Greenlam Industries' consolidated net profit slipped 8.6% to Rs 21.71 crore on 10% decline in net sales to Rs 324.02 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) dropped 12.6% to Rs 28.15 crore in Q4 March 2020 over Q4 March 2019. Current tax expenses rose 8.9% to Rs 7.94 crore in Q4 March 2020 as against Rs 7.29 crore in Q4 March 2019. The Q4 result was announced on 19th June 2020
During the quarter, laminates exports value grew 11.8% and volumes jumped 11.7% YoY (year-on-year). Profit before depreciation, interest, and taxes (PBDIT) rose 1.8% to Rs 45.20 crore in Q4 FY20 from Rs 44.40 crore in the corresponding quarter last year. The domestic business was severely impacted due to nationwide lockdown on account of COVID-19 outbreak.
Commenting on the Q4 results, Mr. Saurabh Mittal, the Managing Director and CEO of Greenlam Industries, has said "We have seen a reasonable financial performance in FY20 with topline growth of 3.1%, EBDITA and PAT grew by 12.4% each. Laminate export business grew by 11% whereas domestic business de-grew by 3.7%. The COVID-19 pandemic related lockdown initiated in March severally impacted our domestic business due to which overall domestic business de-grew by 3.0%. Overall volumes for laminate business also de-grew by 2.2% majorly due to de-growth in domestic laminate volumes. However, even in these challenging market situations, we were able to maintain control over our balance sheet and return ratios."
"As the nationwide lockdown continued, it largely impacted our operations and sales in the current quarter as well. The economy is gradually opening up and we too have resumed operations across our manufacturing units and offices with highest standards of safety and hygiene. During the lockdown time we worked on our operating practices, cost structure and working capital cycles which should help to improve our business performance in the long run. These have been unprecedented times, however we are hopeful that the situation will continue to improve as more and more sectors open-up," he further added
Greenlam is India's No. 1 surfacing solutions brand. It offers end to end surfacing solutions spread across laminates, compacts, Interior and exterior cladding, restroom cubicles & locker solutions, decorative veneers, engineered wooden floors and engineered wooden doors & frames.