Century Plyboards (532548) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 consolidated revenue grew 12.8% year-over-year to INR 1,005 crore (₹100,538.38 lakhs), with standalone revenue up 10.5% to INR 952 crore (₹952.22 Cr); net profit declined due to margin pressures and an exceptional loss from disposal of foreign subsidiaries.

• Plywood division outperformed with 14.9% year-over-year growth and EBITDA margin of 14.4%; laminate EBITDA margin improved to 12.3% despite flat sales.

• MDF revenue increased 13.6% year-over-year, but EBITDA margin dropped from 25.4% to 14.0% due to pricing and raw material cost pressures.

• New Andhra MDF and PVC board facilities ramped up quickly, contributing to strong volume growth; commercial production at the Century Panel Badvel plant commenced.

• Profit after tax for Q1 FY25 declined to Rs. 73.90 Cr from Rs. 82.36 Cr YoY, impacted by a one-time exceptional loss of INR 13.33 crore (₹1,333.45 lakhs) from the sale of overseas subsidiaries.

Financial highlights

• Consolidated revenue rose to INR 1,005 crore (₹100,538.38 lakhs) from INR 891 crore year-over-year; standalone revenue increased to INR 952 crore (₹952.22 Cr) from INR 862 crore.

• Plywood Q1 revenue: Rs. 556.74 Cr (up 14.9% YoY), EBITDA margin: 14.4%; Laminate Q1 revenue: Rs. 147.39 Cr (down 4.7% YoY), EBITDA margin: 12.3%.

• MDF Q1 revenue: Rs. 189.51 Cr (up 13.6% YoY), EBITDA margin: 14.0% (down from 25.4% YoY).

• Particle board Q1 revenue: Rs. 36.67 Cr (down 7.2% YoY), EBITDA margin: 13.7% (down from 22.7% YoY).

• Basic and diluted EPS for the quarter stood at ₹1.55, down from ₹3.91 in Q1 FY24.

Outlook and guidance

• Sales growth guidance maintained at 10%+ for plywood, 20% for laminate, 40% for MDF, and flat for particle board; EBITDA margin guidance: Plywood 12–14%, Laminate 10–12%, MDF 15%, Particle Board 15%.

• Growth in all segments except plywood to be driven by new capacities, with ramp-up expected from Q2 FY25.

• Particle board segment to remain flat until new facility starts by year-end, then expects growth and profit improvement.