The company's profit suffered due to a challenging macro environment and rising timber prices, a company official stated.
"As far as Haryana is concerned, there are two issues pertaining to the GST which are pending in the GST council. We are demanding tax rate on plywood be reduced from 28 per cent to 18 per cent," said state finance minister Capt Abhimanyu while talking to reporters here today.
"The plywood, MDF and particle board industry is very hopeful that GST rate will be brought down to at least 18 per cent which is very high at 28 per cent," Federation of Indian Plywood and Panel Industry president Sajjan Bhajanka told PTI.
The company reported an increase in total income at Rs 456 crore in Q3FY17 vis-Ã -vis Rs 408 crore for the same quarter previous fiscal.
Its net sales moved up by 4.31 percent to Rs 492.61 crore during the quarter under review as against Rs 472.22 crore in the corresponding period of the previous fiscal.
Uniply Industries Ltd, a leading plywood and laminate manufacturer, today announced the acquisition of 100 per cent equity in Vector Projects for a consideration of Rs 64.12 crore in a cash and share deal.
Riding close on the heels of the implementation of Goods and Services Tax, ICICI Securities expects it to be a game-changer for construction-related stocks.
In an interview with CNBC-TV18, Krupesh Thakkar, MD of Rushil Decor, discussed the company's business plans going forward.
In an interview with CNBC-TV18, Shobhan Mittal, joint Managing Director of Greenply, said despite slow demand in FY16Q1, revenue is expected to grow 10-12 percent year-on-year.
Shobhan Mittal, Joint MD, Greenply Industries, discusses company's performance for the fourth quarter and future outlook.
In an interview to CNBC-TV18, Sanjay Agarwal, MD & CEO of Century Plyboard, said they haven‘t gone ahead with the divestment part yet but are “marketing their shares for the futureâ€.
During the period, its net sales stood at Rs 276 crore. For the nine-month period (April to December 2013), profit rose four fold to Rs 38 crore.
Greenply's net sales rose to Rs 540.68 crore in the fourth quarter ended March 31, 2013, from Rs 458.37 crore in the year-ago period.
Plywood maker Greenply Industries today reported over three-fold jump in standalone net profit at Rs 31.85 crore for the quarter ended September 30. The company had posted net profit of Rs 10.10 crore in the corresponding period last year, Greenply Industries said in a filing to the BSE.