Profit before tax from continuing operations stood at Rs 33.71 crore in June 2024 quarter, steeply higher than Rs 9.62 crore posted in Q1 FY24.

Total expenses jumped 30.61% YoY to Rs 551.36 crore in the quarter ended 30 June 2024. Cost of materials consumed was at Rs 223.09 crore (up 34.85% YoY) and employee expense was Rs 73.38 crore (up 12.71% YoY) during the quarter.

In Q1 FY25, adjusted core EBITDA soared to Rs 58 crore from 29 crore posted in Q1 FY24 while EBITDA margin improved to 10% during the quarter from 6.7% posted in same quarter last year.

Revenue from plywood and allied business stood at Rs 451.86 crore in Q1 FY25, down 4.09% on YoY basis. Sales volume increased 8.6% to 17.7 MSM.

Medium density fibreboards and allied products (MDF) business revenue zoomed to Rs 132.13 crore during the quarter as compared with Rs 17 crore posted in same quarter last year. Sales volume stood at 42,724 CBM, up 605% YoY.

Net debt was at Rs 431 crore as on June 2024 as against with Rs 506 crore as on June 2023. Net debt-equity ratio was at 0.58 times.

On standalone basis, the company’s net profit jumped 54.69% to Rs 29.60 crore in Q1 FY25 as against with Rs 19.15 crore posted in Q1 FY24. Revenue from operations stood at Rs 439.10 crore in the June quarter 2024, up 8.48% year on year.

Manoj Tulsian, JMD & CEO, Greenply Industries, said, "The plywood business volumes grew by 8.6% in the first quarter in-spite of negative impact of union elections in Ql FY25 and margins remained under pressure due to increase in raw material prices. In the MDF business, we continued to focus on value added products and as a result our realisation per CBM improved by 7.6% in the quarter as compared to previous quarter. We continue to focus on operating efficiencies in the business."

Greenply Industries has a leadership position in plywood industry with four manufacturing facilities spread across the country. The company provides interior products for the domestic and global markets including plywood, block board, flush doors, decorative veneers and PVC products. The company has widespread presence in over 1100 cities, towns, and villages across 27 states and 6 union territories, serviced through a well-entrenched distribution network of more than 3,000 dealers and authorised stockists, a retail network exceeding 6,000 and more than 50 physical and virtual branches pan-India.

The scrip hit a 52-week high at Rs 373 in today’s intraday session.