Greenlam Industries touches 52-week high on start of production

The company had reported a 109.59 percent year-on-year (YoY) increase in net profit at Rs 54.32 crore in the March quarter of the financial year 2023.

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Greenlam Industries touched 52-week high of Rs 446.40, rising 10 percent as company started commercial production at its Tamil Nadu manufacturing plant.

Greenlam Industries has informed that the manufacturing facility at Tindivanam, Tamil Nadu having installed capacity of 18.9 million square meter per annum has commenced commercial production w.e.f. June 09, 2023, which has a potential to generate revenue of Rs 400 crores per annum on full capacity utilization.

The total capex incurred for the project stands at Rs 130 crore approximately till commencement of the commercial production.

The company had informed regarding setting-up a greenfield project at Tindivanam, Tamil Nadu by a subsidiary HG Industries Limited, with an estimated investment of Rs 125 crore.

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The company had reported a 109.59 percent year-on-year (YoY) increase in net profit at Rs 54.32 crore in the March quarter of the financial year 2023.

The company posted a net profit of Rs 25.92 crore in the year-ago quarter.

The total revenue stood at Rs 489.14 crore, up 15.64 percent from Rs 423.01 crore in the corresponding period of the previous fiscal year.

At operating level, EBITDA (earnings before interest, tax, depreciation and amortisation), jumped 49.5 percent to Rs 74.06 crore compared. Margins improved to 13.9 percent from 10.7 percent in the year-ago quarter.