Greenply Q2 net profit surges six fold to Rs 10 cr

Greenply Industries today reported over six fold increase in net profit to Rs 10.10 crore for the second quarter ended September 30, 2011, over the same period previous fiscal.

The company had posted a net profit of Rs 1.58 crore for the same period last financial year, Greenply Industries said in a statement.

Net sales of the company for the second quarter ended September 30, 2011 stood at Rs 413.48 crore, as against Rs 288.72 crore for the same period last fiscal.

Commenting on the results Greenply Industries Ltd Joint Managing Director and CEO Saurabh Mittal said: "We have achieved a growth of 43% in the company's business during the quarter and we expect better results in future on achieving optimum utilisations and superior value-mix in the new MDF and laminate plants."

For the six months ended September 30, 2011, the company's net profit stood at Rs 23.05 crore as against Rs 11.98 crore in the same period previous fiscal.

Shares of Greenply Industries were trading at Rs 203.80 on the BSE in late afternoon trade, up 1.39% from its previous close.