Greenply Industries advanced 2.08% to Rs 259.65 after the company's consolidated net profit surged to Rs 28.36 crore in Q4 FY24 as compared with Rs 11.07 crore in Q4 FY23.
Revenue from operations jumped 40.4% year on year (YoY) to Rs 599.79 crore in the quarter ended 31 March 2024.Profit before tax from continuing operations stood at Rs 41.88 crore in March 2024 quarter, registering a growth of 50.7% YoY.
For Q4 FY24, adjusted core EBITDA grew 22.8% YoY to Rs 59.4 crore while EBITDA margin slipped to 9.9% from 11.3% posted in same quarter last year.
The company's plywood business reported revenue at Rs 468 crore in fourth quarter of FY24, up 9.4% on YoY basis. MDF business revenue increased 2% YoY to Rs 131 crore during the period under review.
Total expenses spiked 44.12% YoY to Rs 565.68 crore in the quarter ended 31 March 2024. Cost of materials consumed was at Rs 250.69 crore (up 70.25% YoY) and employee expense was Rs 68.12 crore (up 19.59% YoY) during the quarter.
For the full year, net profit declined 23.49% to Rs 69.95 crore on 31.07% increase in revenue from operations to Rs 2,179.92 crore in FY24 over FY23.
Adjusted Core EBITDA was Rs 190.6 crore, up by 12.6% on YoY basis with margin of 8.7%, down 150 bps on YoY basis.
Net debt was at Rs 502 crore as on March 2024, higher than Rs 461 crore as on March 2023. Net debt-equity ratio was at 0.71 times.
Meanwhile, the board has recommended a dividend of Re 0.50 for the financial year 2023-24 and the company will pay the same within 10 days of its approval by the shareholders of the company.
Manoj Tulsian, JMD & CEO, Greenply Industries 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.
Greenply Industries has a leadership position in plywood industry with four manufacturing facilities spread across the country. The company provides interior products for the domestic and global markets including plywood, block board, flush doors, decorative veneers and PVC products. The company has widespread presence in over 1100 cities, towns, and villages across 27 states and 6 union territories, serviced through a well-entrenched distribution network of more than 3,000 dealers and authorised stockists, a retail network exceeding 6,000 and more than 50 physical and virtual branches pan-India.
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