Greenlam Industries Ltd., leading manufacturers of surfacing products with its flagship brand Greenlam Laminates, Decowood Veneers, Mikasa Floors & Mikasa Doors & Frames, today announced its financial results for the second quarter and half year ended September 30, 2019.
For the second quarter ended Sept 30, 2019, net revenues from Operations witnessed a growth of 9.6%, at Rs. 349.0 crores, as compared to Rs. 318.4 crores in the corresponding quarter of previous financial year. International revenues for laminate business grew by 14.8% YoY and Operating Profit increased by 23.4% at Rs. 48.5 crores as compared to Rs. 39.3 crores in the corresponding quarter last year. The company recorded a net profit of Rs. 27.5 crores, as compared to Rs. 18.2 crores in the corresponding quarter last year, which is an increase of 51.0%.
For the half year end Sept 30, 2019, net revenues from Operations witnessed a growth of 5.3%, at Rs. 638.5 crores, as compared to Rs. 606.5 crores in corresponding half year result of the previous financial year. International revenue for laminate business grew by 3.5% and Operating Profit increased by 7.3% at Rs. 78.4 crores as compared to Rs. 73.1 crores in the corresponding of the previous financial year. The company recorded a net profit of Rs. 35.9 crores, as compared to Rs. 33.5 crores in the corresponding period last year, which is an increase of 7.0%.
Speaking about the results Mr. Saurabh Mittal, Managing Director and Chief Executive Officer, Greenlam Industries Ltd. said, “This quarter saw a stable financial performance with the net revenue growing at 9.6%. We are pleased to witness a higher growth of 14.8% in our Laminates export business. We continue to be committed to redefine interior spaces with superior quality products, innovation in technology and bring the best trends in décor to our customers.”
