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Century Plyboards’s Q3 net revenue increased to 6.5% over the corresponding period of the last financial year.
Kolkata, February 05, 2024:
India’s leading plywood company, Century Plyboards (India) Ltd, announced its Q3 results today for the quarter ending December 31st, 2023. In the last financial year, the company witnessed an increase of 9% growth.
Highlights:
- Net Revenue from operations for the Quarter, ending 31st December 2023 was Rs 934.32 crore; an increase/decrease of 6.5% over the corresponding period of the last financial year.
- Earnings before Depreciation Interest and Tax stood at Rs 115.81 crores
- Profit After Tax stood at Rs 64.61 crores
Business Outlook:
Commenting on the company’s performance, Mr. Keshav Bhajanka, Executive Director, Century Plyboards (I) Ltd said
“I think the company has performed good considering the pressure that was there in the market. However, we are not happy with the numbers, but it needs to be looked at from the lengths of the economy overall and considering the hurdles we have faced. However, once the new project comes into play within the next year in the short term, it may have some pain but in the long term, it will be quite strong. Alongside that implementation of BIS within the current quarter should help us but we will need to see the effects of that and it might take a lag of one quarter to come into force. Overall the company has performed considering the difficult macro environment that we were facing”
The company has aggressive plans to boost revenue and is working towards achieving its target. In December 2023, Centuryply inaugurated its wood panel manufacturing plant at Badvel, Andhra Pradesh in the presence of the Hon’ble Chief Minister of Andhra Pradesh Shri Y S Jagan Mohan Reddy. The company had allocated an investment of close to Rs. 1000 crores for the laminate, MDF, and PVC units in the region. With this, the company has extensive plans to generate employment in Andhra Pradesh. On the other hand, additional capacities are being developed in 3 units with 60,000 CBM in Hoshiarpur, Punjab in the plywood category, in particle board 2,40,000 CBM in Chennai, Tamil Nadu, and in laminates 8,55,000 sheets, 3,13,500 CBM in MDF and PVC of 15,000 tonnes in Badvel, Andhra Pradesh respectively.
In the last year, the brand fared extremely well in the laminate segment as they introduced Designer Laminates in collaboration with fashion icon Manish Malhotra, providing an amplified touch to the laminate segment while giving a different prospect in the world of the laminate industry.
