For the June quarter, Greenply, the country’s largest interior design company, has reported positive results amidst economic uncertainty. Both sales and net profit increased by 11.6% and 25.6%, respectively. The stock has caught the fancy of foreign institutional investors
Greenply Industries has reported 11.60% year-on-year (y-o-y) increase in net sales to Rs480.49 crore for the quarter ended 30 June as against Rs430.53 for the corresponding period last year. Its EBITDA grew 14% from Rs37.50 crore to Rs42.85 crore for the first quarter of the 2013-14 fiscal. Greenply’s net profit stood at Rs22.56 crore, up an impressive 25.61% y-o-y. Most of the revenues came from the company’s plywood division which contributed to nearly half, or Rs228.24 crore, of the company’s revenues. Laminates and allied products contributed to Rs175.11 crore or 36% of the total revenues. The company has three segments: plywood, laminates and medium density fireboards (MDF).
With regard to its new MDF manufacturing unit in Andhra Pradesh, the company has completed acquisition of land in Chittoor District, and necessary steps are being taken to obtain various statutory approvals and licenses to setup the unit. Meanwhile, civil construction works has been completed in the company’s MDF unit in Pantnagar, Uttarakhand. Orders for all major machineries have been placed and are in the process of being installed. In its existing manufacturing unit in Behror, Rajasthan, Greenply has completed acquisition of land adjacent to the plant and placed a purchase order for imported equipments.
There are several plywood manufacturers but Greenply has caught the fancy of foreign institutional investors (FIIs). As of June 2013, FIIs’ holding was 13.21%, higher than the 7.67% recorded in March 2013. The promoters hold 55% while domestic institutional investors hold 5.81%; retail shareholding is 25.98%
Moneylife had written about this stock earlier and the story can be accessed here
Greenply Industries closed Tuesday 1.6% down at Rs498.25 despite reaching its 52-week high of Rs524 on the BSE, while the benchmark Sensex ended the day marginally up at 20,302.
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