India’s leading plywood company, Century Plyboards(I) Ltd., today announced its results for the second quarter of FY 17-18.
- Net Revenue from operations for the Second Quarter, ending 30th September, 2017-18 fiscal, was Rs 474.55 crore; decline of 4.3% over corresponding period of last financial year( 496.06 crore)
- Profit After Tax for the quarter ending 30th September, 2017-18, was Rs. 40.14 crores; showing a decline of 18.57 % over corresponding period of last financial year (Rs. 49.29 crores)
- Laminate has performed exceptionally well during the quarter under review
- This was the transition quarter post the announcement of GST. The GST rate for Plywood at 28% was against the industry expectation. There was speculation about reduction of GST rates which has led the channel partners to start liquidating their stocks before new GST rates are announced. Raw material constrain for one of the plant was also one of the reasons for the decline but going forward the raw material availability is going to improve.
Commenting on the company’s performance, Mr. Sajjan Bhajanka, Chairman, Century Plyboards(I) Ltd said “We have diversified into emerging mass market products such as MDF. The newly commissioned plant is India’s biggest MDF Plant located at Hoshiarpur, Punjab. The plant has unique and dual advantage being near both to raw materials and the land locked MDF market of North India”.