Greenply Ind Q2FY11 Net Sales up by 32.74% at Rs 288.72 cr

For the Quarter:

• Net sales up by 32.74 % to Rs 288.72 crores vs. Rs. 217.51 crores (y-o-y)
• EBIDTA (excluding currency gains / losses and other income) up by 6.07% to Rs 28.63 crores vs. Rs 26.99 crores (y-o-y)

Greenply Industries Ltd., leader in plywood and laminate industry in India, today reported net sales of Rs. 288.72 crores for the quarter ended September 30, 2010, registering a growth of 32.74% as against Rs. 217.51 crores posted in the same period of the last fiscal.

Net Profit for the quarter stood at Rs. 1.58 crores, as compared to Rs. 11.44 crores posted in the corresponding quarter of last fiscal. Earnings per share (diluted) for Q2FY11 stood at Rs. 0.65, on enhanced equity as compared to Rs. 6.73 in Q2FY10.

EBIDTA (excluding foreign currency gains/losses and other income) for the second quarter was higher by 6.07% to Rs 28.63 crores from Rs 26.99 crores.

Reflecting on the quarter, Mr. Saurabh Mittal, Joint Managing Director & CEO, Greenply Industries Limited said, “ We have achieved a growth of more than 32% in the company’s existing plywood and laminates business during the second quarter and we expect better results in future on achieving optimum utilisations in the new MDF and Laminate plants.”.

About Greenply Industries Ltd.:
Greenply Industries Limited (GIL) is a professionally managed Interior Infrastructure Company, primarily engaged in the manufacture of plywood and other value added products used in interior infrastructure such as laminates and medium density fibreboard (MDF). The company has seven plants across the country and also caters to overseas markets.

The company has 37 branches across the country with a strong network of over 12000 dealers, distributors, sub-dealers and retailers. Greenlam (the laminate brand) is available in over 60 countries with more than 300 distributors and dealers.