Greenply Q1 net dips, plans Rs 365 cr investment

Chief financial officer of Greenply Industries V Venkatramani told PTI that the dip in net profit was due to currency loss as 45 per cent of the raw materials were imported.     

Net sales of the company during the first quarter increased by 48 per cent at Rs 172 crore as against Rs 116 crore in the same period a year-ago.     

He said that the board today approved two projects involving an investment outlay of Rs 365 crore.      The first is setting up a medium density fibre (MDF) plant at its existing facility at Uttarakhand at an outlay of Rs 250 crore. The plant would be ready by February 2010.     

The second is setting up of a new laminate unit at Himachal Pradesh at an investment of Rs 115 crore. This unit would be ready by October next year, he said.     

The funding would be done from debt, internal accruals and equity dilution.     

Greenply has a market share of 30 per cent in the plywood segment and 18 per cent in the laminate industry.