The company observed total income of Rs.297 crore during the period ended September 30, 2020 as compared to Rs.133 crores during the period ended June 30 this year. Net profit / (loss) of Rs. 18.55 crore against Rs. 11.27 crores for the period ended June 30, 2020. On half yrarly basis the consolidated income was 429 crore compared to 730 crore till 30 September, 2020 in the last year to the corresponding period; while the net profit was 7.28 crore compared to 47.42 crore last year.
They obtained healthy consolidated operating margins: 11.4% in Q2 FY21 versus 11.9% for the corresponding previous quarter despite Net Sales declining 22.3%. Operating margins driven by strong focus on cost rationalisation. The consolidated Net Sales down by 22.3% YoY to Rs. 294.6 crore and the standalone Net Sales down 31% YoY to Rs. 237.4 crore.
“Commenting on the performance for Q2FY2021, Mr. Rajesh Mittal, Chairman & Managing Director, Greenply Industries Ltd. said, “We are happy with our performance in Q2FY21. The pandemic has come with its challenges but we are very happy with how our team has come together and not only countered every challenge but identified opportunities and processes that will help us deliver sustainable value. Our balance sheet is also much stronger having considerably pared our debt and tightened our working capital cycle. Additionally, we have successfully reduced costs and efficiently focused our time on automation which is going to help the company in the future. We will continue to strive towards strengthening our processes and building a platform for sustained long term growth.”
The company’s capacity utilization in plywood was 79% in H1 FY2021. The plywood manufacturing is moving towards an asset light set-up by increasing outsourcing in mid-segment. For raw material sustainability the plantation of fast growing and improved species of clonal plantations is being done to improve quality of wood availability and plywood manufactured. The significant expansion in face veneer capacity at Gabon plant has been done with expansion in log peeling capacity to 96000 CBM.
Greenply has 3 state-of-the-art manufacturing facilities of plywood & allied products in India, one overseas manufacturing facility of face veneer through wholly owned subsidiary in Gabon and one overseas manufacturing facility of face veneer through JV in Myanmar.