The firm's laminate business witnessed a volume growth of 5.8% on YoY basis which was driven primarily by the domestic market. Overall laminate business grew by 9.7% on YoY basis. The operating profit grew by 27.8% to Rs 64.4 crore as compared to Rs 50.4 crore in the corresponding quarter last year.

Saurabh Mittal, managing director and chief executive officer, Greenlam Industries said, "The quarter saw highest laminate production of 4.68 mn sheets. However, the export sales growth was impacted due to disturbance in port operations for a duration of 10 days, which was caused by cyclone conditions.

Our gross margins for the quarter stood at 52.3% as compared to 45.0% in same quarter of last year. Our EBIDTA margins improved to 12.5% in the quarter. Our disciplined commercial practices resulted in the improvement of our net working capital days by 5 days to 72 days in Q1FY24 as compared to 77 days in Q1FY23. It also takes into account the impact of inventory buildup in our new projects. Our net debt stood at Rs. 521.7 crores which includes product debt of Rs. 422.3 crores.

In this quarter, we entered the Plywood business in South India marketed under the brand name MikasaPly “The No Nonsense Ply” at Tindivanam, Tamil Nadu. This facility spans over 17 acres and has an annual production capacity of 18.9 million square meters per annum, which has the potential to generate revenue of Rs. 400 crores per annum on full capacity utilization. The total capex incurred for the project stands at Rs. 130 crores approx. till commencement of commercial production. Currently the plant is in stabilization mode, and we expect to ramp up production soon. The greenfield laminate plant and particle board plant at Naidupeta, Andhra Pradesh is expected to start production by Q2FY24 and Q4FY24 respectively."

Greenlam Industries is among the world's top 3 laminate manufacturers with its flagship brands Greenlam Laminates, NewMika Laminates, Decowood Veneers, Mikasa Floors, Mikasa Doors & Frames and MikasaPly.