Greenply Industries (GREENPLY) Q3 24/25 earnings summary

Executive summary

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

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

• Q3 PAT was INR 24 crores, impacted by JV losses and forex MTM gain; nine-month PAT at INR 75 crores, up 42.5% YoY.

• Discontinued operations posted a loss, impacting overall profitability.

• Standalone and consolidated unaudited financial results for the quarter and nine months ended 31 December 2024 were approved and reviewed, with an unmodified limited review report from statutory auditors.

Financial highlights

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

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

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

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

• Standalone and consolidated net profit for the quarter was ₹2,436.28 lakhs, compared to ₹2,686.94 lakhs in the prior year.

Outlook and guidance

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

• Q4 expected to see stronger revenue and margins for MDF; plywood margins targeted above 10% in Q4.

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

• Furniture hardware JV expected to ramp up revenue in Q4 after initial losses in Q3.

• The company continues to focus on its core segments and has invested in a captive power generation facility to support future operations.