Greenply Industries Ltd to acquire Gujarat based plywood units
Q2FY08 Net Sales at Rs 135.63 crore, increase of 40% PAT up by 135.57% to Rs 11.19 crore


New Delhi, October 23, 2007:  Greenply Industries Limited (GIL) India’s largest interior infrastructure company, manufacturer of plywood, particle board, laminate and decorative veneer has decided to acquire two Gujarat based plywood companies. The total investment on this account will be Rs. 20 croreand is expected to enhance the topline of Greenply by about Rs  50 crore.
After acquisition the total capacity of Greenply will be 21 million Sqm, from 18 million Sqm, an increase of 16.6%. This will help Greenply in maintaining its No1 position in the segment.

Greenply industries will use a mix of internal accruals and debts for funding the investment. The additional capacity is expected to be fully utilized in Q2FY09. 

Mr.Saurabh Mittal, JMD, Greenply Industries Ltd, said “The acquisition is in line with our growth strategy of acquiring good, operational assets of strategic value . This acquisition enhances our presence in the Western India markets thus saving on the logistical costs substantially.” He added “After acquisition the total capacity of Greenply will be 21 million Sqm, from 18 million Sqm, This will help in reconfirming Greenply’s leadership position in the segment”
INVESTMENTS
The payment on account of 100% acquisition of shares will be Rs. 3.85 crore. GIL will also make arrangements to repay the existing liabilities of the unit subject to a maximum limit of Rs 2 crore. GIL will also invest Rs. 6 crore for new machinery and equipments. The Company will also invest Rs 8 crore in working capital requirements of the units as and when required.
Q2FY08 Results
The industry leader, Greenply Industries recorded net revenues of Rs 135.63 crore for Q2FY08, an increase of 39.53% as compared to Rs 97.20 crore in Q2FY08. The net profit was at Rs 11.19 crore, an increase of 135.57% from Rs 4.75 crore in Q2FY07. EBIDTA (excluding other income) margin  for Q2FY08 stood at Rs 21.62 crore as against Rs 9.37 crore for Q2FY07 registering an increase of 6.31%. 

Company declared an interim dividend of 30%  (Rs. 1.50 per share).

Reflecting on the performance, Mr MIttal said, “ We are in sync with our annual target and based on  our current growth performance I am confident that we are in the right direction in garnering a larger chunk of the market share.”

About Greenply Industries Limited

Greenply Industries Limited (GIL), a Rs 470 crore, dynamic, professionally managed Interior Infrastructure Company, is the leader in the plywood and laminate industry in India. The company was incorporated in August 1984 as a sawmill unit.

Greenply is a one-stop manufacturer of all products related to interior infrastructure from plywood & boards, flush doors, decorative veneers, decorative laminates to pre lam MDF and particleboard. The company accounts for 25 per cent of organized plywood and 15 per cent of organized laminate market.

The company has, over the years, grown as an interior infrastructure solutions provider that currently manufactures a host of renowned brands such as Greenply Plywood – ‘Chalta Rahe; Green Club Premium Ply, which comes with a life time guarantee; Greenlam Laminates, ‘Dikhane Ka Jee Kare’; and Green Decowood, ‘Visibly Superior Veneers’.

The company has more than 25 branches across the country with a strong network of over 7,100 dealers, distributors, sub-dealers and retailers. Exports contribute to around 8% of the company’s total turnover. Greenply exports its laminate products to more than 18 countries such as the US, Australia, Malaysia, Singapore, the UAE, Russia, Israel, and New Zealand among others.

Pioneering the concept of branding for various products and brand building as its core, the company’s track record is impeccable as a profit-making dividend paying company over the last decade with 61% CAGR growth in bottom-line over the last five years leading to 2006-7.

For further details, please contact:
Mr. Alex Joseph Greenply Industries Limited 1501-1505 Narain Manzil, 23, Barakhamba Road New Delhi – 110 001 Tel : (+91)11-42791300	Shubhada Dharwadkar Adfactors Public Relations E, 137, Okhla Ind. Estate, Phase 3, New Delhi – 110 049 Tel: (+91) 11 26930132-38 9810033492

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Greenply Industries Q1 Net Profit up 101% Revenue up 37%
New Delhi, July 23, 2007: Strong sales growth across its product categories of plywood, laminate and decorative veneer helped India’s largest interior infrastructure manufacturer Greenply Industries Limited (GIL) report a revenue of Rs 116 crore for the quarter ended June 30, 2007, representing a growth of 37% over the corresponding period last year. The company had posted a revenue of Rs 84.60 crore for the quarter ended June 30, 2006.

Against a net profit of Rs 4.51 crore for the quarter ended June 30, 2006, the company has posted a net profit of Rs 9.07 crore during Q1 2007-08; a growth of 101%.

According to GIL Joint Managing Director Saurabh Mittal, a combination of higher capacity utilisations, rupee appreciation resulting into reduced raw material cost, benefits of excise reduction, improved product mix and visibility and buoyancy in the market had led to the improved margins.

“Greenply”, he added, “has a range of products that has given us the status of a one-stop manufacturer of all products related interior infrastructure from plywood & boards, flush doors, decorative veneers, decorative laminates to pre lam MDF and particleboard.”

GIL accounts for 25 per cent of organized plywood and 15 per cent of organized laminate market.

Greenply Industries has recently begun commercial production at its Behror plant in Rajasthan after completing its expansion project. The capacity of the Behror plant is now at 53.40 lakh sheets from the earlier 39.60 lakh sheets, making Greenly India’s largest laminate producer. The plant was originally scheduled to commence commercial production in August.

Greenply had put in an investment of Rs 40 crore to set up of a fourth production line at Behror. The expansion was undertaken to meet the growing demand for decorative laminates in India and abroad.

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Greenply Industries becomes India’s largest laminate producer
New Delhi, July 12, 2007: Greenply Industries, India’s largest interior infrastructure company, has begun commercial production after completing its expansion project at its Behror plant in Rajasthan.

Following the capacity expansion, the capacity of the Behror plant is now at 53.40 lakh sheets from the earlier 39.60 lakh sheets, making Greenly India’s largest laminate producer. The plant was originally scheduled to commence commercial production in August.

Greenply had put in an investment of Rs 40 crore to set up of a fourth production line at Behror. The expansion was undertaken to meet the growing demand for decorative laminates in India and abroad. Greenply has witnessed a whopping 25 per cent growth in laminate exports (in value terms) during 2006-07 over the corresponding period in 2005-06; local sales too has grown by 34 per cent in value terms during the period.

Greenply Industries managing director Saurabh Mittal said, “I’m delighted that Greenply is now India’s largest laminate producer. The superior project management practices employed by Greenply enabled us to complete the project ahead of schedule.”

Greenply, the undisputed market leader in the organized interior infrastructure space, has also recently launched 13 exciting categories of laminates in mind-blowing shades under the Greenlam range. The range comprises Kenyan Raft Wood, Horizontal Hush, Horizontal Lines, American Wall paper, Caravan Leather, Quarter Cut Oak Finish, Alluring Alligator finish, Wacky Wicker finish, Fabric (Thai Silk), 3D range, Chic and Teen talk. Available in the price range of Rs 600 to Rs 2,000 a sheet, the new Greenlam range is guaranteed to take the laminates market by storm. Mr. Alex Joseph, Vice President - Corporate Communications, Greenply Industries, said, “The recent Greenlam advertising campaign ‘Dikhane Ka Jee Kare’ has whetted the appetite of our customers. The sale of laminates, which has already seen a hefty increase, will now get a further boost with capacity expansion.” Greenply Industries enjoys excellent support from retailers, interior architects, designers, contractors and carpenters. With its pan-Indian network of 24 branches and more than 7,100 authorised dealers, distributors, sub dealers, and retailers across India, Greenply, asserts Mr Joseph, is ideally placed to meet the growing demand for laminates. As of March 31, 2007, the capacity utilization at the Behror plant is in excess of 100 per cent, thanks to a 22 per cent growth in laminate production during 2006-07 over the corresponding period in 2005-06.

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Greenply Industries FY 2006-07 Revenue up 52%
New Delhi, June 4, 2007: Strong sales growth across its product categories of plywood, laminate, decorative veneer and particle board helped India’s largest interior infrastructure manufacturer Greenply Industries Limited (GIL) report a revenue of Rs 392.20 during FY 2006-07, representing a growth of 52.40% over FY 2005-06. The company had posted a revenue of Rs 257.35 crore during FY 2005-06.

There has been a significant improvement in Net Profits as well; against a net profit of Rs 14.08 crore during FY 2005-06, the company has posted a net profit of Rs 22.52 crore during 2006-07, representing a growth of 59.94%. For the quarter ended March 31, 2007, the company has earned a revenue of Rs 110.61 crore, representing a growth of 76.30% over the corresponding period last year. The company had posted a revenue of Rs 62.74 crore for the quarter ended March 31, 2006. The net profit for the quarter ended March 31, 2007 was Rs 6.71 crore against Rs 3.77 crore during Q4 2005-06, registering a growth of 77.98%.

GIL Joint Managing Director Saurabh Mittal said, “I am particularly pleased that Greenply has not only grown much beyond the interior infrastructure industry growth rate of 15%, we have also bettered our earnings guidance of 35% YoY growth.” The improved show is a result of cost reduction measures, higher capacity utilisations, change in product mix, improved product visibility and buoyancy in the market. “Due to our marketing efforts and introduction of newer products, we have achieved a better price growth of almost 15% in our decorative veneer category. We have also witnessed overall growth across all product categories and good capacity utilization from our Nagaland, Kolkata and Behror units. All of these resulted in improved margins,” Mr Mittal said.

FY 2006-07 has been an eventful year for Greenply Industries. During the year, the company commissioned its Pant Nagar plant in Uttaranchal. The plant, which produces plywood and particleboards, has been set up at a cost of Rs 80 crore. The plant has the capacity of producing 6.60 million square metres of plywood and 1.82 million square metres of particleboard. This has taken the company’s total capacity of plywood to 17.10 million square metres of plywood, while this is the first particleboard manufacturing unit for the company.

The company also signed the first-ever Carbon Credit agreement, worth over $4 million, in the interior infrastructure industry and started expanding its existing laminates production capacity at Behror, Rajasthan, from 39.60 lakh sheets to 53.40 lakh sheets per annum. After the expansion, Greenply will be the biggest laminate producer in India. The total outlay for the projects is estimated at Rs 40 crore, and will involve the setting up of a fourth production line.

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Greenply Industries Q3 Net Profit up 76%
New Delhi, January 22, 2007: India’s largest interior infrastructure manufacturer Greenply Industries Limited (GIL) has reported a net profit of Rs 6.54 crore for the quarter ended December 31, 2006, registering a growth of 76%. The company had posted a net profit of Rs 3.71 crore during Q3 2005-06,
The company had net sales of Rs 108.85 crore for the quarter ended December 31, 2006, representing a growth of 48% over the corresponding period last year.  The company’s Q3 revenue during 2005-06 was Rs 73.49crore.
The stronger bottom-line growth was a result of a marked increase in operating margins; EBIDTA in Q3 2006-07 grew by 80% against the corresponding quarter of the previous fiscal. Additionally, there was sales growth across Greenply’s product categories of plywood, laminate, decorative veneer and particleboards.
According to GIL Joint Managing Director & CEO Mr. Saurabh Mittal, “Due to our marketing efforts and introduction of newer products, We have achieved better price growth in our decorative veneer category, which is close to 15%, Also we have witnessed over all growth across all product categories and good capacity utilization from our Nagaland, Kolkatta and Behror factory resulted in improved margins”.
 “Greenply has a range of products that has given us the status of a one-stop manufacturer of all products related interior infrastructure from plywood & boards, flush doors, decorative veneers, decorative laminates to pre lam MDF and particleboard”, he said.
GIL accounts for 25 per cent of its organized plywood and 14 per cent of its organized laminate market.
The company also announced that its Pant Nagar plant in Uttaranchal plant has started production of plywood and particleboards. The plant, which was commissioned ahead of schedule, has been set up at a cost of Rs 80 crore.
The plant has the capacity of producing 6.60 million square metres of plywood and 1.82 million square metres of particleboard. This has taken the company’s total capacity of plywood to 17.10 million square metres of plywood, while this is the first particleboard manufacturing unit for the company.
Greenply has recently announced that it is expanding its existing laminates production capacity at Behror, Rajasthan, from 39.60 lakh sheets to 53.40 lakh sheets per annum. After the expansion, Greenply will be the biggest laminate producer in India. The total outlay for the projects is estimated at Rs 40 crore, and will involve the setting up of a fourth production line.

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Greenply - Riding on the growth wave of Indian Economy
May 1-7, 2006: IMPACT The Marketing, Advertising and Media Weekly After creating magic with its earlier commercial woven around the theme of reincarnation, Greenply has now, along with LOWE, developed a corporate TV commercial. According to sources, Greenply is headed towards complete leadership and owning the entire category of wood finished products.

Greenply Industries is a dominant player in branded product segment of plywood, laminates, decorative veneers and pre-laminated particleboard. Greenply Industries stands tall as a Rs. 300 crore company with 25 % share in the organized laminate category.

The objective of the campaign is to establish Greenply as a complete interior infrastructure company and not just a plywood manufacturer. The idea that is used has been to connect the stupendous growth that Indian Economy has been witnessing to Greenply's growth. The agency LOWE worked on basic insight that seeds of all prosperity lie in education.

The campaign shows classroom images, focusing on the board as well as the tables and chairs followed by a visual showing a jobseeker. Very subtly the campaign connects education with employment and furthermore, to the nations economy. Modestly, Greenply claims a silent yet significant role in India's development.

In the past, corporate campaigns of Amul and Tata have managed to establish the brands and reinforce the trust and confidence they enjoy in the consumer's mind. The India advantage is to be seen everywhere and the brand has made a clever use of this development by drawing a comparison. It also succeeds in introducing Greenply as a complete interior infrastructure player. While Indian economy will continue to grow, Greenply needs to grow simultaneously so that a good commercial doesn't turn out to be a broken promise.

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Breaking the wooden ceiling
May 16-31, 2006: The Brand Reporter Is it for a bank? An insuranceompany? Or an investment institution? No, its actually a corporate campaign for a plywood brand. Why does a plywood brand need to launch a corporate campaign? Greenply, as Alex Joseph, General Manager, Communications., insists, is much more than plywood. He calls it "India's largest interior infrastructure company", which incidentally is the commercial's tagline and positioning statement.

The ad opens with the shot of a schoolboy scribbling on a blackboard. There is no one else in the classroom crammed with desks. The VO states," Jab school mein table badhte hain, college mein seetein badhti hain" even as the focus shifts to a college campus to a student with his graduation degree. The VO continues, "office ke departments badhte hain", showing two happy colleagues on the screen. The action shifts to a couple sitting In their new home and VO resumes, "Wedding, shaadi, marriges, gharon mein furniture badhte hain.

The film then cuts to a restaurant full of furniture. Over a montage of shots of different places, the VO continues, "Badhte, badhte, badhte, na jaane umeed ke kitne darwaaze badhte hain. India's largest interior infrastructure company. Greenply Industries.

Joseph explains the need for this campaign. "As a company, we didn't have a proper segment which defined our business. We were either categorized under the timber/wood segment or the laminate segment. We wanted to create a new platform, a new identity that would define our business. Greenply makes all categories of products related to interior infrastructure plywood, laminates, and decorative veneers and particle board."

The Greenply ad stands out for its simplicity. It's unpretentious and has been seamlessly executed. Says Preeti Nair, creative director, LOWE Lintas, who heads the Greenply account: "The core proposition of the campaign was the growth of India and infrastructure is embedded in the message. It was a big challenge for us to work on the corporate campaign, since the product ad was really popular. The idea was to ensure that this ad should not look like the second round of the earlier product ad but the tone and line of the ad should be similar to the earlier one."

For those who tuned in late, the earlier ad featured a Sikh boy in a reincarnation theme with the tagline 'Janam Janam Ka Saathi'. The tongue-in-cheek commercial, which cost the company Rs 40 lakhs, not only succeeded in catapulting a low profile segment like plywood into public mind space, but it also resulted in a significant 30 % increase in product demand for Greenply claims Nair.Not surprisingly, Greenply is upping its advertising budget from Rs. 6 crore it spent last year.

However, isn't it really difficult to sell a company with a relatively mundane product?

Nair disagrees, "We overcame that challenge with the initial product ad. This time arounf we had to position the firm as an infrastructure company, since consumers don't think of Greenply as a part of the end product."

Joseph says that apart from the corporate campaign, Greenply would also be doing independent activities to promote its product range.

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Aeneas Portfolio picks up 13.81% stake in Greenply
This underlines the fact that FIIs & foreign investor continue to be bullish in India and select Indian stocks, says Saurabh Mittal, joint managing director, Greenply Industries

New Delhi, June 8, 2006: Greenply Industries Ltd, India's leading interior infrastructure company, has announced New York-based Aeneas Portfolio Company LP, a prominent Foreign Investor, has picked up a 13.81% stake on diluted basis in the company through a preferential allotment.

This development has taken the overall foreign investment in Greenply to 20.28% on diluted basis. Earlier, FIIs including BSMA Limited, Goldman Sachs Investments (Mauritius) I. Limited), Deutsche Securities Mauritius Ltd and others had picked up 8.19 % stake in Greenply.

The company also plans to issue another 6,70,000 equity shares to its promoters, also on a preferential basis. The promoters will also be issued another 5,45,000 convertible warrants which will have an option to subscribe upto 5,45,000 equity shares of Rs. 5 each.

The deal assumes significance on two counts. First, Aeneas is taking a long-term view on Greenply since shares allotted through preferential allotment have a lock-in period of one year. Second, as Mr Saurabh Mittal, joint managing director, Greenply Industries, points out, "This is a landmark achievement for Greenply as a leading foreign investor has made a significant investments with us. What's more, the deal, which is one of the first of its kind in the domestic plywood-laminates sector, has come in at a time when a few foreign funds are selling on the bourses. The investment underlines the fact that FIIs & foreign investors continue to be bullish on India and select Indian stocks."

"We are expanding exponentially and such show of faith by FIIs & foreign investor will commit us to reach for greater excellence," he added.

The Greenply board has already approved preferential allotment of 23,47,000 equity shares of Rs 5/- each at a price of Rs 114/- to Aeneas Portfolio Company LP. Aeneas has invested Rs 26.76 crore in the company.

Greenply accounts for 24 per cent of its organized plywood and 14 per cent of its organized laminate market.

The company recently announced that its Pant Nagar plant in Uttaranchal has started production. The plant, which was commissioned more than three months ahead of schedule, has been set up at a cost of Rs 80 crore. It will manufacture two main product lines of plywood and particle boards.

The plant has the capacity of producing almost 7.5 million Sq meters. Of plywood per annum, while the particle board production line - to be completed by July - will have a capacity of 2 million of square meters. This will take the company's total capacity of plywood to 18 million of square meters and particleboard capacity to 2 million square meters.

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Greenply Industries' Uttaranchal plant begins production
The plant was scheduled to go on stream only in July 2006

India's largest interior infrastructure company Greenply Industries Limited, has announced that its Uttaranchal plant has started its plywood production from today. What is significant that the plant has been commissioned more than three months ahead of schedule. As per the original plan, the manufacturing facility at Pant Nagar Industrial estate in Uttaranchal was expected to start production in July 2006.

The plant, set up at a cost of Rs 80 crore, will manufacture two main product lines of plywood and particle boards. The plant has the capacity of producing almost 75,00,000 square meters of plywood per annum, while the particle board production line - to be completed by July -again a head of 3 month as per the original schedule will have a capacity of 20,00,000 square meters. This will take the company's total capacity of plywood to 1,80,00,000 square meters and particleboard capacity to 20,00,000 square meters.

The project is funded through mix of debt and equity. The plant, spread over an area of 25 acres, will primarily cater to the domestic market.

According to Mr. Saurabh Mittal, Joint Managing Director, Greenply Industries, "With this increased manufacturing facility, we will be able to increase our lead over our competitors further. This will also help us marginalize the few regional brands which operate in the plywood industry." Greenply accounts for 23 per cent of its organized plywood and 13 per cent of its organized laminate market.

"We are maintaining the top position and will retain it in future too. We now have a range of products that has given us the status of a one-stop manufacturer of all products related to plywood & boards, flush doors, decorative veneers, decorative laminates and pre lam MDF and particleboard," he added.

Greenply has manufacturing facilities in Nagaland and Kolkata for plywood production and at Behror (Rajasthan) to manufacture laminates. The company has also been awarded with ISO 9001, ISO 14001 and OHSAS 18001 certifications.

It may be noted that Greenply Industries has reported revenue of Rs 73.49 crore for the quarter ended December 31, 2005, representing a 49% growth over the corresponding period last year. Net Profit for the quarter grew 112% to Rs 3.71 crore, while Earnings per Share (EPS) increased to Rs 2.76 from Rs 1.06.

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Another FII picks up stake in Greenply Industries
New Delhi October 19, 2005: Funds are making a beeline for Greenply Industries. In a significant development in the plywood and laminates sector, leading foreign institutional investors (FII) – Morgan Stanley and Bear Stearns Asset Management – along with domestic fund house Sundaram Mutual Fund have picked up close to 8% stake in Greenply Industries Ltd (GIL).

This is arguably the first time when foreign funds have taken such an interest in the domestic plywood and laminates sector.

On Tuesday (October 18), Morgan Stanley (the full name) mopped up 4 lakh equity shares, representing 2.98 per cent of the merged equity of Greenply Industries Ltd and Worthy Plywoods Ltd (WPL), a group company. Simultaneously, Sundaram Mutual Fund acquired 2 lakh equity shares, representing 1.49 per cent of the merged equity of GIL and WPL. This comes close on the heels of Bear Stearns Asset Management (BSMA) acquiring 4.71 lakh shares or 3.5 per cent equity stake in the company last month.

Confirming the development, Mr. Saurabh Mittal, Jt. Managing Director, Greenply Industries Ltd, said, “FIIs buying such a large stake in our company once again affirms Greenply’s leadership position in the interior infrastructure segment. What’s also important is the fact that FIIs and funds have picked up stakes at the ruling market prices”.

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Greenply Industries Ltd. net profit up 95% in Q1FY 2005-06.
New Delhi, 29th July, 2005:. Greenply Industries Limited has posted a 95 per cent increase in its net profit at Rs. 2.52 crores for the quarter ended 30th June, 2005 compared with Rs. 1.29 crores during the corresponding quarter in the previous year.

Gross Revenues grew by 11% per cent at Rs. 49.52 crore for the first quarter against Rs. 44.72 crore in the corresponding quarter in the previous year.

Profits before tax have recorded a growth of 148% to Rs. 3.20 crores against Rs. 1.29 crores in the corresponding quarter of the last year.

Earnings per share for the first quarter was Rs. 2.54 compared with Rs. 0.78 during the corresponding quarter in the previous year.

Mr. Saurabh Mittal, Joint Managing Director, Greenply Industries Limited said, "The improved performance report as at the end of first quarter is a result of our continued efforts to control costs, on one hand, and on the other enter into value added, margin product segments. The exemption of the Plywood Unit at Nagaland from payment of Central Excise Duty, w.e.f. 16.05.2005, has also contributed to improved profits. Moreover, the impressive growth in the Interior Construction sector has also helped us scale new heights of performance".

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Greenply Industries to set up new plant in Uttaranchal
Invests Rs 80 crore in the new manufacturing facility

New Delhi, August 18, 2005: Greenply Industries Limited, the largest manufacturer of plywood and laminates in India, is setting up a manufacturing facility at Pant Nagar Industrial estate, Udham Singh Nagar (Uttaranchal) at a cost of Rs 80 crore. The manufacturing unit will have two main product lines of plywood and particle boards.

The plywood production will have a capacity of almost 50,000 cubic meters per annum, while the particleboard production line will have a capacity of 30,000 cubic meters. This will take the company's total capacity of plywood to 100000 cubic meters and particleboard capacity to 30,000 cubic meters.

According to Mr. Saurabh Mittal, Joint Managing Director, Greenply Industries, "With this increased manufacturing facility, we will be able to increase our lead over our competitors further. This will also help us marginalize the few regional brands which operate in the plywood industry."

"Proximity to strategic markets of North and West India, easy availability of necessary infrastructure, abundance of timber, and fiscal concessions provided by the Uttaranchal government have made the Uttaranchal state the obvious choice of setting up our manufacturing unit," he explains.

The plant spread over an area of 25 acres will become fully operational by mid-2006 and will primarily cater to the domestic market

Mr. SP Mittal, Chairman, Greenply Industries, added, "With the mission of enhancing our presence in domestic as well as international markets, we have embarked on this huge expansion plan to double our production capacities. With increased demand in the domestic market, we see a tremendous potential in the industry that is growing at a brisk rate of 20-25 per cent."

The company has manufacturing facilities in Nagaland and Kolkata for plywood production. Greenply has recently merged its subsidiary, Worthy Plywoods, into itself. The merged entity is expected to generate a turnover of Rs 300 crore this fiscal. It is also worth mentioning that Greenply Industries has recently acquired a Mumbai-based laminates brand, New Mica, to enhance its presence in the Western markets.

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Greenply Industries Q3 Net Profit up 112% Revenue up 49 %

New Delhi, January 14, 2006; Greenply Industries Limited (GIL), India's largest Interior Infra-structure company, has reported a revenue of Rs 73.49 crore for the quarter ended December 31, 2005 representing a growth of 49% over the corresponding period last year. Net Profit for the quarter grew 112% to Rs 3.71 crore, while Earnings per Share (EPS) increased to Rs 2.76 from Rs 1.06.

Revenue for the nine months ended December 31, 2005 grew 54% to Rs 206.59 crore. Net Profit for the same period increased from Rs 4.41 crore to Rs 10.31 crore representing an increase of 134 % over the same period last year. The cumulative EPS for nine months stood at Rs 7.68 as against Rs 2.69 last year.

Mr. Saurabh Mittal, the Joint Managing Director of Greenply industries said, "_We have been able to improve the margins through a blend of higher capacity utilisations, change in product mix, cost control, improved product visibility and buoyancy in the market. "

"We are maintaining the top position and will retain it in future too. We now have a range of products that has given us the status of a one-stop manufacturer of all products related to plywood & boards, flush doors, decorative veneers, decorative laminates and pre lam MDF and particleboard," he added.

It may be recalled that Greenply Industries Limited has announced revenues of Rs 112.03 crore and net profit of Rs 5.53 crore compared to last year's first half figures of Rs 92.42 crore and Rs 2.66 crore respectively showing 21% increase in revenue and 107% in net profit for the quarter ended September 30, 2005.

About Greenply Industries Limited:-
Greenply Industries Limited (GIL), a Rs 300 crore, dynamic, professionally managed Interior Infrastructure Company, is the leader in the branded plywood and laminate industry in India. The company was incorporated in August 1984 as a sawmill unit.

Greenply's product comprises all ranges plywood & boards, flush doors, decorative veneers, decorative laminates and Pre lam MDF and particleboard. The company has, over the years, grown as an interior infrastructure solutions provider that currently manufactures a host of renowned brands such as Greenply Plywood - 'Janam Janam Ka Saathi'; Green Club Premium Ply, which comes with a life time guarantee; Greenlam Laminates, 'Stays New, Whatever you do'; and Green Decowood, 'Visibly Superior veneers'.

The company has got 20 branches across the country with a strong network of more than 1,500 stockists and dealers. Export contributes to more than 15% of the company's total turnover. Greenply exports its laminate products to more than 15 countries such as the US, Australia, Malaysia, Singapore, the UAE, Russia, Israel, and New Zealand among others.

Pioneering the concept of branding for various products and brand building as its core, the company's track record is impeccable as a profit-making dividend paying company over the last decade with over 11% CAGR growth in profit after tax for the last five years.

Greenply has recently merged its subsidiary, Worthy Plywoods, into itself. It is also worth mentioning that Greenply Industries has recently acquired a Mumbai-based laminates brand, New Mika, to enhance its presence in the Western markets. It is worth mentioning that The Green group has recently launched its international arm, GIL Intercontinental PTE Ltd. to market laminates in Asia Pacific Markets.