During the March quarter, Greenlam's revenue rose 15.2 percent to Rs 533.8 crore in the March quarter compared to Rs 463.4 crore in the year-ago quarter.
Operating profit, or EBITDA (earnings before interest, tax, depreciation and amortisation), jumped 49.5 percent to Rs 74.06 crore compared to Rs 49.54 crore.
Margins improved to 13.9 percent during the quarter from 10.7 percent in the same quarter a year ago. Mittal said that there would be no loss of margin within the exports business.
Among specific segments, the laminates division’s revenue was up 16 percent to Rs 491.6 crore in the March quarter, while the veneer segment’s revenue rose 6.8 percent to Rs 42.17 crore.
However, the Veneer business reported an EBITDA loss of Rs 1.08 crore from Rs 4.35 crore last year. Mittal expects the Veneer business to turn profitable soon.
The greenfield laminate project in Andhra Pradesh is expected to start commercial production by the second quarter of 2023-24, while the particle board project in Andhra Pradesh should start commercial production by the fourth quarter.
