Greenlam Industries Ltd., a leading manufacturer of surfacing products with its flagship brand Greenlam laminates, Decowood-decorative veneers, Mikasa-premium engineered wood flooring and Mikasa-engineered doors and frames, has announced its annual financial results for the year ending March 31, 2016.
The company has recorded a growth of 11 per cent on standalone and 12 per cent on consolidated basis in FY16. The company recorded a growth of 8 per cent in Q4 FY16. In spite of negative returns in new businesses, the growth in result is an outcome of right product mix, volume growth in decorative veneer segment and favourable raw material cost.
The company got listed on March 02, 2015 and this is the first comparable annual result of Greenlam Industries Ltd.
Over this year, the company expanded its laminate capacity by 20%, announced the commercial production of engineered doors & frames under the brand name Mikasa, introduced new product variants and is fully geared up to meet the market needs and demands across product categories. With a complete leadership in the domestic and international markets, Greenlam has recently expanded its retail footprint for the façade brand–Greenlam Clads. Greenlam is creating niche market by increasing value added products to its growing portfolio.
Commenting on the results, Saurabh Mittal, Managing Director and Chief Executive Officer, Greenlam Industries Ltd. said, “This year, we saw a steady growth and expansion in the laminates, premium wood floors, decorative veneers and allied products segments. Despite real estate slow down & challenging market conditions in the domestic and international markets, we have managed to improve our EBIDTA & PAT by 33 % and 52% respectively. We have also been able to manage the working capital of the company satisfactorily. We continue to be committed to innovation in technology and FY17 will definitely see an aggressive push through new product launches under each of our brands.”