Greenpanel Industries announced that the 5th Annual General Meeting (AGM) of the company will be held on 5 September 2022.

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Net profit of Greenpanel Industries rose 160.93% to Rs 77.60 crore in the quarter ended June 2022 as against Rs 29.74 crore during the previous quarter ended June 2021. Sales rose 50.49% to Rs 464.00 crore in the quarter ended June 2022 as against Rs 308.32 crore during the previous quarter ended June 2021.

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Greenpanel Industries will hold a meeting of the Board of Directors of the Company on 22 July 2022.

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On the segmental front, MDF sales were at Rs 389.81 crore (up 29.2% YoY) and Plywood sales stood at Rs 70.46 crore (down 14.8% YoY) in the fourth quarter.

MDF sales volumes de-grew by 10.72% YoY while Plywood volumes de-grew by 19.34% YoY during the period under review.

EBITDA improved by 42.9% YoY to Rs 141.49 crore in Q4 FY22. EBITDA Margin in Q4 FY22 was 30.74% as compared with 25.76% in Q4 FY21.

Profit before tax in Q4 FY22 stood at Rs 119.79 crore, up by 39.8% from Rs 85.67 crore in Q4 FY21.

Net debt reduced by Rs 84 crore during Q4 FY22 to Rs 60 crore as on 31 March 2022.

Working capital investment reduced by 19 days YoY to 16 days as on 31 March 2022.

The company reported a consolidated net profit of Rs 240.47 crore in FY22 as against a net profit of Rs 68.81 crore in FY21. Net sales increased by 59.2% to Rs 1625.04 crore in FY22 over FY21.

Shobhan Mittal, managing director & CEO, Greenpanel Industries, said: MDF realisations and margins improved during the quarter. However, recurrence of Covid, State elections and inflation impacted MDF volumes.

We are targeting to be net debt-free for our existing business by June 2022.

Widening distribution reach and focus on small urban clusters is supporting sustained volume growth and reduced working capital outlay.”

Greenpanel Industries is India's largest manufacturer of wood panels. Its manufacturing plants in Uttarakhand and Andhra Pradesh make medium-density fibreboard (MDF), plywood, veneers, flooring, and doors.

The scrip slumped 5.77% to end at Rs 570.10 on the BSE yesterday.

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