Greenply Industries (GREENPLY) Q3 24/25 earnings summary

Executive summary

• Consolidated Q3 FY25 revenue reached ₹614 crores, up 5.6% YoY; nine-month revenue at ₹1,839 crores, up 16.4% YoY.

• Core EBITDA for Q3 was ₹54 crores, up 7.2% YoY; nine-month EBITDA at ₹170 crores, up 33% YoY.

• Q3 PAT was ₹24 crores, impacted by JV losses and forex MTM gain; 9M PAT rose 42.5% YoY.

• Discontinued operations and compliance issues affected overall profitability.

• Standalone and consolidated unaudited financial results for the quarter and nine months ended 31 December 2024 were approved and reviewed.

Financial highlights

• Q3 FY25 consolidated revenue: ₹614 crores (up 5.6% YoY), 9M FY25: ₹1,839 crores (up 16.4% YoY).

• Core EBITDA for Q3: ₹54 crores (up 7.2% YoY), 9M: ₹170 crores (up 33% YoY).

• PAT for Q3: ₹24 crores (down 13.3% YoY), 9M: ₹75 crores (up 42.5% YoY).

• Gross margin stable at ~40% for both Q3 and 9M periods.

• Standalone and consolidated net profit for the quarter was ₹2,435.40 lakhs and ₹2,436.28 lakhs, respectively.

Outlook and guidance

• MDF full-year margin guidance reduced to 13%-14% from 16%+ due to plant shutdown and higher raw material costs.

• Q4 expected to see stronger revenue and margins, especially in MDF; plywood margins expected to cross 10% in Q4.

• FY25 plywood volume growth targeted at 7%+; MDF volume growth expected at ~50% YoY.

• Strategic focus on ESG, product innovation, and manufacturing expansion to drive future growth.

• Investment in captive power generation facility to support future operations.