Duro turn around journey began last fiscal

DURO TURN AROUND JOURNEY BEGAN LAST FISCAL,

NOW SHOWING STABLE GROWTH

Duroply Industries Limited, India’s most experienced plywood manufacturer amongst the leading players, has reported a robust 20.8% growth in Profit After Tax in Q1 FY24, to Rs. 1.28 crore from Rs. 1.06 crore reported during the same quarter last financial year. EBIT for the Company grew 8.9% during the first quarter of this fiscal year, from Rs. 3.26 crore to Rs. 3.55 crore. Duroply has recorded a 6.5% growth in sales in the quarter ended June 2023, to Rs. 75.86 crores from Rs. 71.22 crores during Q1 FY23.

Results at a glance:

Commenting on the results, Mr. Akhilesh Chitlangia, Executive Director and Chief Operating Officer, Duroply, said, “Business is usually dull during the first quarter. On the supply side, this year it was further accentuated by labour and raw material shortages. In addition, Cyclone Biparjoy presented logistical challenges at our Rajkot plant. Our healthy growth on all parameters during first quarter despite all these challenges shows our inherent strength and resilience. The industry is facing severe challenges due to raw material shortages and therefore, experiencing significant inflationary pressure. We have minimised impact of increased raw material costs through a series of measure, including price increase, product mix optimisation, and robust procurement.

While we expect inflationary pressures to continue, demand for our brand continues to be strong. We are riding the India growth story. Therefore, we expect robust growth in Duroply for a long time to come.”

For further information
Ms Komal Dhruv | Company Secretary
M: +91 923 006 5964
E: komal.desai@duroply.com