Stock Report

Duroply Industries Ltd reports Q3 FY2024 results

Posted On : 2024-02-13 22:11:07( TIMEZONE : IST )

Duroply Industries Limited, India's premium and most experienced plywood manufacturer amongst the leading players, has reported a 9.6% growth in sales during the first nine months of FY24, to Rs. 238.96 crores from Rs. 218.12 crores reported for the same period in FY23.

Sales rose by 11.3% in Q3 FY24 over the same quarter of FY23, rising to Rs. 79.82 crores from Rs. 71.74 crores.

The Company has continued its profitable journey and has reported profit after tax (PAT) of Rs. 2.24 crore during first nine months of FY24, and has reported a PAT of Rs. 0.31 crores during the quarter ended Dec 31, 2023.

During first nine months of FY24, the Company has reported Earnings before Interest and Tax (EBIT) of Rs. 8.72 crores while during Q3 FY24, EBIT stands at Rs. 2.40 crore.

Duroply has called for a meeting of Board Members on 14th February to consider the proposal for raising of funds by way of issuance of Equity Shares and/ or any other convertible securities on a preferential basis or any other permissible mode.

Commenting on the results, Mr. Akhilesh Chitlangia, Executive Director and Chief Operating Officer, Duroply, said, "Duroply sales have been growing consistently, which is a direct result of our focus on adding value to our customers. Our strength is in our distribution network and we are looking to further expand on the same. Due to nation wide festivities, third quarter of the financial year is usually subdued. This year, it got compounded by various bans on construction in the NCR area. Despite such constraints, we have been able to show robust growth."

Acknowledging challenges in profitability, Mr. Chitlangia said, "Increase in raw material cost is an industry wide phenomenon which has impacted us also. We will continue to focus on our core values of customer-centric innovation, where customer needs shape our strategy and product innovation. This has helped us be the market leader in the premium category of plywood."

Shares of Duroply Industries Ltd was last trading in BSE at Rs. 244.80 as compared to the previous close of Rs. 252.30. The total number of shares traded during the day was 21328 in over 328 trades.

The stock hit an intraday high of Rs. 263.80 and intraday low of 239.60. The net turnover during the day was Rs. 5288712.00.