CenturyPly held its 44th Annual General Meeting, highlighting the company’s significant growth and expansion. As of March 31, 2024, CenturyPly’s valuation reached ₹14,220 crore, surpassing others in India’s wood products sector. The company’s financial performance and market position reflect its focus on innovation, quality, and customer needs, cementing its leadership in the plywood and decorative veneer market.
CenturyPly’s standalone revenue from operations increased by 6.2%. In the latest fiscal year, the company demonstrated impressive financial performance, recording 15.2% return on assets and 15.5% return on equity. Despite the challenging environment of increased interest rates, the company’s liquidity hygiene remained well-maintained, showcasing its financial prudence and stability. The company generated Rs 420 crs of cash profit during the year, solidifying its cash-rich status. Century Plyboards has carved out a formidable presence, accounting for approximately 8% of the total plywood sales nationwide. This impressive market share speaks to the company’s ability to consistently deliver high-quality products and meet the diverse needs of its customer base. However, the company’s influence is even more pronounced within the organized segment of the plywood market, where it holds a market share around 30%.
Chief among strategic initiatives is the company’s larger vision and ambitious goal of achieving a remarkable Rs 12,000 crore in annual turnover by the year 2031. This bold target underscores CenturyPly’s confidence in its ability to further cement its dominance, expand its reach, and capitalize on the growing demand for high-quality wood products across India.
Centuryply is engaged in the investment of Rs 2,00 000 crore by FY25 (including investments made since FY23). This outlay addressed the capacity expansion of laminates, MDF, plywood and particle board. This outlay addressed investments in Andhra Pradesh, Tamil Nadu and Punjab. Investments in MDF and particle board will account for a majority of the proposed outlay (combined revenue) potential of 40% of the Company’s turnover). This diversification into new product categories, such as the launch of value-added laminates and MDF, demonstrates the company’s strategic focus on expanding its product portfolio and catering to evolving customer preferences. The company has also made substantial strides in both brownfield and greenfield expansion, with a particular emphasis on bolstering its MDF and laminate production capabilities in the southern regions of the country.
The company’s impressive export figures for its line of laminates have been steadily climbing in recent years, showcasing the growing global demand for its high-quality products. In the last financial year alone, the company’s exports of laminates reached an astounding figure of around Rs 150 crore, a testament to the brand’s reputation for manufacturing durable, stylish, and versatile laminates sought after by customers worldwide. And the company has even loftier ambitions for the coming years, with plans in place to double this export value to a remarkable Rs 300 crore within the next three years. This projected doubling of laminate exports underscores the company’s strategic focus on expanding its global footprint, leveraging its technological innovations, production efficiencies, and uncompromising quality standards to make its laminates the preferred choice for discerning customers across diverse international markets.
Centuryply is dedicated to its motto, ‘Sarvada Sarvottam – The Best Always’ by prioritizing trust, quality, innovation, customer focus, and people development. The Company ensures the reliability and excellence of its products, embraces new ideas to stay ahead, and remains committed to understanding and meeting customer needs while fostering employee.
Sajjan Bhajanka, Chairman, Century Plyboards (India) said, “The company has delivered good set of numbers during the time when there are pressure on margin due to reduction in realisation on account of intense competition and increase in cost of timber. With addition of new capacity under most of the segment, we are expecting good growth in topline in the coming year. Century Plyboards has widened its sphere and has launched a new product Century Cubicles augmenting towards a vigorous investment plan in their already existing plywood category.”
“In the month of April Century Plyboards heralded the commencement of commercial dispatch of Medium Density Fibreboard (MDF) from its recently inaugurated 100% subsidiary Century Panels Limited at Badvel, YSR Kadapa district in Andhra Pradesh, taking a step towards a historic milestone in the company’s eminent growth. The commencement has led to the brand doubling its MDF capacity from 900 to 1800 CBM per day. Furthermore, the company will be exporting MDF as well from the Badvel capacity, opening out to markets in West Asia and South-East Asia”, Bhajanka added.
“By being slightly ahead of the curve, we are likely to be quicker than competition in carving out shelf space and enhancing our trade confidence. By being bullish on India and investing proactively, we expect to play the role of a partner in the wood panel sector and the country ahead,” Bhajanka said.
Source: constructionweekonline.in
