Latest News | Greenlam Industries Q2 Net Rises 11 Pc to Rs 20.7 Cr

New Delhi, Oct 26 (PTI) Surfacing solutions provider Greenlam Industries Ltd on Tuesday reported an 11 per cent increase in consolidated net profit at Rs 20.7 crore for the second quarter ended September on the back of robust sales.

The company, which posted a consolidated net profit of Rs 18.6 crore in the same period last quarter, said its board at a meeting held on Tuesday approved raising of up to Rs 150 crore through issuance of non-convertible debt securities on private placement basis.

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Consolidated net revenue in the second quarter grew by 57 per cent to Rs 454.2 crore as against Rs 289.3 in the year-ago period, Greenlam Industries Ltd said in a regulatory filing.

During the period, its laminate business revenues grew by 60.4 per cent in value terms and 46.7 per cent in volume terms on a year-on-year basis, it said.

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Greenlam Industries Ltd Managing Director and CEO Saurabh Mittal said,"The current quarter witnessed a substantial top line growth across the laminate and decorative veneer category."

However, he said steep inflationary increase in raw material costs and supply side disruptions along with time lag in raising prices resulted in lower gross margins.

"Though we have passed on raw material costs to the market, the same has been inadequate considering the rising costs of raw material. We may have to take further price hikes going forward if raw material prices continue to remain elevated," Mittal added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)