GREENLAM Q2 Revenue Of Rs 454cr Led By Strong Demand In Laminate Business

person access_time3 17 November 2021

Greenlam Industries Ltd. has announced its unaudited consolidated financial results for quarter and half year ended September 30, 2021. The company reported net revenues at Rs 454.2cr, growth of 57.0% on yoy basis, in which Laminate business revenues grew by 60.4% in value terms and 46.7% in volume terms on yoy basis. EBDITA reported at Rs45.9cr, growth of 13.3% and Net Profit reported of Rs20.7cr, growth of 11.6% on yoy basis

On half Yearly from April to Sept, 21, The company net Sales reported at Rs790.3cr, growth of 75.8%, in which Laminate business revenues grew by 79.2% in value terms and 70.3% in volume terms. The net profit reported at Rs38.0cr as against Rs10.80cr in H1FY21.

Speaking on the financial results Mr Saurabh Mittal, Managing Director and CEO, Greenlam Industries Ltd. said, “The current quarter witnessed a substantial top line growth across the laminate and decorative veneer category. The value growth was backed by volume growth of 46.7% in laminates and 71.5% in decorative veneer segment which is resulting in expansion of market share and shift of business from unorganized to organized.

The overall business saw a comprehensive sequential growth in revenues, EBIDTA and PAT of 35.1%, 20.2% and 19.4% respectively. However steep inflationary increase in raw material costs and supply side disruptions along with time lag in raising prices has resulted in lower gross margins. Though we have passed on raw material costs to the market, however the same has been inadequate considering the rising costs of raw material.

We may have to take further price hike going forward if raw material prices continue to remain elevated. Despite this continuous pressure on the raw material costs in the current quarter, we were able to maintain control on our balance sheet with net working capital cycle of 68 days and reduction in net debt by Rs49.0cr during the quarter.

In pursuit of serving our customers with only the best, we realized the demand for low-maintenance, high quality and long-lasting home décor is growing and recently launched a TVC showcasing Greenlam’s HD Gloss and Customized Digital Laminates that serve as a one-stop solution to all furnishing needs giving customers the opportunity to design their spaces with creativity and flexibility.

We continue to be devoted to redefining and reimagining interior and exterior spaces with superior quality products coupled with panache and elegance, to create something that never goes out of style and bring cutting edge trends in surfacing décor to our customers.”

You may also like to read

shareShare article