Greenpanel Industries declined 1.91% to Rs 389.95 after the company said that its board approved the winding up of its wholly owned subsidiary, Greenpanel Singapore Pte.
The company's board also approved to write off the investment in the subsidiary to the extent of impairment of the asset due to accumulated losses of Greenpanel Singapore Pte.Greenpanel is India's largest manufacturer of wood panels. Our state-of-the-art manufacturing plants in Uttarakhand and Andhra Pradesh make top-quality medium density fibreboard (MDF), plywood, decorative veneers, flooring and doors.
On a consolidated basis, net profit of Greenpanel Industries rose 8.05% to Rs 72.46 crore on 8.31% rise in net sales to Rs 457.29 crore in Q2 September 2022 over Q2 September 2021.
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