Greenlam Industries Limited, among the world’s top 3 laminate manufacturers with its flagship brands Greenlam Laminates, NewMika Laminates, Decowood Veneers, Mikasa Floors & Mikasa Doors & Frames, announced its audited consolidated financial results for the fourth quarter and year ended March 31, 2023.
For the fourth quarter ended on March 31, 2023, consolidated net revenues from operations witnessed a growth of 15.2%, at Rs. 533.8 crore, as compared to Rs. 463.4 crore in the corresponding quarter of the previous financial year. The laminate business witnessed overall value and volume growth of 16.0% and 16.8% respectively. The operating profit grew by 49.4% to Rs. 74.1 crore as compared to Rs. 49.6 crore in the corresponding quarter last year. The company reported a net profit of Rs. 46.1 crore for the current quarter, growth of 79.7% over same period last year.
For the year ended March 31, 2023, consolidated net revenues from operations witnessed a growth of 18.9%, at Rs. 2026.0 crore, as compared to Rs. 1703.4 crore in the previous financial year. The laminate business grew 19.0% in value terms and 3.1% in volume terms on YoY basis. Operating profit increased by 24.5% to Rs. 232.9 crore as compared to Rs. 187.0 crore in FY22. The company recorded a 41.4% increase in net profit at Rs. 128.0 crore, as compared to Rs. 90.6 crore recorded in FY22.
Speaking about the results Mr. Saurabh Mittal, Managing Director and Chief Executive Officer, Greenlam Industries Ltd. said, “The laminate business demonstrated strong momentum with both domestic and exports growing by 11.1% and 20.9% respectively. The laminate business also grew 16.8% in volume terms. In the Veneer & Allied Segment, the decorative veneer business grew in the quarter whereas floors and doors business remained subdued.”
“For the year, our revenue from operations surpassed Rs. 2000 crores milestone. We have commissioned the enhanced capacity of our Prantij, Gujarat plant in May and the total laminate capacity now stands at 21.02 million sheets. We expect to start the commercial production of greenfield plywood unit at Tindivanam, Tamil Nadu in June 2023. The greenfield laminate plant and particle board plant at Naidupeta, Andhra Pradesh is expected to start production by Q2FY24 and Q4FY24 respectively.” He added further.