Greenply Industries Ltd.., leader in plywood and laminate industry in India, today reported a Net Sales of Rs 542 crores for the quarter ended March 31, 2008, a jump of 38% as against Rs 392 crores posted in the same period of the last fiscal.

Net Profit for the fourth quarter stood at Rs 8.7 crore, a growth of 29 % as compared to Rs 6.7 crores posted in the same period of last year. Earnings per share (EPS) for Q4 FY08 worked out to Rs 4.78 as compared to Rs 4.50 in Q4 FY07. The operating margin for Q4 FY08 was at 13.61% as against 11.93% recorded in Q4 FY 07.Net sales for the year ended March 31, 2008 grew by 38% to Rs 542 crores compared to Rs 392 crores in the year ago period, while net profit for the year ended March 31, 2008 rose by 71% to Rs 38.7 crore, as against Rs 22.5 crores posted in the same period of last fiscal.

Earnings Per Share (EPS) for FY08 worked out to Rs 22.47 as compared to Rs 13.80 for the same period last fiscal. The operating margin for FY08 was at 14.77% as against 11.76% recorded in FY 07.

Recent Developments:

MDF and Laminate Plants to be commissioned in the next 2 years:

Greenply has finalized MDF and Laminate green field projects at Rudrapur, Uttaranchal and Nalagarh, Himachal Pradesh respectively. The capex for MDF project would be Rs.250 crore and Laminate project is Rs.120 crore. Both the projects are financed by a combination of 30-35% of equity/internal accruals and remaining by way of debt. The total installed capacity of MDF plant would be 1.8 lacs CBM and Laminate plant is 33 lacs sheets. Laminate project would be commissioned by October, 2009, whereas MDF project is expected to be commissioned by March, 2010. The expected revenue from MDF Plant would be Rs. 360 crore at 100% utilization of the plant, whereas for Laminates plant it would be Rs. 240 crore. MDF plant reaches 100% capacity utilization by FY2014 and Laminates plant by FY2012. MDF and Laminate projects break even at 50% of capacity utilization.

Strengthening distribution Network in U S A:

Greenply Industries Ltd. has incorporated wholly owned subsidiary company Greenlam America Inc. in the state of Florida (U.S.A), with main objective to engage in marketing of laminates manufactured by the company.

Commenting on the results, Mr. Rajesh Mittal, Managing Director, Greenply Industries Limited said, “We are extremely happy that we have reported a growth of 29% and a jump of 38% of net sales. This is a clear indication that our growth is in line with our strategy.”

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