Greenply Industries has rallied 12% to Rs 329, extending its previous day’s 9% surge after reporting over three-fold jump in net profit at Rs 31.85 crore in September 2012 quarter due to higher sales and flat interest cost. The forest products maker had a profit of Rs 10.10 crore in a year ago quarter. Net sales grew 25% at Rs 517 crore on year-on-year basis.
Operating profit margins has improved by almost 500 bps to 13.96% from 9.33% during the recently concluded quarter.
Meanwhile, the company said that in respect of the setting-up of new MDF manufacturing unit in Andhra Pradesh, selection of the site location is under process.
The stock opened at Rs 300 and hit a 52-week high of Rs 330 on the BSE. As many as a combined 113,312 shares have already changed hands on the counter till early noon deals, against an average less than 15,000 shares that were traded daily in past two weeks.
