India's leading plywood maker Century Plyboards (India) Ltd on Tuesday reported a standalone net profit of Rs 81.36 crore in the third quarter ended December 2022, a 16 per cent decline compared to a net profit of Rs 97.27 crore a year ago.
The company reported a 3 per cent growth in revenue to Rs 877 crore for the quarter under review, compared to Rs 848 crore in the corresponding quarter of FY'22.
Century Ply also inaugurated its extended capacity at Hoshiarpur MDF (medium density fibre) plant, the company said in a statement.
As part of its investment plan over FY23-FY25, the company is investing about Rs 250 crores in Hoshiarpur. With this, the production capacity has been enhanced by 58.33 per cent, the company said.
"The Q3FY23 ended with quarterly revenue of Rs 877 crore on standalone basis, a de-growth of just 2.6 per cent on QoQ basis despite being a seasonally weak quarter," Century Plyboards India chairman Sajjan Bhajanka said.
The upcoming greenfield MDF project in Andhra Pradesh is likely to be commissioned in H2FY'24, the company said.
The laminate greenfield project in Andhra Pradesh is also expected to come on stream in Q2FY24.
"We've been quite observant with the kind of reaction we received from our consumers. MDF products are well received by the Indians so far, and we are expecting a robust demand for MDF in the coming years," Bhajjan said.
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