Greenply Alkemal (Singapore) Pte. Ltd is a Joint venture between company's subsidiary Greenply Holdings Pte. Ltd and Alkemal Singapore Pte. Ltd.

The company stated that the said assets are being disosed due to difficulty in continuing its operation on account of political developments resulting in adverse business environment in Myanmar.

This has resulted in share of loss from joint venture of Rs 20.75 crore during the year. Consequently, the management has estimated and recognized an impairment loss of Rs16.389 crore during the quarter and year ended 31 March 2023 in the books of Greenply Industries.

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's consolidated net profit tumbled 61.79% to Rs 11.07 crore on 4.59% increase in net sales to Rs 469.16 crore in Q4 March 2023 over Q4 March 2022.

The scrip shed 0.42% to currently trade at Rs 164.70 on the BSE.