Century Plyboards (532548) Q3 24/25 earnings summary

Executive summary

• Consolidated revenue grew 20.7% year-over-year in Q3 FY25, with standalone revenue up 10.3%, reflecting robust growth across most segments.

• EBITDA margin for Q3 was 11.5%, down from 12.6% in Q2, mainly due to seasonal lower volumes.

• Plywood segment led growth with 19.2% year-over-year revenue increase in Q3 and 18.5% for the nine-month period.

• Laminate segment faced revenue decline year-over-year and quarter-on-quarter, but maintained EBITDA by optimizing marketing spend.

• MDF segment saw strong growth, with consolidated revenue up 53% year-over-year and the new Badvel plant turning EBITDA positive.

Financial highlights

• Standalone revenue for Q3 FY25 was ₹100,349.91 lakhs, up from ₹90,966.58 lakhs in Q3 FY24; consolidated revenue was ₹114,047.32 lakhs, up from ₹93,739.84 lakhs.

• Standalone EBITDA for FY24 was ₹531.05 crore (14.1% margin), with Q3 EBITDA at ₹113.08 crore (11.5% margin).

• Profit after tax for FY24 was ₹314.72 crore, representing 8.4% of total income.

• Earnings per share (EPS) for Q3 FY25 stood at ₹2.87 (standalone) and ₹2.63 (consolidated).

• MDF segment consolidated revenue grew 53% year-over-year in Q3, with EBITDA margin improvement due to lower raw material costs.

Outlook and guidance

• Growth and profitability expected to improve after new particleboard facility becomes operational in the next fiscal year.

• Targeted sales growth: Plywood 12%, Laminate 10%, MDF 40%+, Particle Board flat.

• EBITDA margin guidance: Plywood 12–14%, Laminate 10–12%, MDF 15%, Particle Board single digit.

• Laminate plant expected to break even by Q2 next year.

• Particleboard segment targeted to break even at EBITDA and PAT by FY27.