Greenply Industries Ltd.
Q3FY23 Quarterly Result Announced for Greenply Industries Ltd.
Forest products company Greenply Industries announced Q3FY23 results:
- Plywood Business– Q3FY23
- Revenue at Rs 405.4 crore, grew by 8.7% on YoY basis
- Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 4.0 crores) was Rs 41.6 crore; grew by 1.6% on basis with margin of 10.3%
- Profit after tax (PAT) was at Rs 49.7 crore (including exceptional gains of Rs 9.6 crore and tax refunds pertaining to earlier years of Rs 18.4 crore in Q3FY23)
- Sales volume was 16.0 MSM; a growth of 2.4% on YoY basis
- Plywood Business – 9MFY23
- Revenue at Rs 1,236.1 crore, grew by 28.4% on YoY basis
- Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 11.9 crore) was Rs 123.9 crore; grew by 24.7% on YoY basis with margin of 10.0%
- Profit after tax (PAT) was at Rs 95.8 crore (including exceptional gains of Rs 9.6 crore and tax refunds pertaining to earlier years of Rs 18.4 crore in Q3FY23)
- Sales volume was 49.2 MSM; a growth of 21.7% on YoY basis
- Consolidated – Q3 FY23
- Revenue at Rs 428.2 crore, grew by 1.7% on YoY basis
- Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 4.0 crores) was Rs 36.5 crores; declined by 20.3% on YoY basis with margin of 8.5%
- Profit after tax (PAT) was at Rs 36.0 crore (including exceptional gains of Rs 9.6 crore and tax refunds pertaining to earlier years of Rs 18.4 crore in Q3FY23)
- Consolidated – 9M FY23
- Revenue at Rs 1,376.5 crores, grew by 23.5% on YoY basis
- Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 11.9 crore) was Rs 133.4 crore; grew by 16.3% on YoYbasis with margin of 9.7%
- Profit after tax (PAT) was at Rs 80.4 crore (including exceptional gains of Rs 9.6 crore and tax refunds pertaining to earlier years of Rs 18.4 crore in Q3FY23)
- Net debt was at Rs 555.7 crore and net debt-equity ratio was at 0.89 times
Commenting on the performance for Q3 FY23, Mr. Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said
“The quarter posed difficulties due to the extended holiday season and sluggish demand. On the raw material front, we have seen some relief as chemical prices have come down from the peak, while the cost of timber remains on the high side. The outlook looks favourable with respite in demand from December 2022 onwards.
Our MDF unit at Vadodara, Gujarat is advancing well and we are working tirelessly to start trial run in this quarter. The unit will help us tap into the under-serviced western market and benefit the company with improved product diversification. Team building for this segment is nearly done and we are developing measures to establish robust marketing and distribution strategies. We believe our ongoing strategic efforts and resilience to remain focused on our goals will unfold greater growth opportunities in the long-term.”