Century Ply's net profit down to Rs 94cr in Q2

Leading plywood maker Century Plyboards India Ltd on Thursday reported a five per cent decline in its consolidated net profit to Rs 94.4 crore in the second quarter of the 2022-23 fiscal on account of input cost pressure.The company had posted a net profit of Rs 99.4 crore in the July-September period of the last financial year.Revenue from operations during the three months ended September 30, 2022 was Rs 908 crore, up from Rs 813 crore in the same period of the previous year, the company said in a regulatory filing.

Leading plywood maker Century Plyboards (India) Ltd on Thursday reported a five per cent decline in its consolidated net profit to Rs 94.4 crore in the second quarter of the 2022-23 fiscal on account of input cost pressure.

The company had posted a net profit of Rs 99.4 crore in the July-September period of the last financial year.

Revenue from operations during the three months ended September 30, 2022 was Rs 908 crore, up from Rs 813 crore in the same period of the previous year, the company said in a regulatory filing. ''With sustained input cost pressure in most of the wood panel segments, the gross margin was impacted by 120 bps (basis points) on a sequential basis to 32.9 per cent. The company, however, was able to improve its overall EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin marginally in Q2FY23 to 17.32 per cent on a sequential basis,'' Century Plyboards chairman Sajjan Bhajanka said.

The plywood maker has plans to invest nearly Rs 1,000 crore during the FY23-FY25 period. Work on the brownfield MDF (medium-density fibreboard) expansion project at Hoshiarpur is “in full swing'', the company official said. The company also said its upcoming greenfield MDF project in Andhra Pradesh is likely to be commissioned in the second half of FY24 and a laminate greenfield project in the southern state is also expected to come on stream in Q2FY24.