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Greenlam reaps the rewards of higher laminate prices

20.12.2018 − 

Indian Greenlam Industries raised revenues from its Laminates and Allied division by 13.4% to INR2.725bn or roughly US$37.5m in the second quarter of its 2018/2019 financial year (ended 31 March). Sales slipped both in India (-7.2%) and the export business (-4.3%), falling by a total of 5.7% to 3.35m laminated boards. However, this slump was more than erased by a 16.8% growth in average sales prices. A positive trend in currency effects meant that the export business (+20.4% to INR1.319bn) outperformed activities in India (+7.5% to INR1.406bn). Export revenues increased by 5.5% when adjusted for currency effects.

Including its second division, Decorative Veneers and Allied, which comprises its veneer, multi-ply parquet and interior door operations, total consolidated revenues climbed 15.6% to INR3.184bn. Earnings were hit hard by higher costs compared with the same quarter last year, especially for raw materials (+21.7%). Phenol, melamine, methanol and kraft paper costs had all headed higher in previous quarters. On the whole, raw material costs have now reached the highest level in the past two years, according to Managing Director and CEO Saurabh Mittal.

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