Greenlam Industries informed that it’s wholly owned subsidiary, Greenlam South (GSL), has approved to set up a manufacturing facility at Naidupeta, Nellore in Andhra Pradesh for manufacturing of laminates and allied products. GSL has been provisionally allotted land measuring 65 acres approximately by Andhra Pradesh Industrial Infrastructural Corporation (APIIC) at Naidupeta. This proposed capacity addition by GSLwill increase laminate manufacturing capacity by 1.50 million laminate sheets/boards per annum. It should take about 24 months for the proposed capacity to be operationalized. Investment required to set up the laminate and allied products plant (including the cost of land) is about Rs 175 crore which will be financed with a mix of debt and capital infusion from Greenlam.
Mr. Saurabh Mittal, Managing Director and CEO of Greenlam Industries said, "We have decided to undertake a Greenfield expansion under our wholly owned subsidiary Greenlam South Limited to cater to the growing laminate demand in domestic and international markets. This land has been provisionally allotted at Naidupeta, Nellore in Andhra Pradesh. With this expansion, our laminate capacity will increase by 1.50 million sheets per annum." "At Greenlam, it is our constant endeavor to bring the best in surfacing products to our consumers. With increased capacities and capabilities, we continue our commitment to bring to our customers superior quality products that aid them to redefine their interior spaces," he added. It is also noted that Greenlam Industries has registered net profit jumped 46.67% to Rs 29.07 crore on a 14.03% increase in net sales to Rs 358.02 crore from September to December 2019 over Q3 December 2018.
Consolidated profit before tax surged 30.99% to Rs 36.73 crore in Q3 December 2019 as against Rs 28.04 crore in Q3 December 2018. Commenting on the Q3 performance, Mr. Saurabh Mittal said that, "This quarter has ended with a topline growth of 14% as compared to corresponding quarter last year. We are pleased to witness a higher growth in our laminates exports business both in value and volume, whereas domestic business was subdued."