Greenpanel industries down as Cyclone Michaung disrupts operations at Andhra unit

The company says it is is taking adequate steps to ensure resumption of operations at the plant at the earliest

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Greenpanel Industries was trading over a percent lower on December 6 morning after the company said operations at its Chittoor plant in Andhra Pradesh were disrupted due to Cyclone Michaung.

Greenpanel Industries said that operations at its medium density fibreboard (MDF) plant in Chittoor, Andhra Pradesh, has been disrupted due to Cyclone Michaung, the company said in a regulatory filing on December 5.

The cyclone brought heavy rains and gusty winds caused wide-spread disruptions in Chennai and other parts of Tamil Nadu as well as coastal Andhra Pradesh.

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The company said it was taking adequate steps to ensure resumption of operations of the plant at the earliest.

“During the aforesaid period, the company will continue to service the customers uninterruptedly from the inventory of finished goods subject to logistics availability,” it said.

At 9.52 am, the stock was trading at Rs 341.65, down  1.68 percent from the previous close.

Also read: Greenpanel Ind Standalone September 2023 Net Sales at Rs 398.73 crore, down 12.81% Y-o-Y

Greenpanel Industries, is a wood panel manufacturer dealing in MDF, plywood, and flooring. It has manufacturing units in Uttarakhand and Andhra Pradesh.

In the September quarter, Greenpanel Industries reported net sales of Rs 398.73 crore, down by around 12.81 percent from the year-ago period.

Net profit during the period fell 43.41 percent to Rs 41 crore from Rs 72.46 crore in the year-ago quarter. Earnings before interest, taxes, depreciation and amortisation were Rs 75.88 crore, down from Rs 124.35 crore in September 2022.

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