Plyboard major Greenply Industries Ltd on Monday reported a marginal rise in consolidated net profit of 1.2 per cent to Rs 29 crore for the fourth quarter ended March 2022 over the same quarter last year amid higher revenue. The company faced a squeeze in margin owing to inflationary pressure on the cost front that restricted profit amid a 13 per cent jump in revenue to Rs 448.6 crore during the quarter under review.
''We have seen an improving demand scenario in FY22 and accordingly achieved a strong financial performance. But raw material inflation and availability issues continue to constrain the growth trajectory,'' Greenply Industries joint MD & CEO, Manoj Tulsian, said.
PAT margin was lower by 76 basis points at 6.5 per cent during the quarter.
Revenue for 2021-22 was up by 34 per cent to Rs 1562 crore while net profit for the year was up 55 per cent to Rs 94 crore. Net debt stood at Rs 219.3 crore as of March 2022.
The company was installing a greenfield plywood manufacturing unit with a capacity of 13.5 million square metres a year in Lucknow. The financial closure for the project and the construction activity are now complete. Commercial operation is expected to start shortly, Tulsian said. The company is also setting up a greenfield MDF board manufacturing unit with an 800 cubic metre per day capacity near Vadodara, Gujarat. The financial closure for the project is complete while civil construction work is in full swing, he said.
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