Greenply Industries reported a decline of 60.79 per cent in its standalone net profit to Rs 14.26 crore for the second quarter ended September. The company had posted a net profit of Rs 36.37 crore in the July-September quarter a year ago.
Greenply’s revenue from operations was marginally up at Rs 448.30 crore in the quarter under review as against Rs 446.09 crore in the same period of the previous fiscal. Greenply Industries Joint Managing Director and CEO Shobhan Mittal said: “This has been a tough quarter. Overall net sales were stagnant although the plywood vertical grew by 11.4 per cent.”
“However a significant fall in MDF volumes and a major depreciation of the rupee had a huge negative impact on MDF and overall margins and profitability. Rupee depreciation had a negative impact of Rs 22.9 crore on the results for this quarter,” he added