Greenply Industries reported a 50.8 % rise in its consolidated net profit of Rs 26.4 crore in the second-quarter (Q2) ended September 30, 2019. The company clocked a Rs 17.5 crore profit in the corresponding period previous year.
Total consolidated income for the quarter under review grew by 4.6 % to Rs 380.4 crore from Rs 363.5 crore posted in the period ended September 30, 2018.
Elaborating on the performance, Greenply Industries chairman & MD Rajesh Mittal said: “E-way bill and GST implementation is becoming strict. This has compelled unorganised players to raise prices, which, in turn, has reduced price disparity in the industry.”
“The company witnessed stable volume and sales growth in the said period. We also are beginning to witness the fruit of an intensive three-pronged focus on brand building, strengthening of distribution and efficiency enhancement,” added Sanidhya Mittal, joint managing director, Greenply Industries.