Greenlam Industries Ltd., reported a 15.8% increase in net profit for the September quarter despite a hit on revenue from the GST by cutting down on operating costs.
The company recorded a net profit of INR 16.0 crore, up from INR 13.8 crore in the corresponding quarter last year. This was despite a 0.8% decline in operating revenue to INR 275.6 crore.
Laminate volumes grew by 8.8% compared to the same quarter last year. Operating profit increased to 38.2 crore from 35.3 crore in the year-ago period.
“We saw reasonable volume growth of 12.8% in the Laminates business this quarter, despite the challenging domestic market situation post GST implementation in the month of July,” said Saurabh Mittal, MD & CEO, Greenlam Industries Ltd.
With this, for the first half of the current financial year, revenue is up 2.3 %, at INR 553.3 crore, laminate volume are higher by 7.2% and operating profit increased by 8.5 % at INR 71.0 crore.