Construction Mirror Article detail

Greenply Industries Limited, India’s leading manufacturer of Plywood and allied products today announced its financial results for the quarter and nine months ended December 31, 2021. Below are the key financial highlights for the same:

Consolidated – Q3FY22

·         Revenue at Rs 421.1 crores grew by 23.7% on y-o-y basis

·         Gross margin stood at 38.7% with decline of 334 bps on y-o-y basis.

·         Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 3.0 crores) at Rs 45.8 crores grew by 9.8% on y-o-y basis with margins of 10.9%

·         Profit after tax (PAT) at Rs 29.8 crores grew by 19.3% on y-o-y basis

·         Net debt stood at Rs 119.1 crores and Net debt-equity is 0.24 times

Consolidated – 9MFY22

·         Revenue at Rs 1,114.3 crores grew by 45.0% on y-o-y basis

·         Gross margin stood at 40.2% with decline of 175 bps on y-o-y basis.

·         Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 9.0 crores) at Rs 114.7 crores grew by 61.1% on y-o-y basis with margins of 10.3%

·         Profit after tax (PAT) at Rs 65.8 crores grew by 103.7% on y-o-y basis

·         Net working capital stood at 42 days in December 2021 vs 39 days in September 2021.

Standalone – Q3FY22

·         Revenue at Rs 373.0 crores grew by 20.3% on y-o-y basis

·         Gross margin stood at 37.3% with decline of 401 bps on y-o-y basis

·         Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 3.0 crores) at Rs 41.0 crores grew by 10.2% on y-o-y basis with margins of 11.0%

·         Profit after tax (PAT) at Rs 26.5 crores grew by 9.1% on y-o-y basis

Standalone – 9MFY22

·         Revenue at Rs 962.6 crores grew by 46.7% on y-o-y basis.

·         Gross margins stood at 39.1% with decline of 172 bps on y-o-y basis.

·         Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 9.0 crores) at Rs 99.3 crores grew by 80.9% on y-o-y basis with margins at 10.3%

·         Profit after tax (PAT) at Rs 60.3 crores grew by 107.2% on y-o-y basis.

·         Net working capital stood at 28 days in December 2021 vs 22 days in September 2021.

Upcoming Project Status Updates

·         The company is setting up a greenfield plywood manufacturing unit with the capacity of 13.5 Mn Sqm p.a. at district Sandila, Lucknow, U.P. The plant’s machinery erection work is underway, trial runs are expected in March 2022 and commercial operations will commence in Q1 FY23.

·         The company is setting up a greenfield MDF board manufacturing unit with the capacity of 800 CBM per day at district Vadodara, Gujarat. All plant & machineries have been ordered and construction activities are under full swing. The expected COD of the plant is Q4FY23.

Commenting on the performance for Q3 FY22, Mr. Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said

“We have maintained our growth momentum in the last quarter despite some headwinds related to third wave of pandemic. This is supported by our strong brand positioning as eco-friendly and durable product.

Going forward, we maintain positive outlook in the backdrop of strong fundamentals of our economy and the promising outlook of the housing sector”