Plywood Business* Revenues grew by 8.7% in Q3FY23 on YOY basis MDF plant commissioning work progressing well; Trial run expected in Q4FY23

* Plywood Business = Greenply Standalone + Greenply Sandila (WOS)

Mumbai, February 13, 2023: Greenply Industries Limited, India’s leading manufacturer of Plywood and allied products today announced its financial results for the quarter and nine-month ended December 31, 2022. Below are the key financial highlights for the same:

Plywood Business* – Q3 FY23

• Revenue at Rs 405.4 crores, grew by 8.7% on y-o-y basis
• Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 4.0 crores) was Rs 41.6 crores; grew by 1.6% on y-o-y basis with margin of 10.3%
• Profit after tax (PAT) was at Rs 49.7 crores (including exceptional gains of Rs 9.6 crores and tax refunds pertaining to earlier years of Rs 18.4 crores in Q3FY23)
• Sales volume was 16.0 MSM; a growth of 2.4% on y-o-y basis

Plywood Business* – 9M FY23

• Revenue at Rs 1,236.1 crores, grew by 28.4% on y-o-y basis
• Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 11.9 crores) was Rs 123.9 crores; grew by 24.7% on y-o-y basis with margin of 10.0%
• Profit after tax (PAT) was at Rs  95.8 crores (including exceptional gains of Rs 9.6 crores and tax refunds pertaining to earlier years of Rs 18.4 crores in Q3FY23)
• Sales volume was 49.2 MSM; a growth of 21.7% on y-o-y basis

Consolidated – Q3 FY23

• Revenue at Rs 428.2 crores, grew by 1.7% on y-o-y basis
• Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 4.0 crores) was Rs 36.5 crores; declined by 20.3% on y-o-y basis with margin of 8.5%
• Profit after tax (PAT) was at Rs 36.0 crores (including exceptional gains of Rs 9.6 crores and tax refunds pertaining to earlier years of Rs 18.4 crores in Q3FY23)

Consolidated – 9M FY23

• Revenue at Rs 1,376.5 crores, grew by 23.5% on y-o-y basis
• Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 11.9 crores) was Rs 133.4 crores; grew by 16.3% on y-o-y basis with margin of 9.7%
• Profit after tax (PAT) was at Rs 80.4 crores (including exceptional gains of Rs 9.6 crores and tax refunds pertaining to earlier years of Rs 18.4 crores in Q3FY23)
• Net debt was at Rs 555.7 crores and net debt-equity ratio was at 0.89 times

Commenting on the performance for Q3 FY23, Mr. Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. Said, “The quarter posed difficulties due to the extended holiday season and sluggish demand. On the raw material front, we have seen some relief as chemical prices have come down from the peak, while the cost of timber remains on the high side. The outlook looks favourable with respite in demand from December 2022 onwards.

Our MDF unit at Vadodara, Gujarat is advancing well and we are working tirelessly to start trial run in this quarter. The unit will help us tap into the under-serviced western market and benefit the company with improved product diversification. Team building for this segment is nearly done and we are developing measures to establish robust marketing and distribution strategies. We believe our ongoing strategic efforts and resilience to remain focused on our goals will unfold greater growth opportunities in the long-term.”