis Overall laminate business grew by 9.7% in value terms and 5.8% in volume terms on a YoY basis EBIDTA reported at Rs 64.4 crore, a growth of 27.8% on a YoY basis Net Profit reported at Rs 32.2 crore, a growth of 31.2% on a YoY basis Working capital stood at 72 days improvement of 5 days on a YoY basis Speaking about the results Saurabh Mittal, Managing Director, and Chief Executive Officer, Greenlam Industries said, “The first quarter of 2023-24 witnessed continued momentum with revenue growth of 9.5% on a YoY basis. The quarter saw the highest laminate production of 4.68 million sheets. However, the export sales growth was impacted due to a disturbance in port operations for 10 days, which was caused by cyclone conditions. The overall volume growth for the laminate business stood at 5.8% on a YoY basis. Our gross margins for the quarter stood at 52.3% as compared to 45.0% in the same quarter of last year. Our EBIDTA margins improved to 12.5% in the quarter. Our disciplined commercial practices resulted in the improvement of our net working capital days by 5 days to 72 days in Q1FY24 as compared to 77 days in Q1FY23. It also takes into account the impact of inventory buildup in our new projects. Our net debt stood at Rs 521.7 crore which includes product debt of Rs 422.3 crore. In this quarter, we entered the Plywood business in South India marketed under the brand name MikasaPly “The No Nonsense Ply” at Tindivanam, Tamil Nadu. This state-of-the-art facility spans over 17 acres and has an annual production capacity of 18.9 million square meters per annum, which has the potential to generate revenue of Rs 400 crore per annum on full capacity utilization. The total capex incurred for the project stands at Rs 130 crore approx. till the commencement of commercial production. Currently, the plant is in stabilization mode, and we expect to ramp up production soon. The greenfield laminate plant and particle board plant at Naidupeta, Andhra Pradesh are expected to start production by Q2FY24 and Q4FY24 respectively. We remain committed to the successful completion of our projects. We continue to be committed to redefining interior spaces with superior quality products and innovation in technology to bring the latest trends in home décor to our customers” Result PDF
Furniture-Furnishing Paints company Greenlam Industries announced Q4FY23 & FY23 results: Consolidated Q4FY23: Net revenues reported at Rs 533.8 crore, a growth of 15.2% on a YoY basis Overall laminate business grew by 16.0% in value and 16.8% in volume terms on a YoY basis EBIDTA reported at Rs 74.1 crore, a growth of 49.4% on a YoY basis Net Profit reported at Rs 46.1 crore, a growth of 79.7% on a YoY basis Working capital stood at 66 days improvement of 8 days on a YoY basis Consolidated FY23: Net revenues reported at Rs 2,026.0 crore, a growth of 18.9% on a YoY basis Overall laminate business grew by 19.0% in value and 3.1% in volume terms on a YoY basis EBIDTA reported at Rs 232.9 crore, a growth of 24.5% on a YoY basis Net Profit reported at Rs 128.0 crore as against Rs 41.4 crore in FY22, a growth of 41.4% on a YoY basis Speaking about the results Saurabh Mittal, Managing Director and Chief Executive Officer, Greenlam Industries said, “The fourth quarter exhibited overall good business performance with revenue growing 15.2% on a YoY basis. The laminate business demonstrated strong momentum with both domestic and exports growing by 11.1% and 20.9% respectively. The laminate business also grew 16.8% in volume terms. In the Veneer and Allied Segment, the decorative veneer business grew in the quarter whereas the floors and doors business remained subdued. For the year, our revenue from operations surpassed Rs 2000 crore milestone. For the quarter, our gross margins and operating margins for the quarter expanded by 390 bps and 320 bps respectively on account of softening in raw material, freight cost, and higher revenue. Our return on capital employed excluding project capex (ROCE) experienced a notable improvement to 24.0% during the quarter. Additionally, sequentially the working capital days declined by 2 days and stood at 66 days for the quarter. As of March 31, 2023, our net debt stood at Rs 312.0 crore, including Rs 226.7 crore of debt towards our ongoing projects. We have commissioned the enhanced capacity of our Prantij, Gujarat plant in May and the total laminate capacity now stands at 21.02 million sheets. We expect to start the commercial production of a greenfield plywood unit at Tindivanam, Tamil Nadu in June 2023. The greenfield laminate plant and particle board plant at Naidupeta, Andhra Pradesh are expected to start production by Q2FY24 and Q4FY24 respectively. We remain committed to the successful completion of our projects and look forward to the positive impact they will have on our overall operations. At Greenlam, we always believe in serving our customers with top-notch products and services. Our constant endeavour is to bring superior and exquisite products, which are developed using the latest industry-first technology that aids them to redefine their living spaces.” Result PDF