New Delhi, February 15, 2019: Greenlam Industries Ltd., leading manufacturers of surfacing products with its flagship brand Greenlam Laminates, Decowood Premium Veneers, Mikasa Real Wood Floors & Mikasa Doors & Frames, today announced its unaudited consolidated financial results for the third Quarter and Nine Months ended 31st December 2018.
For the third quarter ended on 31st December 2018, consolidated net revenues from operations witnessed a growth of 12.0%, at Rs. 314.0 crore, as compared to Rs. 280.3 crore in the corresponding quarter of the previous financial year. Overall international revenues grew by 18.2% YoY and Operating Profit increased by 5.1% at Rs. 41.1 crore as compared to Rs. 39.1 crore in the corresponding quarter last year. The company recorded a net profit of Rs. 19.8 crore, as compared to Rs. 17.4 crore in the corresponding quarter last year, an increase of 14.2%.
For the nine months ending 31st December 2018, consolidated net revenues from operations witnessed a growth of 10.4%, at Rs. 920.5 crore, as compared to Rs. 833.6 crore in corresponding period of the previous financial year. Overall international revenues grew by 19.3% YoY and Operating Profit increased by 3.7% at Rs. 114.1 crore as compared to Rs. 110.0 crore in the corresponding period of the previous financial year.
Speaking on the financial results Mr. Saurabh Mittal, Managing Director and CEO, Greenlam Industries Ltd. said, “This quarter has ended with topline growth of 12.0% and PAT growth of 14.2% as compared to corresponding quarter last year. Our growth in the domestic business has been reasonably well despite the difficult market environment where we had challenges in demand and raw material costs. While our business has had a profitable quarter, our doors business reached EBDITA break even in this quarter. Also, our growth in the international markets continues to be robust over the last few quarters. We continue our commitment to improve business with focus on technology and superior quality products and look forward to riding this wave of progression and facilitating a fruitful year ahead.”
Corporate Comm India(CCI NewsWire)