Greenply Industries (GREENPLY) Q2 24/25 earnings summary

Executive summary

• Consolidated Q2 FY25 revenue reached ₹640 crores, up 12.8% year-over-year, with EBITDA at ₹58 crores, up 19.6% year-over-year, and EBITDA margin at 9% versus 8.5% last year.

• H1 FY25 consolidated revenue was ₹1,224 crores, up 22.7% year-over-year, with EBITDA at ₹116 crores, up 53.1% year-over-year, and EBITDA margin at 9.4% versus 7.6% last year.

• PAT for Q2 FY25 was ₹18 crores, impacted by forex MTM loss (₹4.6 crores), JV losses, and Middle East business loss; H1 FY25 PAT rose 53.1% year-over-year to ₹51 crores.

• Un-audited standalone and consolidated financial results for Q2 and H1 FY25 were approved and reviewed by the Board and statutory auditors, with no modifications.

Financial highlights

• Q2 FY25 consolidated revenue: ₹640 crores (up 12.8% YoY); H1 FY25: ₹1,224 crores (up 22.7% YoY).

• Core EBITDA for Q2 FY25: ₹58 crores (up 19.2% YoY); H1 FY25: ₹116 crores (up 53.1% YoY).

• PAT for Q2 FY25: ₹18 crores; H1 FY25: ₹51 crores.

• Standalone revenue from operations for Q2 FY25 was ₹50,177.88 lakhs, up from ₹46,592.01 lakhs in Q2 FY24.

• Consolidated net profit for Q2 FY25 was ₹1,756.23 lakhs, compared to ₹1,390.54 lakhs in Q2 FY24.

Outlook and guidance

• Plywood business maintains 8%-10% full-year growth guidance.

• MDF business targets 50% year-over-year revenue growth and full-year EBITDA margin above 16%.

• CapEx of ₹45-50 crores planned for H2 FY25, mainly for MDF glue plant and HDF flooring line.

• Focus on ESG, product portfolio expansion, automation, and manufacturing base diversification.

• The company continues to focus on its core segments and has completed the transfer of a material subsidiary, with ongoing compliance measures.