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CenturyPly to pump in Rs 200 cr to expand MDF capacity; Q3 profit jumps

Century Plyboards India on Tuesday said it will pump in Rs 200 crore to expand the medium density fiber (MDF) board unit located at Hoshiarpur in Punjab

Century Plyboards  | Q3 results

Press Trust of India  |  Kolkata 

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Tuesday said it will pump in Rs 200 crore to expand the medium density fiber (MDF) board unit located at Hoshiarpur in Punjab, following rising demand in domestic and international markets.

"After the COVID-19 pandemic, demand for furniture has jumped sharply. MDF requirement is also robust. The existing operating capacity of the plant is 600 cbm per day, which is expected to be 1,000 cbm after the expansion," MD Sanjay Agarwal told PTI.

"We are aiming to commission the expanded capacity within a year," he added.

Meanwhile, the company reported a huge rise in consolidated net profit to Rs 65.79 crore during the quarter ended December as against a profit of Rs 37 lakh in the corresponding period a year ago.

Revived market conditions, affordable commodity prices and better sales volume have led to significant margin improvement, it said.

"This has been the best quarter in our company's history. All of our product divisions including plywood, MDF, particle boards have performed well.

"This quarter is the beginning of the economic recovery, and we are optimistic that we will be able to build on this performance and improve it in the near future," Chairman Sajjan Bhajanka said.

also said its board has approved a proposal to acquire 39.94 per cent equity of subsidiary company Century Infotech Ltd, following which it would become a wholly-owned subsidiary.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, February 09 2021. 20:03 IST