Plywood major Century Plyboards (India) Ltd on Friday reported a consolidated net profit of Rs 78.4 crore in the fourth quarter ended March 2024, a decline of 26% compared to the year-on-year profit of Rs 114.59 crore, due to a squeeze in margins. Consolidated revenue from operations during the quarter was nearly 10% higher at Rs 1,060 crore, the company informed the bourses.
For the full year, the consolidated net profit for FY'24 stood at Rs 325 crore against Rs 376 crore registered in the previous year.
"The company has delivered a good set of numbers during a time when there is pressure on margins due to a reduction in the realisation on account of intense competition and an increase in the cost of timber," Chairman of Century Plyboards, Sajjan Bhajanka, said, while commenting on the company's performance.
"With the addition of new capacity under most of the segments, we are expecting good growth in topline in the coming year," Bhajanka said.
The company said it widened its sphere and launched a new product, Century Cubicles, augmenting towards a vigorous investment plan in its already existing plywood category.
The product has been launched in Bangalore and Mumbai and will subsequently be launched in Kolkata, Pune, Ahmedabad, and Lucknow in two phases.
In April, it commenced commercial dispatch of Medium Density Fibreboard (MDF) from its recently inaugurated subsidiary Century Panels Limited in Badvel, Andhra Pradesh.
The commencement has led to the brand doubling its MDF capacity from 900 to 1800 CBM per day, the company statement said.
The company was expecting to export MDF from the Badvel facility starting next quarter.
The stock ended at Rs 660.45 losing 1.68% on Friday.
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