Highlights-

• The net sales of the company during the quarter rose 33% to Rs 288.72 crore.
• Exports for quarter grew 85% to Rs 43.33 crore as compared to the corresponding quarter of Rs 23.44 crore and contributed 15% of revenue.
• The bottom-line decreased 86% to Rs 1.58 crore from Rs 11.44 crore during the quarter under review.
• The plywood and allied products business which contributed 57% of the total revenue grew by 32% to Rs 187.37 crore.
• The Laminates and allied products business which contributed 43% of the total revenue grew by 39%.to Rs 141.76 crore.
• The net sales for half year ended September 2010 grew 39% to Rs 550.79 crore compared to Rs 395.05 crore.
• Exports during the half year period grew 111% to Rs 82.11 crore contributing 14% of revenue.
• The bottom-line during this period decreased to Rs 11.98 crore, as compared to Rs 22.36 crore, showing a 46% decline.
• The plywood and allied products business which contributed 57% of the total revenue grew by 39% to Rs 357.84 crore.
• The Laminates and allied products business which contributed 43% of the total revenue grew by 43%.to Rs 268.72 crore.
• The average capacity utilization for the plywood and allied press was at 119% during the quarter and 112% for the laminates units.
• The plywood volumes increased 17% to 8.58 million square meters and the average realization of plywood was Rs 205 per sq meters as against Rs 185 per sq meters during the corresponding quarter of last year.
• The volumes for laminate grew by 35% to 2.38 million square meters and for decorative veneer grew by 27% to 0.38 million square meters
• Average realization of decorative veneer was at Rs 704 per sq meters
• In order to satisfy the demand for the company's produce, it plans to expand its existing capacity at Gujarat to produce densified plywood to be used for electrical installations, railway seats and floorings and also for truck seats with an investment of Rs 20 crore. Expects to start production by 2011 and volumes to be around 37.5 lakh sq meters per annum.
• Capacity utilization from the expansion to be around 75-80% and expects revenues of approx. Rs 48-50 crore per annum.
• There was a forex loss of Rs 6.5 crore during the quarter. Forex exposure for the plywood segment was at USD 60 lakh and for the laminate segment there were almost equal imports and exports. There was major exposure in the MDF unit and laminate paper (designed paper) of Euro 75-80 lakh.
• The total debt in the company's book as on September 2010 is Rs 453.02 crore including a loan from Germany of Rs 90 crore and an USD loan from of Rs 55 crore fully hedged.
• The average cost of debt for the company per annum was at 9.5% and around 9.07% for the half year.
• The cash on the book as on this date is Rs 12.13 crore.
• The company' MDF unit situated at Pantnagar, Uttarkhand continued to be inoperative during the second quarter ended September 2010 due to an unfortunate incident causing damage to the Thermax boiler during synchronization of machines in the continuous manufacturing process of the fully automated plant. However plant has resumed normal operations in October 2010.
• The company expects capacity utilization of 18-20% during November and December and 40% for the forth quarter. And revenues of Rs 50 crore in the forth quarter.