Hoshiarpur, February 07, 2023 (News Team): India’s leading plywood company, Century Plyboards (India) Ltd., held its board meeting today to announce the company’s Q3 financial results for the quarter ending December 31st, 2022.
Net Revenue from operations for the Quarter, ending 31st December 2022 were Rs 877.17crore; an increaseof3.38% over corresponding period of last financial year. Earnings before Depreciation Interest and Tax stood at Rs 131.10 crore. Profit After Tax stood at Rs 81.36 crore.
Commenting on the company’s performance, Sajjan Bhajanka, Chairman, Century Plyboards (I) Ltd said,“Q3FY23 ended with Q3FY23 ended with the company achieving quarterly revenue of Rs 877 crore on standalone basis, de-growth of mere 2.6% on QoQ basis despite being a seasonally weaker quarter. Importantly, we have further tightened our balance sheet in Q3FY23 by virtue of prudent working capital management (improvement by 3 days QoQ). This has not only augmented our war chest for future capex (Net cash on books as on 31st Dec’22 at Rs 208.48 crores) but has also enabled us to maintain our high RoCEs (23.12% in Q3FY23) despite the high input cost inflation scenario.”
As part of its aggressive expansion plan, CPIL today also inaugurated its extended capacity at Hoshiarpur MDF (medium density fibre) plant. Out of an investment of Rs 1,000 crore planned by the company over FY23-FY25, about Rs 250 crores was invested in this capacity expansion. With this, the production capacity has been enhanced by58.33%. The expansion of this unit also has pushed up the employment potential by 35%. Usage of innovative production techniques have been tried to minimise any error in manufacturing.
The upcoming greenfield MDF project in Andhra Pradesh is likely to be commissioned in H2FY24. The laminate greenfield project in Andhra Pradesh is also expected to come on stream in Q2FY24.
During the ribbon-cutting ceremony, Sajjan Bhajanka, also added, “We’ve been quite observant with the kind of reaction we received from our consumers. MDF products are well received by the Indians so far, and we are expecting a robust demand for MDF in the coming years.”