CenturyPly, the largest seller of multi-use plywood today conducted its 37th Annual General Meeting, were the investors took some of the major developments.
Over the years, the company has strengthened its environment through prudent investments. The company has invested in 6 megawatts of renewable energy to moderate its carbon footprint. The company is commissioning rooftop solar panels across six manufacturing locations including Chennai, Guwahati, Karnal, Kandla, Joka and Hoshiarpur.
These solar panels are expected to address more than 15 pc of the company's power requirements and reduce carbon footprint by 5900 tonnes per annum, strengthening its credentials as an environmentally responsible company. The already commissioned rooftop solar panel at Chennai units is expected to generate 14 Lakh units of power in FY19.
The company reported a 10 pc rise in net revenues with a stable EBIDTA and growth margin. The gross revenue from operations for FY 2018 at C2002.04 crore was higher by 4 pc over the last year (C1920.33 crore in FY 2017). At Standalone level, the Gross Income stood at C2008.72 crore as compared to C1943.01 crore in the previous year. Profit before tax and Profit after tax, both witnessed a drop of 15pc and 16pc respectively, compared to the previous year. On a consolidated basis, the gross revenue from operations for FY 2018 at C2060 crore, was higher by 5 pc over the last year (C1961.86 crore in FY 2017). Profit before tax and Profit after tax were lower by 13 pc and 14 pc respectively, compared to the previous year.
The company embarked on capacity expansion initiatives that promise to increase its revenue-earning potential. Commenting on the company's performance, Mr Sajjan Bhajanka, Chairman, Century Plyboards(India) Ltd, said, " Last year has been very exciting year for us. In the last year we have commissioned our MDF capacity which is perhaps the single largest investment that has ever been undertaken under the Century banner. Not only that but we are being able to exhaust over 60 pc of the capacity within the first year of operations which is something that we ourselves, had not even thought of. So we are very happy with progress.''The company launched 198000 CBM of capacity in a segment marked by existing national capacity of 1 million CBM. The Company expects to generate H350 crore in annual revenues in FY19 from this plant. Besides, the Company plans to manufacture value-added products (laminated MDFs, flooring and doors, among others, from this facility).
''We have also taken up a number of new initiatives to reduce costs, such as the solar initiative. Thereby we have set up a 1 MW power plant in Chennai and going forward due to the success of the same we are looking at setting up 4 MW additional across our various other plants leading to total EBIDTA of 5 cr+ out of solar coming out within this year itself. We have shown decent growth for the company as a whole and that trend is likely to continue. I think with GST now coming into play in full effect, the next year onwards, the next few quarters look quite good for us,"he added.
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