India's largest MDF manufacturer Greenpanel Industries Ltd on Friday reported a 51.9 percent year-on-year (YoY) decline in net profit at Rs 37.3 crore for the first quarter that ended June 30, 2023.

In the corresponding quarter last year, Greenpanel Industries posted a net profit of Rs 77.6 crore, the company said in a regulatory filing.

In the quarter, total revenue stood at Rs 386.2 crore during the period under review, down 16.8 percent against Rs 464 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA fell 50 percent to Rs 65.8 crore in the first quarter of this fiscal over Rs 131.5 crore in the corresponding period in the previous fiscal.

Also Read: SBI Life Insurance clocks 46% rise in Q1 net profit

EBITDA margin stood at 17 percent in the reporting quarter as compared to 28.3 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Shobhan Mittal, managing director and CEO, said MDF gross margins improved over the sequential quarter. Sales volumes were lower

during the quarter due to the maintenance shutdown of the Rudrapur plant for 19 days during April.

MDF EBITDA margins at 20.4 percent were impacted by the maintenance shutdown of the Rudrapur plant, higher brand spending at Rs 14.9 crore (3.9 percent of sales), and an increase in wood prices, he said.

Also Read: Bank of India Q1 Results | Net profit zooms 176% to Rs 1,551 crore, net interest income surges 45%

Shares of Greenpanel Industries Ltd ended at Rs 340.65, down by Rs 12.60, or 3.57 percent on the BSE.

(Edited by : Pradeep John)