Greenply Industries Q3 net profit jumps 96% at Rs 14 cr

Greenply Industries Ltd., leader in plywood and laminate industry in India, today reported net sales of Rs 418.10 crore for the quarter ended December 31, 2011, registering a growth of 32.09% as against Rs 316.54 crore posted in the same period of the last fiscal. 

Net Profit for the quarter stood at Rs 14.09 crore, as compared to Rs 7.19 crore posted in the corresponding quarter of last fiscal. This was primarily due to improved performance in the MDF segment and overall improvement in realisations and product-mix in all the business segments. 

Operating Profit (EBIDTA excluding Other Income and currency losses) for the quarter was up by 78.18% at Rs 48.89 crore as compared to Rs 27.44 crore earned in Q3FY11. 

EBIDTA margin (excluding foreign currency gains) increased by 302 basis points to 11.69% compared to 8.67% in the corresponding quarter of the previous year. 

Net Profit margin for Q3FY12 stood at 3.37% compared to 2.27% in the corresponding quarter of the previous year. The improvement in net profit margin was in spite of currency losses of Rs 6.11 crore compared to currency gains of Rs 0.39 crore in the corresponding quarter of the previous year. 

Earnings per share (diluted) for Q3FY12 stood at Rs 5.84, as compared to Rs 2.98 in Q3FY11. 

Reflecting on the quarter, Saurabh Mittal, Joint Managing Director & CEO, Greenply Industries Limited said: “The quarterly results reflect the improvement in the MDF business segment and we expect better results in future on achieving optimum utilisations and superior value-mix in the new MDF and Laminate plants.”