Century Plyboards reported a sharp rise in consolidated net profit to Rs 65.79 crore during Q3 FY 20-21. Revived market conditions, affordable commodity prices and better sales volume have led to significant margin improvement. "This has been the best quarter in our company's history. All of our product divisions including Plywood, MDF, Particle boards have performed well. This quarter is the beginning of the economic recovery, and we are optimistic that we will be able to build on this performance and improve it in the near future," stated Mr Sajjan Bhajanka, Chairman, Century Plyboards.
The company will pump Rs 200 crore to expand Hoshiarpur, Punjab based MDF board unit, following rising demand in domestic and international markets. "After the COVID-19 pandemic, demand for furniture has jumped sharply. MDF requirement is also robust. The existing operating capacity of the plant is 600 cbm per day, which is expected to be 1,000 cbm after the expansion," Century Plyboards MD Sanjay Agarwal told PTI. "We are aiming to commission the expanded capacity within a year," he added.
Its Gabon unit has started operations and it will ensure consistent and quality supply of face veneer for the company’s economy range of products. Myanmar unit is ensuring supply of face veneer for its premium range of products. Units at Laos are still to be feasible and operational. They continue to look at the future with optimism and feel that their current capacities will not be sufficient for meeting future demands. So, they are working on enhancement of capacities across all segments, both organic and un-organic. The plan for expansion of MDF capacity at Hoshiarpur (Punjab) is frozen and is expected to be completed before next fiscal end. Working for Green-field MDF units at other locations is going on and will be frozen very soon.