Greenply Industries (GREENPLY) Q2 24/25 earnings summary

Executive summary

• Consolidated Q2 FY25 revenue reached INR 640 crores, up 12.8% year-over-year; H1 FY25 revenue was INR 1,224 crores, up 22.7% year-over-year.

• Q2 FY25 EBITDA grew 19.6% year-over-year to INR 58 crores; H1 FY25 EBITDA rose 53.1% to INR 116 crores.

• Q2 FY25 PAT was INR 18 crores, impacted by forex MTM loss, JV losses, and Middle East business loss; H1 FY25 PAT was INR 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.

• Guidance maintained for 8%-10% plywood growth and 50% MDF revenue growth for FY25.

Financial highlights

• Q2 FY25 EBITDA margin improved to 9% from 8.5% in Q2 FY24; H1 FY25 EBITDA margin at 9.4% vs 7.6% last year.

• Q2 PAT affected by INR 4.6 crore forex loss, INR 3.5 crore JV loss, and INR 0.9 crore Middle East loss.

• Net debt at INR 347 crores, expected to rise to INR 450 crores by March 2025 due to CapEx and LC maturities.

• Standalone and consolidated revenues and profits grew year-over-year in Q2 FY25.

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

Outlook and guidance

• Full-year guidance: 8%-10% plywood growth, 50% MDF revenue growth, MDF EBITDA margin of 16%+.

• Raw material prices expected to remain elevated through FY25, with easing anticipated from CY26.

• CapEx of INR 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 completed the transfer of a material subsidiary and continues regulatory compliance.