Greenply Q4 net up 54%; FY10 profit at Rs 49 cr

Plywood maker Greenply Industries today said its net profit rose by 54.66 per cent to Rs 13.27 crore for the fourth quarter ended March 31, over the same period previous fiscal.

Net sales of the company rose to Rs 258 crore for the fourth quarter ended March 31, compared to Rs 167 crore in the same period corresponding fiscal, Greenply Industries said in a statement.

The company has recommended a final dividend of Rs 1.50 per share for the year ended 2009-10.

"We are pleased to announce that Greenply Industries is the first Interior Infrastructure Company to achieve a consolidated turnover figure of Rs 1,007 crore. During the year, we have also made some major achievements, which helped us in crossing this figure," Greenply Industries Managing Director Rajesh Mittal said.

"One of the key highlight is the recently started fourth press at our Nalagarh unit, which helped us in doubling our production capacity, taking it to 32 million sq mtr," he added.

For the year ended March 31, 2010, the company posted a net profit of Rs 49.56 crore, compared to Rs 37.30 crore in the previous fiscal.

Net sales of the company rose to Rs 871.41 crore for the year ended March 2010, compared to Rs 724.86 crore in the previous fiscal.

"We further look at full utilisation of our production capacity during the current financial year, which will be a major boost to our export plans. We also expect our market share in the organised laminate industry to increase to about 30 per cent from the present 20 per cent with the establishment of this new unit," Mittal said.

Shares of Greenply Industries today closed at Rs 177.45 on the BSE, up 0.51 per cent from its previous close.