Greenlam Industries Ltd.
Q4FY23 Quarterly & FY23 Annual Result Announced for Greenlam Industries Ltd.
Furniture-Furnishing Paints company Greenlam Industries announced Q4FY23 & FY23 results:
- Consolidated Q4FY23:
- Net revenues reported at Rs 533.8 crore, a growth of 15.2% on a YoY basis
- Overall laminate business grew by 16.0% in value and 16.8% in volume terms on a YoY basis
- EBIDTA reported at Rs 74.1 crore, a growth of 49.4% on a YoY basis
- Net Profit reported at Rs 46.1 crore, a growth of 79.7% on a YoY basis
- Working capital stood at 66 days improvement of 8 days on a YoY basis
- Consolidated FY23:
- Net revenues reported at Rs 2,026.0 crore, a growth of 18.9% on a YoY basis
- Overall laminate business grew by 19.0% in value and 3.1% in volume terms on a YoY basis
- EBIDTA reported at Rs 232.9 crore, a growth of 24.5% on a YoY basis
- Net Profit reported at Rs 128.0 crore as against Rs 41.4 crore in FY22, a growth of 41.4% on a YoY basis
Speaking about the results Saurabh Mittal, Managing Director and Chief Executive Officer, Greenlam Industries said, “The fourth quarter exhibited overall good business performance with revenue growing 15.2% on a YoY basis. The laminate business demonstrated strong momentum with both domestic and exports growing by 11.1% and 20.9% respectively. The laminate business also grew 16.8% in volume terms. In the Veneer and Allied Segment, the decorative veneer business grew in the quarter whereas the floors and doors business remained subdued. For the year, our revenue from operations surpassed Rs 2000 crore milestone. For the quarter, our gross margins and operating margins for the quarter expanded by 390 bps and 320 bps respectively on account of softening in raw material, freight cost, and higher revenue. Our return on capital employed excluding project capex (ROCE) experienced a notable improvement to 24.0% during the quarter. Additionally, sequentially the working capital days declined by 2 days and stood at 66 days for the quarter. As of March 31, 2023, our net debt stood at Rs 312.0 crore, including Rs 226.7 crore of debt towards our ongoing projects.
We have commissioned the enhanced capacity of our Prantij, Gujarat plant in May and the total laminate capacity now stands at 21.02 million sheets. We expect to start the commercial production of a greenfield plywood unit at Tindivanam, Tamil Nadu in June 2023. The greenfield laminate plant and particle board plant at Naidupeta, Andhra Pradesh are expected to start production by Q2FY24 and Q4FY24 respectively. We remain committed to the successful completion of our projects and look forward to the positive impact they will have on our overall operations.
At Greenlam, we always believe in serving our customers with top-notch products and services. Our constant endeavour is to bring superior and exquisite products, which are developed using the latest industry-first technology that aids them to redefine their living spaces.”