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Forest Products company Greenply Industries announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Revenue at Rs 599.8 crore, grew by 40.4% on YoY basis
- Adjusted Core EBITDA was Rs 59.4 crore, EBITDA margin of 9.9% and a YoY growth of 22.8%
- PAT was at Rs 32.5 crore, grew by 96.6% on YoY basis. The PAT includes profit of Rs 4.5 crore on sale of 51% stake in GMEL
Plywood Business:
- Sales volume of 18.8 MSM, grew by 10.5% on YoY basis
- Realisation of Rs 244 per SQM, declined by 0.8% on YoY basis
- Revenue at Rs 468 crore, grew by 9.4% on YoY basis
- Adjusted Core EBITDA was at Rs 40.1 crore; EBITDA margin of 8.6%. The margin declined on a yoy basis by 290 bps due to increase in raw material prices and higher advertisement expenses. The EBITDA margin, however, improved by 60bps on a Q-o-Q basis.
MDF Business:
- Sales volume of 45,764 CBM
- Realisation of Rs 28,640 per CBM
- Revenue was at Rs 131.1 crore
- Core EBITDA without forex loss was at Rs 18.7 crore with EBITDA margin of 14.1% as compared to 13.5% in Q3 FY24.
- Net Profit was Rs 2.4 crore as compared to Net Loss for the previous quarter of Rs. 0.2 crore
FY24 Financial Highlights:
- Revenue at Rs 2,179.9 crore, grew by 31.1% on YoY basis
- Adjusted Core EBITDA was Rs 190.6 crore; with margin of 8.7% and a YoY growth of 12.6%.
- PAT was at Rs 85.2 crore.
Plywood Business:
- Sales volume of 71.9 MSM, grew by 8.6% on YoY basis
- Realisation of Rs 247 per SQM, grew by 0.4% on YoY basis
- Revenue at Rs 1,812 crore, grew by 8.9% on YoY basis
- Adjusted Core EBITDA was at Rs 150.3 crore; EBITDA margin of 8.3%. The margin declined on a YoY basis to 8.3% from 10.4% in 12M FY23 mainly due to higher advertisement expenses and
- increase in raw material prices.
MDF Business:
- Sales volume of 1,24,772 CBM
- Realisation of Rs 29,279 per CBM
- Revenue was at Rs 365.3 crore
- Core EBITDA (without forex loss) was at Rs 40.4 crore with EBITDA margin of 11.0%.
- Net loss in this first year of operations was at Rs 15.8 crore.
Commenting on the performance for Q4 FY24, Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said “The growth in the plywood business for the fourth quarter was in-line with our expectations however margins remained under pressure as a result of high raw material prices and substantial increase in advertisement spend. We have achieved our full year growth target.
In the MDF business, we delivered a PAT positive performance in the third full operating quarter since the commencement of this business. We have exceeded our overall full year guidance of 100 thousand CBM in volume by a wide margin and have successfully established ourselves as a dependable player in the MDF segment of the wood panel industry. During the quarter we continued to focus on building a strong product portfolio and introduced a few value-added products. Going forward we are confident of achieving better margin profile in this business.”
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