Forest products company Greenply Industries announced Q1FY25 results: Revenue at Rs 583.9 crore, grew by 35.7% on YoY basis Adjusted Core EBITDA was Rs 58.1 crore, EBITDA margin of 10.0% and a YoY growth of 101.6% PAT at Rs 33.2 crore including impact of income tax refund pertaining to earlier years and interest there on of Rs 11.9 crore Plywood Business: Sales volume of 17.7 MSM, grew by 8.6% on YoY basis Realisation of Rs 245 per SQM, declined by 1.4% on YoY basis Revenue Plywood & allied products at Rs 433 crore, grew by 7.1% on YoY basis Adjusted Core EBITDA at Rs 35.7 crore: EBITDA margin of 7.9%. The margin declined on a YoY basis by 70 bps due increase in raw material prices MDF Business Sales volume of 42,724 CBM grew by 605% YoY Realisation of Rs 30,817 per CBM improvement of 8% YoY Revenue at Rs 131.7 crore, grew by 661% on YoY basis Core EBITDA without forex loss was at Rs 22.0 crore with EBITDA margin of 16.6% as compared to 14.1% in Q4 FY24. Net Profit was Rs 4.3 crore as compared to Net loss of Rs 14.8 crore in Q1FY24 Commenting on the performance for Q1FY25, Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said "The plywood business volumes grew by 8.6% in the first quarter in-spite of negative impact of union elections in Q1FY25 and margins remained under pressure due to increase in raw material prices. In the MDF business, we continued to focus on value added products and as a result our realisation per CBM improved by 7.6% in the quarter as compared to previous quarter. We continue to focus on operating efficiencies in the business." Result PDF
Forest Products company Greenply Industries announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Revenue at Rs 599.8 crore, grew by 40.4% on YoY basis Adjusted Core EBITDA was Rs 59.4 crore, EBITDA margin of 9.9% and a YoY growth of 22.8% PAT was at Rs 32.5 crore, grew by 96.6% on YoY basis. The PAT includes profit of Rs 4.5 crore on sale of 51% stake in GMEL Plywood Business: Sales volume of 18.8 MSM, grew by 10.5% on YoY basis Realisation of Rs 244 per SQM, declined by 0.8% on YoY basis Revenue at Rs 468 crore, grew by 9.4% on YoY basis Adjusted Core EBITDA was at Rs 40.1 crore; EBITDA margin of 8.6%. The margin declined on a yoy basis by 290 bps due to increase in raw material prices and higher advertisement expenses. The EBITDA margin, however, improved by 60bps on a Q-o-Q basis. MDF Business: Sales volume of 45,764 CBM Realisation of Rs 28,640 per CBM Revenue was at Rs 131.1 crore Core EBITDA without forex loss was at Rs 18.7 crore with EBITDA margin of 14.1% as compared to 13.5% in Q3 FY24. Net Profit was Rs 2.4 crore as compared to Net Loss for the previous quarter of Rs. 0.2 crore FY24 Financial Highlights: Revenue at Rs 2,179.9 crore, grew by 31.1% on YoY basis Adjusted Core EBITDA was Rs 190.6 crore; with margin of 8.7% and a YoY growth of 12.6%. PAT was at Rs 85.2 crore. Plywood Business: Sales volume of 71.9 MSM, grew by 8.6% on YoY basis Realisation of Rs 247 per SQM, grew by 0.4% on YoY basis Revenue at Rs 1,812 crore, grew by 8.9% on YoY basis Adjusted Core EBITDA was at Rs 150.3 crore; EBITDA margin of 8.3%. The margin declined on a YoY basis to 8.3% from 10.4% in 12M FY23 mainly due to higher advertisement expenses and increase in raw material prices. MDF Business: Sales volume of 1,24,772 CBM Realisation of Rs 29,279 per CBM Revenue was at Rs 365.3 crore Core EBITDA (without forex loss) was at Rs 40.4 crore with EBITDA margin of 11.0%. Net loss in this first year of operations was at Rs 15.8 crore. Commenting on the performance for Q4 FY24, Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said “The growth in the plywood business for the fourth quarter was in-line with our expectations however margins remained under pressure as a result of high raw material prices and substantial increase in advertisement spend. We have achieved our full year growth target. In the MDF business, we delivered a PAT positive performance in the third full operating quarter since the commencement of this business. We have exceeded our overall full year guidance of 100 thousand CBM in volume by a wide margin and have successfully established ourselves as a dependable player in the MDF segment of the wood panel industry. During the quarter we continued to focus on building a strong product portfolio and introduced a few value-added products. Going forward we are confident of achieving better margin profile in this business.” Result PDF
Conference Call with Greenply Industries Management and Analysts on Q4FY24 Performance and Outlook. Listen to the full earnings transcript.