Greenlam Inds Q2 PAT slides 32% to Rs 19 cr

On a consolidated basis, Greenlam Industries' net profit tanked 32.5% to Rs 18.55 crore on 17.1% fall in net sales to Rs 289.31 crore in Q2 September 2020 over Q2 September 2019.

Profit before tax (PBT) declined 13.8% to Rs 23.46 crore in Q2 September 2020 as against Rs 27.22 crore in Q2 September 2019. Current tax expense for the quarter rose 24.2% to Rs 7.45 crore as against Rs 6 crore paid in Q2 September 2019. The Q2 result was declared post trading hours yesterday, 2 November 2020.

Laminate export sales grew 39.2% while domestic sales surged 165.1% on Q-o-Q (quarter-on-quarter) basis. The EBDITA stood at Rs 40.50 crore, recording a 414.6% growth on Y-o-Y (year-on-year) basis.

Speaking about the Q2 results, Saurabh Mittal, the managing director (MD) and chief executive officer (CEO) of Greenlam Industries, has said that: "This quarter observed improvement in sales on sequential basis as the markets opened up with the unlocking of economy. International business has come to near normalcy and the domestic business has shown significant improvement in revenues over previous quarter, however remained below pre COVID-19 levels. We held well on our balance sheet with respect to the significant debt reduction, reduced debtor days, improved working capital and cost management."

"In the upcoming months, the demand for housing and building materials definitely looks encouraging, however there will be continued uncertainty on both domestic and international fronts till the COVID-19 situation completely stabilizes," he added.

Shares of Greenlam Industries fell 0.83% to Rs 749.10 on BSE.

Greenlam is an Indian surfacing solutions brand. It offers end to end surfacing solutions spread across laminates, compacts, Interior and exterior cladding, restroom cubicles & locker solutions, decorative veneers, engineered wooden floors and engineered wooden doors & frames.

Powered by Capital Market - Live News