Greenply Net Profit Up By 19% To Rs 29 crore In Q3

Plywood maker Greenply Industries Ltd on Monday reported a 19 per cent increase in consolidated net profit at Rs 29.8 crore for the third quarter of the current fiscal on account of higher sales. The company's revenue during the October-December period of the 2021-22 fiscal was Rs 421.1 crore, up by over 23 per cent on a year-on-year (y-o-y) basis. It said gross margin stood at 38.7 per cent with a 3.34 per cent y-o-y decline due to COVID-induced disruptions and cost inflation. The company is setting up a greenfield plywood manufacturing unit with a capacity of 13.5 million square metre per annum in Uttar Pradesh.

"The plant’s machinery erection work is underway and trial runs are expected in March 2022. Commercial operations will commence in the first quarter of the next fiscal," a company statement said. It is also constructing a greenfield medium density fibreboard (MDF) manufacturing unit with a capacity of 800 cubic metre per day in Vadodara of Gujarat. "All plant and machinery have been ordered and construction activities are in full swing," it added.