Plywood Business* revenues grew by 4% in Q1FY24 on YoY basis MDF Business started commercial operations

Hyderabad/National, July 25, 2023: Greenply Industries Limited, India’s leading manufacturer of Plywood and allied products today announced its financial results for the quarter ended June 30, 2023. Below are the key financial highlights for the same:

Plywood Business* – Q1 FY24

· Sales volume of 16.3 MSM, grew by 1.6% on a y-o-y basis

· Realisation of Rs 249 per SQM, grew by 2.9% on a y-o-y basis

· Revenue at Rs 412.3 crores, grew by 4.4% on a y-o-y basis

· Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 1.7 crores) was Rs 35.9 crores; declined by 1.2% on y-o-y basis with a margin of 8.7%

· Profit after tax (PAT) was at Rs 20.9 crores

MDF Business – Q1 FY24

· Sales volume of 6,062 CBM

· Realisation of Rs 28,546 per CBM

· Revenue at Rs 18.1 crores

· Core EBITDA loss was Rs 7.3 crores

· Net loss was Rs 14.8 crores

Greenply Middle East Ltd (GMEL); Gabon operations – Q1 FY24

· Sales volume of 9,024 CBM, declined by 31.7% on y-o-y basis

· Revenue at Rs 45.8 crores, declined by 22.1% on y-o-y basis

· Core EBIDTA margin at 6.1%

· Net loss was Rs 4.7 crores

Consolidated – Q1 FY24

· Revenue at Rs 476.1 crores, grew by 5.0% on y-o-y basis

· Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 1.8 crores) was Rs 31.6 crores; declined by 28.4% on y-o-y basis with margin of 6.6%

· Profit after tax (PAT) was at Rs 0.8 crore

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

Commenting on the performance for Q1FY24, Mr. Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said, “In the last quarter, we have successfully started commercial operations of our MDF facility. Our product response has been satisfactory across regions and from all consumer types. Initially, we started with the launch of plain products, and we will keep introducing more value-added products, which will improve our financial performance. In the plywood business, the volume growth was soft, however, we expect the volumes to rebound in the second half of the financial year. At the same time, our realisations have improved and helped us to offset the raw material price increase”.