Greenply Industries clocks 34.4% growth in net sales in first quarter of FY2011-12

KOLKATA: Greenply Industries reported a higher net profit of Rs 12.96 crore for the first-quarter (Q1) ended June 30, 2011, compared to a Rs 10.39 crore net in the earlier corresponding period.

Net sales revenue during the April-June period too was up 34.44 % at Rs 352.32 crore (Rs 262.07 crore). A company with interests in the plywood, decorative veneers and laminate sectors, Greenply Industries' EBIDTA (excluding foreign currency gains or losses and other income) for the first-quarter was higher by 76.06 % at Rs 42.33 crore compared to Rs 24.04 crore in the earlier corresponding period.

EBIDTA margin (excluding foreign currency gains/losses and other income) for the first quarter was higher by 285 basis points at 12.02% compared to 9.17% in the same period previous year.

Reflecting on the quarterly performance, Greenply Industries joint managing director & CEO Saurabh Mittal said: "We have achieved a growth of 34.44% during the first quarter. We expect better results in future on achieving optimum utilisation and superior value-mix in the new MDF and Laminate plants".