Greenply Industries Net Sales up by 44.86 %

Greenply Industries Ltd., a leader in plywood and laminate industry in India, has reported net sales of Rs. 316.54 crores for the quarter ended December 31, 2010, registering a growth of 44.86% as against Rs. 218.52 crores posted in the same period of the last fiscal.

Net Profit for the quarter stood at Rs. 7.19 crores, as compared to Rs. 13.93 crores posted in the corresponding quarter of last fiscal.

This was primarily due to losses sustained at the new MDF and Laminate Units at Pantnagar, Uttarakhand and Nalagarh, Himachal Pradesh, amounting to Rs. 12.11 crores on account of low capacity utilisations and product-mix, said the company.

Earnings per share (diluted) for Q3FY11 stood at Rs. 2.98, as compared to Rs. 6.06 in Q3FY10.

EBIDTA (excluding foreign currency gains/losses and other income) for the third quarter was higher by 14.06% at Rs 27.79 crores as compared to Rs 24.36 crores in the same period of the previous year.

For the nine months period, the company reported Net Sales of Rs.867.33 crores against Rs. 613.57 crores; an increase of 41.36% from the corresponding period last year. Net Profit stood at Rs. 19.17 crores as against Rs. 36.29 crores.

Reflecting on the quarter, Saurabh Mittal, Joint Managing Director & CEO, Greenply Industries Limited said, ?We have achieved a growth of 45% in the company?s existing plywood and laminates business during the third quarter and we expect better results in future on achieving optimum utilisations and superior value-mix in the new MDF and Laminate plants.?