Greenply Industries Ltd.., leading plywood and laminate manufacturer in India, today reported net sales of Rs. 179 crore for the quarter ended December 31, 2008 as compared to Rs. 139 crore in corresponding period of last fiscal year, registered a growth of 29 %.
Net Profit for the third quarter stood at Rs. 10.32 crore, registered a growth of 5 % as compared to Rs. 9.80 crore posted in the same period of last fiscal year. Diluted Earnings per share (EPS) stood at Rs. 6.07 as compared to Rs. 5.77 in corresponding period of last fiscal year. The operating margin (excluding other income and loss on foreign currency fluctuation) for Q3 FY09 was at 14.74% as against 15.11% in Q3 FY08.
Net sales for the nine months ended December 31, 2008, grew by 43% to Rs. 558 crore as compared to Rs. 391 crore in the corresponding period of last fiscal year. Net profit for the nine months ended December 31, 2008, down by 4 % to Rs. 28.72 crore, as against Rs. 30.06 crore posted in the same period of last fiscal year.
Diluted Earnings per Share (EPS) for 9MFY09 worked out to Rs. 16.90 as compared to Rs. 17.69 for the same period of last fiscal year.
Commenting on the results, Mr. Rajesh Mittal, Managing Director, Greenply Industries Ltd. said, “It gives me immense pleasure to announce an operationally strong third quarter/nine month results given the current economic downturn. This has been achieved through a blend of higher capacity utilizations, change in product mix, cost control, improved product visibility etc.”
“At Greenply it has been our constant endeavour to be the one shop stop offering wide variety to fulfill customers’ entire demands. This effort of ours has helped us pioneer the interior infrastructure sector and become the most desired brand vis-à-vis others. This has been a driving force of motivation to expand our capacities in India as well as globally to cater the burgeoning demand there. Also, in order to cater the demands of foreign markets we have been expanding our distribution network there too. Infact, applauded response from markets abroad have enabled us drive our synergies towards expanding footprints in international markets. Under the aegis of the same we have set-up offices in six international markets,” added Mr. Mittal.
Major Developments:
Also Read
- Received “Greenguard” certification from Greenguard Environmental Institute’s (GEI)
- The company’s expansion of MDF unit at its Uttarakhand Plant at a cost of Rs. 250 crore and a Greenfield laminate unit in Himachal Pradesh at a cost of Rs. 115 crore is on track. MDF plant at Uttarakhand is expected to commence commercial operations by the end of Q4 FY10 and Laminate unit from Q3 FY09.
About Greenply Industries Ltd.:
Greenply Industries Limited (GIL) is an Rs 700-crore professionally managed Interior Infrastructure Company, primarily engaged in the manufacture of plywood and other value added products used in interior infrastructure such as laminates and medium density fibre (MDF). The company has five plants across the country and also caters to overseas markets. Greenply controls a quarter of the country's organised plywood market and a sixth of the laminate market.
The company has more than 28 branches across the country with a strong network of over 9600 dealers, distributors, sub-dealers and retailers. Greenply exports its laminate products to more than 32 countries such as the US, Australia, Malaysia, Singapore, the UAE, Russia, Israel, and New Zealand among others.