Forest Products firm Greenply Industries Announced Q1FY23 Result :

• Revenues grew by 74% and PAT grew by 415% YoY
• New plywood plant near Lucknow started commercial operations
• First phase of machinery installation started for our MDF project near Vadodara
• Revenue at Rs 453.5 crores, grew by 73.9% on YoY basis
• Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 3.9 crores) was Rs 44.0 crores; grew by 171.7% on YoY basis with margins of 9.7%
• Profit after tax (PAT) was at Rs 20.7 crores; growth of 415.0% on YoY basis
• Net debt was at Rs 349.4 crores and net debt-equity ratio was at 0.62 times

Commenting on the performance for Q1 FY23, Mr. Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said “In a challenging macro environment, we continued to grow across our portfolio. While input cost inflation continues to hurt the margins, we expect demand to be favourable with significant growth momentum in real estate specially semi-urban and rural areas. At the forefront of driving innovation, we recently launched “Green Platinum” with 2x Fire resistance, 2x waterproof and 2x moneyback guarantee. It is a new generation product with better value proposition and we expect to get good response from customers.

We are happy to share that we achieved commercial production at our plywood unit at Sandila, Lucknow (U.P.) and capacity expansion plans are going as scheduled in our upcoming MDF unit at Vadodara. We would continue to thrive with our brand's appeal and distribution reach supported by shift in industry towards organised players.

Result PDF