Century Plyboards (532548) Q1 24/25 earnings summary

Executive summary

• Consolidated Q1 FY25 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.

• Net profit declined to INR 73.90 crore (₹3,410.80 lakhs) due to margin pressures and a one-time exceptional loss from the disposal of foreign subsidiaries.

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

• New Andhra MDF facility ramped up, contributing 47.3% year-over-year volume growth in MDF; PVC board facility at Andhra started production in May 2024, targeting INR 100 crore revenue next year.

• Commercial production commenced at the new Century Panel Badvel plant, ramping up output across product lines.

Financial highlights

• Q1 FY25 standalone revenue: INR 952 crore (Rs. 952.22 Cr), up 10.5% YoY; consolidated revenue: INR 1,005 crore (₹100,538.38 lakhs), up 12.8% YoY.

• EBITDA margin for plywood at 14.4%, laminate at 12.3%, MDF at 14.0% (down from 25.4% YoY), and particle board at 13.7% (down from 22.7% YoY).

• PAT for Q1 FY25 was INR 73.90 crore, down from INR 82.36 crore YoY; basic and diluted EPS at ₹1.55, down from ₹3.91 YoY.

• Impairment loss of INR 24.06 crore for sale of Singapore and Laos subsidiaries recognized as exceptional item; INR 13.33 crore derecognized in Q1 FY25 consolidated accounts.

• CapEx for Andhra MDF plant increased to INR 730 crore due to cost escalation; total budgeted outlay for ongoing projects exceeds Rs. 3,200 crore.

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%.

• MDF segment expected to achieve 40%+ value growth and margin improvement as Andhra ramps up.

• Particle board facility with continuous process to start by FY25 end, targeting profit improvement post-commissioning.

• No major CapEx planned after FY26, with sharp deleveraging expected as major projects complete.