Greenlam Industries reported Standalone quarterly Net Sales at Rs 148.32 crore in June 2020 down 44.61% from Rs. 267.75 crore in June 2019. Quarterly Net Loss at Rs. 5.72 crore in June 2020 down 137.92% from Rs. 15.09 crore in June 2019.
The company posted net sales of Rs. 310 crores in previous quarter and net profit was 28 crores. Amid Covid challenges, Greenlam Industries has seen a quicker recovery in the export markets as India began unlocking while “business continues to be challenging on the domestic front”. According to Mr Saurabh Mittal, Managing Director and CEO, Greenlam Industries has seen export businesses come back to “80 per cent of the pre-Covid levels”.
In case of domestic business, the outlook is varying on a State-to-State or market-to-market basis and businesses (till mid June) was at 40-50 per cent of preCovid levels. However, Greenlam is confident of gaining market share from the unorganised players that have had their businesses disrupted because of Covid-19 and the lockdown. The company has two manufacturing facilities, Behror (Rajasthan) and Nalagarh (Hiamchal Pradesh), which restarted operations from April 21 and April 26.
“Tier-II markets are doing better at the moment. I think there will be shift from the unorganised, mid-segment market to the organised players (for domestic markets). In international business, a few companies will take more market share from unorganised players. We are already experiencing that, although the numbers are still low,” said Mr Mittal to BusinessLine.