Revenue from operations rose 15.2% to Rs 533.81 crore year on year in the quarter ended 31 March 2023.

Profit before tax for the quarter was at Rs 55.17 crore, up 67.1% as against Rs 33.01 crore posted in Q4 FY22.

EBIDTA in Q4 FY23 was at Rs 74.1 crore, registering a growth of 49.4% from Rs 49.6 crore recorded in Q4 FY22. EBITDA margin improved toto 13.9% in Q4 FY23 as compared to 10.7% clocked in the corresponding quarter last year.

The company's revenue from Laminates & Allied Products stood at Rs 491.6 crore (up 16% YoY) while revenue from Veneers & Allied Products was at Rs 42.2 crore (up 6.8% YoY) during the period under review.

The firm said the the working capital stood at 66 days improvement of 8 days on YoY basis.

On full year basis, the company's consolidated net profit jumped 41.5% to Rs 128.42 crore on 18.9% increase in revenue to Rs 2,025.96 crore in FY23 over FY22.

Saurabh Mittal, managing director and chief executive officer, Greenlam Industries, said, “The fourth quarter exhibited overall good business performance with revenue growing 15.2% on YoY basis. The laminate business demonstrated strong momentum with both domestic and exports growing by 11.1% and 20.9% respectively. The laminate business also grew 16.8% in volume terms. In the Veneer and Allied Segment, the decorative veneer business grew in the quarter whereas floors and doors business remained subdued. For the year, our revenue from operations surpassed Rs 2,000 crore milestone. For the quarter, our gross margins and operating margins for the quarter expanded by 390 bps and 320 bps respectively on account of softening in raw material, freight cost and higher revenue.

Our return on capital employed excluding project capex (ROCE) experienced a notable improvement to 24.0% during the quarter. Additionally, sequentially the working capital days declined by 2 days and stood at 66 days for the quarter. As of 31 March 2023, our net debt stood at Rs 312 crore, including Rs. 226.7 crore of debt towards our ongoing projects.

We have commissioned the enhanced capacity of our Prantij, Gujarat plant in May and the total laminate capacity now stands at 21.02 million sheets. We expect to start the commercial production of greenfield plywood unit at Tindivanam, Tamil Nadu in June 2023. The greenfield laminate plant and particle board plant at Naidupeta, Andhra Pradesh is expected to start production by Q2 FY24 and Q4 FY24 respectively. We remain committed to the successful completion of our projects and look forward to the positive impact they will have on our overall operations.”

Meanwhile, the company's board has recommended a final dividend of Rs 1.50 per equity share for FY23. The dividend will be paid within 10 days of its approval by the shareholders at ensuing AGM.

Greenlam Industries provides high-quality surface solutions that are designed to transform and beautify residential and commercial spaces. Its brands include Decowood, Mikasa, NewMika, Greenlam Clads, Greenlam Sturdo and Greenlam.