Forest products company Greenply Industries announced Q1FY25 results:
- Revenue at Rs 583.9 crore, grew by 35.7% on YoY basis
- Adjusted Core EBITDA was Rs 58.1 crore, EBITDA margin of 10.0% and a YoY growth of 101.6%
- PAT at Rs 33.2 crore including impact of income tax refund pertaining to earlier years and interest there on of Rs 11.9 crore
- Plywood Business:
- Sales volume of 17.7 MSM, grew by 8.6% on YoY basis
- Realisation of Rs 245 per SQM, declined by 1.4% on YoY basis
- Revenue Plywood & allied products at Rs 433 crore, grew by 7.1% on YoY basis
- Adjusted Core EBITDA at Rs 35.7 crore: EBITDA margin of 7.9%. The margin declined on a YoY basis by 70 bps due increase in raw material prices
- MDF Business
- Sales volume of 42,724 CBM grew by 605% YoY
- Realisation of Rs 30,817 per CBM improvement of 8% YoY
- Revenue at Rs 131.7 crore, grew by 661% on YoY basis
- Core EBITDA without forex loss was at Rs 22.0 crore with EBITDA margin of 16.6% as compared to 14.1% in Q4 FY24.
- Net Profit was Rs 4.3 crore as compared to Net loss of Rs 14.8 crore in Q1FY24
Commenting on the performance for Q1FY25, Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said "The plywood business volumes grew by 8.6% in the first quarter in-spite of negative impact of union elections in Q1FY25 and margins remained under pressure due to increase in raw material prices.
In the MDF business, we continued to focus on value added products and as a result our realisation per CBM improved by 7.6% in the quarter as compared to previous quarter. We continue to focus on operating efficiencies in the business."