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Greenlam Industries Q2 net profit rises 35% yoy; Stock zooms 5%

Oct 30, 2023

By: BlinkX Research Team

Greenlam Industries Limited has announced unaudited consolidated financial results for quarter and half year ended on September 30, 2023.

At around 11:10 AM, shares of Greenlam Industries zoomed over 5.3% at ₹451.55 per share on the BSE. The scrip was opened at ₹444.35 per share.

Highlights for the Quarter ended September 30, 2023

• Net revenues reported at ₹603.6cr, growth of 16.5% on YoY basis 
• Overall laminate business grew by 12.7% in value terms and 15.7% in volume terms on YoY basis 
• EBIDTA reported at ₹75.6cr, growth of 40.8% on YoY basis 
• Net Profit reported at ₹39.4cr, growth of 34.9% on YoY basis 
• Working capital stood at 60 days improvement of 9 days on YoY basis

Highlights for Half Year ended September 30, 2023

• Net revenues reported at ₹1118.9cr, growth of 13.2% on YoY basis 
• Overall laminate business grew by 11.3% in value and 11.0% in volume terms on YoY basis 
• EBIDTA reported at ₹139.9cr, growth of 34.5% on YoY basis 
• Net Profit reported at ₹71.6cr, growth of 33.2% on YoY basis

Saurabh Mittal, Managing Director and Chief Executive Officer, Greenlam Industries Ltd. said, "Our efficient inventory management led to a significant improvement in net working capital days, reducing to 60 days, even after considering the impact of inventory related to new plywood and laminate projects. 

Our net debt amounted to ₹669.9cr, which includes project debt of ₹549.3cr. During the quarter, we successfully commenced commercial production at the greenfield laminate project at Naidupeta, Andhra Pradesh. Commercial production began on September 29, 2023. 

Our greenfield particle board project at Naidupeta, Andhra Pradesh is progressing as per schedule and is expected to commence production in Q4FY24."