Plywood major Century Plyboards (I) Ltd has announced its results for the second quarter of the financial year 2019-20. The company recorded net revenue from operations for the second quarter ending September 30, 2019 Rs 589.35 crore, an increase of 4.4% over the corresponding period of last financial year that stood at Rs 564.44 crore. It posted Profit After Tax for the quarter ending at Rs 52.15 crores, an increase of 38% over the corresponding period of last financial year that was Rs 37.81 crore.

“This has been an excellent set of results. It has been a difficult and challenging business environment, for all manufacturers across the country, but I think our foray into particleboard and MDF has shown phenomenal results. Laminates, we have been able to progress quite well and as it was indicated earlier, our EBDITA margin has improved substantially. Plywood is currently under a lot of pressure, but we have been able to maintain volume and profitability, which I think given the current scenario, has been a very good achievement. Going forward our target will be to further improve our plywood performance, in terms of both volume and growth and maintain the same in other product categories as well,” Sajjan Bhajanka, the company’s chairman said.

According to Bhajanka, the company’s laminates and MDF division have performed “exceptionally” well during the quarter under review. “Favourable market conditions, lower commodity prices and better sales volume have led to significant margin improvement,” he added.