Greenply Industries today said it's net profit rose by 38.68% to Rs 17.96 crore for the quarter ended June 30, 2012.
This was mainly on account of improved performances of its new medium density fibreboards (MDF) and laminate units at Himachal Pradesh and Uttarakhand.
The company had posted a standalone net profit of Rs 12.95 crore for the corresponding period of previous fiscal, Greenply Industries said.
Standalone net sales of the company rose to Rs 430.53 crore for the quarter ended June 30, 2012 from Rs 352.31 crore for the same period a year ago.
Commenting on the results, Greenply Industries Joint MD and CEO Saurabh Mittal said: "We expect better results in future on achieving optimum utilisations and better value-mix in the new MDF and Laminate plants".
On being asked about the dip in the profit for plywood and allied products segment, Greenply Industries CFO V Venkataramani told PTI that it was primarily due to forex factor.
The company is engaged in the manufacture of decorative laminate, plywood, decorative veneers and MDFs. It has seven manufacturing facilities across the country.
Shares of Greenply Industries today closed at Rs 185 on BSE, down 1.60% from its previous close.
