Greenpanel Industries temporarily closes manufacturing operations at Chittoor plant

Greenpanel Industries intimated that the manufacturing operations at its Medium-density fibreboard (MDF) plant in Chittoor, Andhra Pradesh shall remain closed for a period of about eight days (approx.) from 17 January 2022.

The reason for closure is "due to addition of new machinery (Mat Heating System) to speed up the production process and increase the capacity utilization."

An estimated expenditure of Rs 8-10 crore (approx.) shall incur for addition of the machinery and is likely to result in an increase in production capacity of the plant from existing 3,60,000 CBM to revised 4,44,000 CBM (approx.) per annum.

On a consolidated basis, Greenpanel Industries' net profit surged 264.60% to Rs 67.05 crore on 87.76% increase in net sales to Rs 422.22 crore in Q2 September 2021 over Q2 September 2020.

Shares of Greenpanel Industries advanced 2.57% to Rs 463.75 on BSE. Greenpanel Industries is India's largest manufacturer of wood panels. Its manufacturing plants in Uttarakhand and Andhra Pradesh make top-quality medium density fibreboard (MDF), plywood, veneers, flooring and doors.

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