Q1FY23 Quarterly Result Announced for Greenlam Industries Ltd.
Greenlam Industries Announced Q1FY23 Result : Net revenues reported at Rs. 470.6 crores, growth of 40.0% on YoY basis International and domestic revenues of laminate business grew by 91.7% and 10.0% respectively on YoY basis EBDITA reported at Rs. 50.4 crores, growth of 31.8% on YoY basis Net Profit reported at Rs. 24.6 crores, growth of 41.7% on YoY basis Speaking aboutthe results Mr. Saurabh Mittal, Managing Director and Chief ExecutiveOfficer, Greenlam Industries Ltd. said, “The first quarter of 2022-23 witnessed continued momentum with revenue growth of 1.6% sequentially. The laminate business continues to thrive with reasonable growth in both domestic and international markets and capacity utilisations at 110%. The overall volume growth for laminate business stood at 2.9% sequentially and 7.9% on YoY basis. Veneer and allied businesses also showed reasonable traction during the quarter. Despite the continued increase in raw material prices and supply chain challenges, the company maintained its margins sequentially. We continued our focus on controlling our balance sheet. However, the net working capital increased by 3 days to 77 days in Q1FY23 as compared to 74 days in Q4FY22. This was primarily on account logistics challenges in exports due to which finished goods inventory in transit for exports was higher. During the quarter we strengthened our manufacturing footprint and capacity in the laminate’s category with the acquisition of Gujarat based Bloom Dekor’s manufacturing facility. The installed capacity of the unit is 3.4 million sheets which is likely to be operationalised by Q2FY23. Further this capacity shall be upgraded to 5.4 million sheets per annum. This development reiterates the company’s vision of manufacturing world class surfacing products and a global leader in the international laminate industry. At Greenlam, we always believe in serving our customers with only the best. Our constant endeavor is to bring superior products, which are developed using the latest industry-first technology that aid them to redefine their living spaces.’’ Result PDF26-07-2022