Greenpanel Industries Ltd has reported revenue collection from operations of Rs 464 crore in the quarter ending 30th June 2022 from the Rs 308.32 crore in the corresponding period last year. The other income was Rs 7.24 crore in comparison of Rs 68 lakh in the last year Q1.
The revenues from MDF grew to Rs. 393 crore from Rs 263 crore from last year, while Plywood revenues grew to Rs. 70.90 crore from Rs 45.33 crore last year. Along with the company total expenses have reached to Rs 353.33 crore this year Q1 from Rs 267.65 crore last year Q1. The company has reported net profit for quarter stood at Rs 77.6 crore vs Rs 29.74 crore in 1QFY22 and Rs 240.46 crore in the last financial year in total.
The overview by Mr Shobhan Mittal, MD and CEO, Greenpanel Industries Limited states that MDF sales volumes grew by 10.90% YoY; operating margin improved by 800 basis points to 33.30%. Plywood sales volumes grew by 43.4% YoY; operating margins improved by 50 basis points to 11.50% due to price improvement. Consolidated operating margins increased by 688 basis points to 30.0% due to superior product mix, price improvement, cost optimization and operational leverage.
Besides, the company’s “Net debt reduced by Rs 77 crores during Q1 and closing net debt was (-) Rs 17 crores as on 30th June 2022. Their focus is on widening distribution reach and focus on small urban clusters, that is supporting sustained volume growth and reduced working capital outlay. “With that we are optimistic of sustainable growth in coming quarters," he said
According to the company study In India, MDF has penetrated all the regions in terms of market presence and is rapidly advancing in terms of both consumer demand as well as production capacity. The production capacity has grown by more than 15x from 0.15 million CBM in 2010 to 2.30 million CBM in 2022. Further, it is expected to witness a CAGR of 20-25% in the period 2021-2026.