Q2FY23 Quarterly Result Announced for Greenlam Industries Ltd.
Furniture company Greenlam Industries announced Q2FY23 results: Q2FY23: Net revenues reported at Rs 518.0 crore, a growth of 14.1% on YoY basis The laminate business grew by 13.7% in value terms but de-grew by 10.2% in volume terms on a YoY basis EBDITA reported at Rs 53.7 crore, a growth of 17.0% on YoY basis Net Profit reported at Rs 29.2 crore, a growth of 41.0% on a YoY basis H1FY23: Net Sales reported at Rs 988.6 crore, a growth of 25.1% on a YoY basis Laminate business revenues grew by 24.5% in value terms but de-grew by 4.2% in volume terms on a YoY basis EBDITA reported at Rs 104.0 crore, a growth of 23.7% on a YoY basis Net Profit reported at Rs 53.8 crore, a growth of 41.3% on YoY basis Speaking about the results Mr. Saurabh Mittal, Managing Director and Chief Executive Officer, Greenlam Industries Ltd. said, “The current quarter witnessed a healthy top line growth with overall revenue at Rs 518.0 crore for the quarter, growth of 14.1% on YoY basis. Laminate segment grew by 13.7% and veneer and allied grew by 18.3%. EBIDTA for the quarter grew by 17.0% and stood at Rs. 53.7 crore. We continued our focus on managing our balance sheet with improvements in the net working capital days by 8 days which stood at 69 days in Q2FY23. During the quarter, we also raised capital to the extent of Rs. 195.0 crore by issuing equity shares on preferential basis. The ROCE for the business without accounting for the capital employed in the projects stood at 16.2%. Sustaining our focus on strengthening our manufacturing capabilities, our plant in Prantij, Gujarat started its operations in August 2022 and all the presses with the enhanced capacity shall be operational by Q4 of FY2023. Our plywood, laminate and particle board projects are moving as per schedule with construction in full swing and are expected to commence operations as per the schedule. The financing for all projects has been tied up and we have completed the financial closure for the capex program. At Greenlam, we always believe in serving our customers with best-in-class services and offerings. In our ongoing pursuit to enhance the consumer experience, we expanded our retail presence by launching an Experience Center in Ahmedabad, Gujarat.” Result PDF17-11-2022
