Profit before share of profit/(loss) of joint venture and tax rose 1.38% year-on-year to Rs 38.95 crore in Q4 FY23.

Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 3.4 crore) was Rs 51 crore, up by 7.2% on y-o-y basis with margin of 10.9%, up 27 bps y-o-y basis.

The company's plywood business reported revenue at Rs 427.3 crore in Q4 FY23, up 3.1% on y-o-y basis.

Total expenses rose 6.35% YoY to Rs 439.5 crore in quarter ended 31 March 2023. Cost of materials consumed was at Rs 161.82 crore (up 11.83% YoY) and employee expense was Rs 62.88 crore (up 24.86%) during the quarter.

For the full year, net profit declined 3.48% to Rs 91.43 crore on 18.10% rise in net sales to Rs 1845.63 crore in the year ended March 2023 over the year ended March 2022.

Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 15.3 crore) was Rs 184.4 crore, up by 13.6% on y-o-y basis with margin of 10%, down 40 bps y-o-y basis.

Net debt was at Rs 632 crore as on March 2023, higher than Rs 556 crore as on December 2022. Net debt-equity ratio was at 0.98 times.

Manoj Tulsian, JMD & CEO, Greenply Industries said "We successfully concluded the year on a satisfying note. One of our significant accomplishments during the quarter was the commissioning of our MDF unit in a record time of 15 months. This remarkable achievement was made possible by the unwavering dedication and hard work of our team. With this milestone behind us, we are now all geared-up to meet the growing demand and expanding our distribution network in this segment. We faced challenges on raw material cost escalations. However, the overall demand scenario appears favourable due to a continued uptick in construction activities. Additionally, the continued consumer shift towards branded players in the market will work to the advantage of branded companies like ours. Overall, we are optimistic about the future, leveraging our achievements and partnerships to drive growth and capitalize on the favourable industry dynamics."

Greenply Industries has a leadership position in plywood industry with four manufacturing facilities spread across the country. The company provides interior products for the domestic and global markets including plywood, block board, flush doors, decorative veneers and PVC products. The company has widespread presence in over 1100 cities, towns, and villages across 27 states and 6 union territories, serviced through a well-entrenched distribution network of more than 2,300 dealers and authorised stockists, a retail network exceeding 6,000 and more than 50 physical and virtual branches pan-India.