Greenply Industries' net profit increases 26.33% in Q2 FY25
29 Oct 2024
2 Min Read
CW Team
Greenply Industries reported a 26.33% rise in its net consolidated profit for the quarter ended September 30, 2024. Profit after tax stood at Rs 175.6 million, compared to Rs 139 million in the same quarter last year, the company announced in a BSE filing.
The company's net consolidated total income grew 12.52% to Rs 6.42 billion in Q2 FY25, up from Rs 5.70 billion in the corresponding quarter of the previous fiscal.
Manoj Tulsian, Joint Managing Director & CEO, stated, "While our plywood business has shown consistent growth, margins remain under pressure due to high raw material costs and product mix changes. We are actively working on strategies to improve profitability. The MDF business faced a decline in revenue on a quarter-over-quarter basis due to a plant shutdown and power cuts in Gujarat. However, we remain optimistic about stronger performance in the second half, aiming to meet our 50% annual revenue growth target. Our Furniture & Fittings JV will begin full-scale production from November 2024, following successful equipment installation and trial runs."
In Q2 FY25, revenue from the plywood and allied products segment stood at Rs 514 crore, growing 7.5% year-on-year, with a sales volume of 20.2 million square meters (MSM) and realisation at Rs 251 per square meter鈥攁n improvement of 2.4%.
The MDF segment reported revenue of Rs 1.26 billion, with a sales volume of 40,553 cubic meters (CBM) and realisation at Rs 31,169 per CBM during the quarter.
(ET)
Greenply Industries reported a 26.33% rise in its net consolidated profit for the quarter ended September 30, 2024. Profit after tax stood at Rs 175.6 million, compared to Rs 139 million in the same quarter last year, the company announced in a BSE filing.
The company's net consolidated total income grew 12.52% to Rs 6.42 billion in Q2 FY25, up from Rs 5.70 billion in the corresponding quarter of the previous fiscal.
Manoj Tulsian, Joint Managing Director & CEO, stated, While our plywood business has shown consistent growth, margins remain under pressure due to high raw material costs and product mix changes. We are actively working on strategies to improve profitability. The MDF business faced a decline in revenue on a quarter-over-quarter basis due to a plant shutdown and power cuts in Gujarat. However, we remain optimistic about stronger performance in the second half, aiming to meet our 50% annual revenue growth target. Our Furniture & Fittings JV will begin full-scale production from November 2024, following successful equipment installation and trial runs.
In Q2 FY25, revenue from the plywood and allied products segment stood at Rs 514 crore, growing 7.5% year-on-year, with a sales volume of 20.2 million square meters (MSM) and realisation at Rs 251 per square meter鈥攁n improvement of 2.4%.
The MDF segment reported revenue of Rs 1.26 billion, with a sales volume of 40,553 cubic meters (CBM) and realisation at Rs 31,169 per CBM during the quarter.
(ET)
Next Story
Blum India brings Design Reverie to Hyderabad
Blum India hosted the Hyderabad edition of its signature event, Design Reverie, at the historic Taj Falaknuma Palace, making it a memorable evening for the city鈥檚 architecture and interior design community. As per news reports, the event combined modern design sensibilities with the grandeur of a palace setting and the spiritual charm of Sufi qawwali.This marked the third edition of the event, after previous gatherings in Delhi and Bangalore. In Hyderabad, the focus was on fostering relaxed yet meaningful dialogue among design professionals鈥攁way from the typical conference setup. The eveni..
Next Story
Hafele launches Platinum Studio in Nagpur
Hafele has expanded its franchise footprint in central India by opening a new Studio Partner Platinum showroom in Nagpur in collaboration with Onkar Furnitech. The studio was inaugurated by Nitin Gadkari, Minister of Road Transport and Highways, along with Padma Gupta, Director 鈥� HR & Customer Experience, Hafele South Asia.Located at Sarthak Plaza, South Ambazari Road, Laxmi Nagar, the showroom offers an immersive experience of Hafele鈥檚 wide-ranging interior and home solutions. Designed as a hands-on, real-life application space, the studio showcases Hafele鈥檚 full portfolio鈥攊ncludi..
Next Story
Truflo by Hindware wins GPTW honour again
Truflo by Hindware has been certified a Great Place to Work for the fourth consecutive year, reaffirming its commitment to a people-first culture. The certification was awarded by the Great Place to Work Institute following a rigorous evaluation of employee experience, leadership, culture, and HR practices.Known as India鈥檚 fastest-growing plastic pipes and fittings company, Truflo has focused on fostering an inclusive, innovative, and growth-driven work environment. The company prioritises employee well-being and professional development, creating a culture where people feel valued and empow..
