Greenply Industries Q2 net profit rises 51 per cent

Greenply Industries has reported a 51 percent increase in its consolidated net profit to Rs 26.4 crore during the second quarter of the current fiscal as compared to Rs 17.5 crore in the year-ago period. Total consolidated income for the quarter ended September 30, 2019, stood at Rs 380.4 crore as against Rs 363.5 crore recorded in the corresponding period of the last fiscal.

Earnings before interest, tax, depreciation, and amortization (EBITDA) increased by 22.1 percent to Rs 45 crore, the company said in a statement. Greenply Industries' CMD Rajesh Mittal said, "E-way bill and GST implementation is becoming strict and we are witnessing that the unorganized players raise prices, leading to a reduction in the price disparity." The company's expansion in Gabon in West Africa is "shaping up well" and it is looking forward to a better performance in the coming years, he said.