Greenlam Industries announced Q3FY23 results: Q3FY23: Net revenues reported at Rs 503.5 crore, a growth of 12% on a YoY basis. Overall laminate value and volumes grew by 12.5% and 7.1% respectively on a YoY basis. EBDITA reported at Rs 54.8 crore, a growth of 2.7% on a YoY basis. Net profit reported at Rs 28.2 crore, a growth of 4.8% on a YoY basis. 9MFY23: Net revenues reported at Rs 1,492.1 crore, a growth of 20.3% on a YoY basis. Overall laminate business grew by 20.2%, however volumes de-grew by 1.6% on a YoY basis. EBDITA reported at Rs 158.8 crore, a growth of 15.5% on a YoY basis. Net Profit reported at Rs 81.9 crore, a growth of 26.2% on a YoY basis. Speaking about the results Mr. Saurabh Mittal, Managing Director and Chief Executive Officer, Greenlam Industries Ltd. said, The third quarter of 2023 witnessed continued momentum in our business with revenue for the quarter at Rs 503.5 crore. Our overall laminate business grew by 12.5% in value terms and 7.1% in volumes on YoY basis. Our gross margins expanded by 400 bps to 48.3% on YoY basis primarily on account of declining raw material costs and improved product mix. However, the overall EBIDTA margin declined by 100 bps and stood at 10.9% on account of higher operating expenses. PAT for the quarter grew by 4.8% on YoY basis and stood at Rs 28.2 crore. We continued our focus on managing our balance sheet with improvement in net working capital. Net working capital days stood at 68 days in Q3FY23 as compared to 69 days in Q2FY23. Our net debt for the quarter stood at Rs 147.5 crore, an increase of Rs 71.9 crore on QoQ basis primarily on account of debt being drawn for our new projects. Sustaining our focus on strengthening our manufacturing capabilities, our plant in Prantij, Gujarat started its operations in August 2022 and all the presses with the enhanced capacity shall be operational by March 2023. Our plywood project in Tindivanam, Tamil Nadu is likely to start its commercial production by Q4FY23. Our high-pressure laminate project in Naidupeta, Andhra Pradesh is expected to start commercial production by Q1FY24. Further our particle board project in Naidupeta, Andhra Pradesh shall start commercial production by Q4FY24. We have partnered with IFC (International Finance Corporation) for part funding of the Naidupeta project. This quarter we also launched our brand campaign, "Kuch Mera, Kuch Tumhara,” to promote a wide range of surfacing solutions, on television and digital media. The campaign showcases the diverse portfolio of Greenlam Laminates. We also expanded our retail experience by launching an experience centre in Ahmedabad, Gujarat. The experience centre provided Greenlam’s customers with an immersive experience featuring a myriad range of products across all brands of Greenlam Industries including laminates, compacts, interior and exterior cladding, restroom cubicles & locker solutions, decorative veneers, engineered wooden floors and doors. 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
Furniture company Greenlam Industries announced Q2FY23 results: Q2FY23: Net revenues reported at Rs 518.0 crore, a growth of 14.1% on YoY basis The laminate business grew by 13.7% in value terms but de-grew by 10.2% in volume terms on a YoY basis EBDITA reported at Rs 53.7 crore, a growth of 17.0% on YoY basis Net Profit reported at Rs 29.2 crore, a growth of 41.0% on a YoY basis H1FY23: Net Sales reported at Rs 988.6 crore, a growth of 25.1% on a YoY basis Laminate business revenues grew by 24.5% in value terms but de-grew by 4.2% in volume terms on a YoY basis EBDITA reported at Rs 104.0 crore, a growth of 23.7% on a YoY basis Net Profit reported at Rs 53.8 crore, a growth of 41.3% on YoY basis Speaking about the results Mr. Saurabh Mittal, Managing Director and Chief Executive Officer, Greenlam Industries Ltd. said, “The current quarter witnessed a healthy top line growth with overall revenue at Rs 518.0 crore for the quarter, growth of 14.1% on YoY basis. Laminate segment grew by 13.7% and veneer and allied grew by 18.3%. EBIDTA for the quarter grew by 17.0% and stood at Rs. 53.7 crore. We continued our focus on managing our balance sheet with improvements in the net working capital days by 8 days which stood at 69 days in Q2FY23. During the quarter, we also raised capital to the extent of Rs. 195.0 crore by issuing equity shares on preferential basis. The ROCE for the business without accounting for the capital employed in the projects stood at 16.2%. Sustaining our focus on strengthening our manufacturing capabilities, our plant in Prantij, Gujarat started its operations in August 2022 and all the presses with the enhanced capacity shall be operational by Q4 of FY2023. Our plywood, laminate and particle board projects are moving as per schedule with construction in full swing and are expected to commence operations as per the schedule. The financing for all projects has been tied up and we have completed the financial closure for the capex program. At Greenlam, we always believe in serving our customers with best-in-class services and offerings. In our ongoing pursuit to enhance the consumer experience, we expanded our retail presence by launching an Experience Center in Ahmedabad, Gujarat.” Result PDF