Greenply Industries shares fall on disposal of Myanmar arm assets

In the quarter ended March 2023, the company registered 61.8 percent fall in its net profit of Rs 11.07 crore from Rs 28.97 crore, YoY.

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Greenply Industries share price slipped marginally in the early trade on June 5 as company board approved the disposal of assets in its Myanmar subsidiary.

Greenply Industries board, at its meeting held on May 30, has approved the sale of assets of Greenply Industries (Myanmar) Private Limited, a subsidiary of Greenply Alkemal (Singapore) Pte. Ltd. due to difficulty in continuing its operation on account of political developments resulting in adverse business environment in Myanmar.

Greenply Alkemal (Singapore) Pte. Ltd is a Joint venture between company’s subsidiary Greenply Holdings Pte. Ltd and Alkemal Singapore Pte. Ltd.

This has resulted in share of loss from joint venture of Rs 20.75 crore during the year. Consequently, the management estimated and recognised an impairment loss of Rs 16.389 crore during the quarter and year ended March 31, 2023 in the books of Greenply Industries.

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The financials

In the quarter ended March 2023, the company’s net profit fell 61.8 percent to Rs 11.07 crore from Rs 28.97 crore, YoY.

Revenue of the company was at Rs 469.16 crore versus Rs 448.55 crore, YoY.

Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 56.87 crore, up 19.37% from Rs 47.64 crore, YoY.

The board recommended dividend of Rs 0.50 per equity share of Re 1 each.

At 09:43 hrs Greenply Industries was quoting at Rs 164.45, down Rs 0.95, or 0.57 percent on the BSE.