BS, INR mn FY06 FY07 FY08 FY09 FY10

Mar YE
SOURCES OF FUNDS 1,892 2,276 2,986 3,667 4,250
Shareholders funds 1,029 1,177 1,633 1,687 2,288
Share capital (Face Value 1) 198 198 227 228 228
No of Shares at the end of year 198 198 227 228 228
- additions during the years
Adjusted Shares 198 198 227 228 228

Reserves and surplus 831 979 1,405 1,460 2,060

- Share Premium 179 179 189 189 189
- Capital Reserve 186 186 177 177 202
- General Reserve 61 81 157 169 259
- Foreign currency translation reserve - - - - -
- Surplus in P&L 365 493 830 875 1,361
- Other reserve 40 40 51 50 50

Borrowings 863 1,099 1,353 1,979 1,963

Long Term 72 44 565 489 525
Short Term 791 1,055 788 1,490 1,438

Minority Interest

APPLICATION OF FUNDS 1,892 2,276 2,986 3,667 4,250

Fixed assets
Gross block 1,078 1,155 1,549 1,731 2,097
Less: Dep and impairment 272 399 636 799 986
Net block 805 756 913 932 1,111
CWIP 16 12 23 192 465
Fixed assets 821 768 936 1,124 1,576
Goodwill - - - - -
Investments 321 364 328 420 504

Current assets 1,413 1,764 2,873 2,744 3,250

Inventories 677 741 1,277 1,201 1,494

- Raw materials 288 319 708 666 826
- work in Progress 13 15 28 82 156
- Stock in Trade - - - - -
- Finished goods 321 311 439 348 335
- Stores and spare parts 54 97 102 106 178

Sundry debtors 469 610 1,064 840 1,059

Considered good more than 6 months 24 34 73 107 44
Considered doubtful more than 6 months - - - 18 18
Less : Provisions for doubtful debts - - - (18) (18)
Other debtors 444 576 992 733 1,015

Cash and bank balances 79 120 149 186 156

Loans and adv 189 292 316 457 433
Other Current Asset - - 67 60 108

Less: Current liabilities 620 589 1,111 620 1,063

Liabilities 588 584 990 539 985
- Trade payables 514 479 820 396 764
- Other Non current liabilities - - - - -
- Other Current liabilities 73 105 170 143 221
Provisions 32 4 122 81 79
- Provision for Taxes - - 1 1 -
- Provision for Staff Welfare/employee benefits 3 4 9 24 14
- Provision for Dividend 29 - 112 56 65
- Provision for Contingencies - - - - -
Net current assets 793 1,175 1,762 2,124 2,186

Deferred Tax (Net) (45) (33) (41) (1) (17)

Misc Expenditure 0 1 1 0 0

Check - - - - -

Working Capital as % of sales

Debtor Days
Creditor Days
Inventory Days
Cash conversion cycle

Debtor Days
Creditor Days
Inventory Days
Cash conversion cycle

Contingent Liabilities and commitments

- Guarantees given by Banks
- On account of letters of credit issued by bankers
- Claim against company

Balance Sheet Schedules

Share capital
Authorised Shares 500 500 571
- 650.05 mn equity shares of Rs 1 each 490 490 551
- 1.5mn preference shares of Rs 10 each 10 10 15
- 0.05mn Preference shares of Rs 100 each - - 5
Issued Shares 199 224 229
- Equity shares of Rs 1 each 199 224 229

Subscribed and paid up 227 228 228

- Equity shares of Rs 1 each 198 223 222
Add : Amount received on forfeited shares 30 5 5

Reserve and Surplus 1,405 1,460 2,060

Capital Reserves 177 177 202
- Balance as per last statements 186 177 177
- Add: Subsidy for the year /capital subsidy written off (-) (9) - 25
- Add: On acquisition of Subsidiary during the year
- Less : amounted adjusted persuant scheme of arrangements
Amalgamation Reserve 32 32 32

Securities Premium 189 189 189

Foreign Currency Translation Reserve - - -

- Balance as per last financial statements
- Add:Exchange difference
- Less : Adjustment on cessation subsidiaries

Revaluation Reserve 19 19 18
- Balance as per last financial statements 9 19 19
- Less: Amount adjusted against depreciation (11) 1 1

General Reserve 157 169 259

- Balance as per last financial statements 81 157 169
- Add:Transferred from statement of P&L 45 11 90
- Less: Adjustment on cessation of subsidiaries/scheme of arrangement (31) - -

Capital Redemption Reserve - - -

Surplus in the statement of Profit and Loss 830 875 1,361

- Balance as pe rlast financial statements 493 830 875
- Less: Depreciation adjusted as per revised calculation - - -
- Less: Adjustment on cessation of subsidiaries (48) - 1
- Add: Profit for the year 446 111 809
Less: Appropriations
- Interim Equity Dividend - 167
- Tax on Interim dividend - -
- Proposed final dividend 112 56 56
- Tax on proposed dividend - - 9
- Transfer to general reserve 45 11 90

Long Term Borrowings 565 489 525

Term Loans secured 485 434 274
- Rupee loan from banks 284 180 229
- Foreign currency loan from banks 201 255 45
Other loans and Advances(secured) 81 55 250
- from banks 10 6 5
- from Bodies corporate 71 49 245

Long Term Provisions

Provision for Employee benefits
- Provision for gratuity
- Provision for Other Long term incentives
- Provision for Stock appreciation rights (SAR)

Short Term Borrowings 788 1,490 1,438

Loans repayable on demand (secured)
- Cash credit from Banks 609 461 182
- Loans from related parties - - -
Other loans and advances (secured)
-Short term loan from banks - - 326
- Buyers credit from banks for capex 10 - 20
- Buyers credit from banks for RM 169 1,029 909
- Current maturities of Long term borrowing - - -

Other Non-current Liabilities - - -

- Security deposits received
- Others

Trade Payables 820 396 764

- Dues to small and micro enterprises - - 0
- Dues to others 820 396 764

Other Current Liabilities 170 143 221

- payable against purchase of fixed assets
- interest accrued but not due on borrowing - 5 15
- Advances from customers 5 13 20
- Unpaid dividends 1 1 1
- Statuatory dues payables
- Employees related liabilities
- Other 164 124 185

Short Term Provisions 122 81 79

- Provision for Employee benefits 9 24 14
- Provision for Tax 1 1
- Provision for dividend 112 56 65
- Provision for contingencies

Tangible assets
Gross Block 1,532 1,711 2,072
- Freehold Land 56 56 75
- Leasehold Land 18 42 18
- Factory Buildings 275 287 349
- Non factory buildings on freehold Land 31 35 92
- Non factory buildings on leasehold Land - - -
- Storage yard on leasehold Land - - 39
- Plant and machinery 879 940 1,077
- Electrical Installation 112 119 138
- Furniture and fixtures 27 31 35
- Office equipments 22 30 43
- Computers 46 54 56
- Vehicles 66 116 150
- Vessel -
Depreciation 633 789 969
- Freehold Land - - -
- Leasehold Land 3 5 3
- Factory Buildings 101 116 127
- Non factory buildings on freehold Land 4 6 24
- Non factory buildings on leasehold Land - - -
- Storage yard on leasehold Land - - 3
- Plant and machinery 399 502 613
- Electrical Installation 48 59 69
 - Furniture and fixtures 13 15 16
- Office equipments 8 10 16
- Computers 24 34 35
- Vehicles 32 42 62
- Vessel
Intangible Assets 14 11 8
Gross Block 17 20 25
- Computer Softwares 17 20 24
- Trade marks 0 0 0
- Goodwill - - 1
Amortisations 3 9 17
- Computer Softwares 3 9 16
- Trade marks 0 0 0
- Goodwill 1

Non Current Investments 328 420 504

- Equity investment 10 1 1
- Govt securities investments 0 - 0
- Mutual Funds Investments -
- Investment in assoaciat/subsidiaries 319 419 504

Current Investments
- Equity investments
- Investment in Debentures
- Mutual funds

Long Term Loans and Advances 77 113 102

- Capital advances
- Security deposits 70 67 64
- Prepaid expenses
- Anti dumping duty receivable -
- Advance income tax 8 46 38
- Minimum alternative tax credit enhancement -
- Others

Short term loans and Advances 239 344 331

- Security deposits
- Loans to others 1 1 120
- Advances recoverable in cash/kind 151 148 92
- Prepaid expenses
- Anti dumping duty receivable
- Advance income tax
- Minimum alternative tax credit enhancement
- Deposits against demand under disputes
- Balance with statutory authorities 46 67 84
- Advances to subsidiaries
- Others 41 129 35

Cash and Bank Balances 149 186 156

- Current Accounts 74 69 87
- Cash/cheques on hand 49 62 57
- Unpaid dividend account - - 1
- Margin money deposits with maturities 3 to 12 months 26 56 10
Other Non curent Assets - - -
- Government subsidies
- Others

Other current Assets 67 60 108

- Governement subsidies receivables 67 60 105
- Insurance claim receivables -
- Interest accrued on loans, deposits etc. 4
- Other receivables

Capital Expenditure on New/Expansion Project - - -

Fixed Assets
- Freehold Land
- Factory Buildings
- Plant and machinery
- Electrical installation
- Office equipments
- Vehicles
- Computers
Fixed Assets under erection
- Factory Buildings
- Non factory building
- Plant and machinery
- Electrical installation
FY11 FY12 FY13 FY14 FY15 FY16

4,894 6,670 7,174 8,846 9,087 10,115

2,784 3,126 2,497 2,931 3,894 5,327
228 228 223 223 223 223
228 228 223 223 223 223

228 228 223 223 223 223

2,556 2,898 2,274 2,708 3,671 5,104

189 189 189 189 189 189
193 193 71 71 74 75
339 401 14 95 99 99
- - - 39 28 56
1,786 2,066 1,952 2,262 3,229 4,633
49 48 48 53 52 52

2,110 3,544 4,678 5,801 5,138 4,698

186 643 1,557 1,777 814 641
1,924 2,901 3,121 4,024 4,324 4,057

- - 114 55 90

4,894 6,670 7,174 8,846 9,087 10,115

2,878 3,222 3,199 4,895 4,607 5,228

1,219 1,478 1,342 1,731 2,151 2,601
1,659 1,744 1,857 3,164 2,456 2,627
100 363 360 240 329 1,026
1,759 2,107 2,217 3,404 2,785 3,652
- - - - - -
556 732 156 31 4 2

3,974 4,981 6,007 6,793 7,817 8,002

1,712 1,967 2,177 3,029 3,322 2,975

998 1,212 1,420 2,151 2,005 1,546
185 194 243 180 304 290
- 83 118 139 233 430
373 316 339 464 692 613
156 162 58 95 89 96

1,208 1,667 1,816 2,089 2,683 2,873

50 53 89 107 187 360
23 23 18 20 26 43
(23) (23) (18) (20) (25) (43)
1,158 1,615 1,728 1,982 2,495 2,512

109 421 797 387 374 389

762 778 1,060 1,073 1,323 1,523
182 148 157 215 114 242

1,397 1,155 1,208 1,389 1,581 1,671

1,122 1,139 1,107 1,063 1,152 1,576
839 869 813 599 622 869
- 8 12 19 28 47
283 263 282 445 503 660
275 15 101 326 428 95
- - 19 45 62 27
26 15 17 21 32 68
249 1 65 260 334 -
- - - - - -
2,577 3,826 4,799 5,404 6,236 6,331

2 4 2 7 63 130
(0) 1 0 0 (0) 0

- - - - - -

671 671 671 671 671 671

651 651 651 651 651 651
15 15 15 15 15 15
5 5 5 5 5 5
229 229 224 224 224 224
229 229 224 224 224 224

228 228 223 223 223 223

222 222 222 222 222 222
5 5 0 0 0 0.4

2,556 2,898 2,274 2,708 3,671 5,104

193 193 71 71 74 75
202 193 193 71 71 74
 (9) - - - 3 -
- - - - 0
- 122
32 32 32 32 32 32

189 189 189 189 189 189

- - - 39 28 56
- - 16 39 28
- - 22 17 28
- - - 28 -

17 17 16 16 16 15
18 17 17 16 16 16
1 1 0 0 0 0

339 401 14 95 99 99
259 339 401 14 95 99
80 63 575 81 15 -
- - 962 - 11 -

- - - 5 5 5

1,786 2,066 1,952 2,262 3,229 4,633

1,361 1,786 2,066 1,992 2,262 3,229
- - - - 15 -
- - - - (42) -
745 601 527 603 1,490 1,672

- 222 0 - 167 222

- 36 0 - 33 45
223 - 56 214 278 -
17 - 9 38 57 -
80 63 575 81 15 -

186 643 1,557 1,777 814 641

123 610 1,548 1,770 750 555
79 68 887 638 393 168
45 543 661 1,133 357 387
63 33 9 6 64 85
8 12 1 6 53 80
55 21 8 - 11 5

1,924 2,901 3,121 4,024 4,324 4,057

450 421 105 1,238 1,725 1,434

50 30 - 100 - -
 - - - - 600 300
34 39 111 159 88 194
1,390 2,238 2,677 2,002 1,450 1,625
- 174 228 525 461 504

- 8 12 19 28 47
8 12 16 28 47
3 - -

839 869 813 599 622 869

1 0 1 0 0 5
838 869 812 599 621 864

283 263 282 445 503 660

74 80 27 5 7
7 20 14 25 15 13
38 45 42 56 66 94
1 2 2 1 1 2
123 145 185 185 244
- - 151 227 299
236 - - - 3 1

275 15 101 326 428 95

26 15 17 21 32 68
- - 19 45 62 27
249 1 65 260 334 -
- - - - -

1,738 1,842 3,137 2,440 2,605

2,851 3,190 3,155 4,832 4,538 5,136
119 149 195 262 323 322
92 107 107 115 115 115
380 399 449 621 707 797
169 129 156 252 370 397
- 94 96 98 99 100
347 373 377 377 377 377
1,241 1,395 1,324 1,705 1,886 2,250
156 163 93 146 158 164
42 46 73 84 96 96
49 52 58 67 80 88
63 71 77 85 99 109
194 213 149 162 229 320
- - 858 - -
1,197 1,452 1,313 1,695 2,098 2,532
- - - - - -
8 15 23 32 41 50
148 171 137 188 239 291
34 30 35 42 72 95
- 15 22 31 48 55
23 50 79 108 153 198
730 862 761 953 1,152 1,363
81 93 40 60 84 103
 20 25 29 36 50 59
20 24 28 33 56 67
44 52 57 62 76 84
88 116 101 111 127 167
- - 40
5 6 14 27 16 22
27 31 44 62 69 91
26 30 43 62 67 89
0 1 1 - - 0
1 - - 2 3
22 25 30 36 53 70
21 24 28 36 53 70
0 0 0 - - 0
1 1 1 - - -

556 732 156 31 4 0

52 52 52 2 0 0
0 0 0 4 0 0
- - - - - -
504 680 104 25 4 -

- - - - 2
- - -
- - -
- - 2

190 373 585 603 625 847

78 69 58 85 233
70 76 77 99 94 103
0 1 1 0 1
7 - - - - -
15 24 31 22 0 0
97 192 288 419 444 508
3 119 4 2 3

573 405 475 471 698 676

19 15 21 42 43
111 50 175 120 103 -
124 141 111 - - 277
37 28 52 31 53
16 20 18 18 18
- - - 1 3
- - - - -
6 6 15 18 19
136 135 119 93 134 122
- - - - -
201 - - 153 351 141

109 421 797 387 374 389

96 294 143 309 348 339
12 11 17 24 24 23
1 2 2 1 1 2
0 115 635 52 1 24
 - 35 21 26 23 -
35 21 24 23 -
- - 3 - -

182 113 137 189 90 242

118 108 125 179 88 194
- - 9 2 0
5 5 12 0 0 0
59 - - 1 - 47

- - - - - 608

194
5
5
11
0
6
0

15
0
361
9
 Stand Stand Stand Stand Stand
Mar YE (INR mn) FY06 FY07 FY08 FY09 FY10

Revenue from Operation 2,835 4,444 6,319 7,362 8,042

Less : Excise duty 179 213 376 385 362
Less : Sales tax/VAT 206 337 544 520 606
Excise as a % of Revenue 6.3% 4.8% 6.0% 5.2% 4.5%
Sales Tax/VAT as % of Revenue 7.3% 7.6% 8.6% 7.1% 7.5%
Net Revenue from operation 2,450 3,894 5,398 6,457 7,074
Other operating income 21 24 16 20 5
Total Revenue from operation 2,471 3,918 5,414 6,477 7,079
% Change Y-o-Y 58.6% 38.2% 19.6% 9.3%

Total Expenditure 2,249 3,522 4,614 5,955 6,246

Cost of material consumed 1,730 2,530 3,200 4,083 4,025
Employee Expenses 100 166 312 472 557
Transport anf freight cost 81 153 157 228 223
Advertisement and Promotion Expenses 109 182 271 342 557
Other Expenses 228 491 673 830 883

EBITDA 222 396 801 522 833

EBITDA margin(%) 9.0% 10.1% 14.8% 8.1% 11.8%
% Change Y-o-Y 78.7% 102.2% -34.8% 59.7%

Depreciation &Amortization+impairment 65 129 139 169 189

as a % of Gross fixed assets 6.0% 11.5% 10.3% 10.3% 9.9%
- Depreciationand Ammortization 65 129 139 169 189

EBIT 157 267 662 353 644

Finance costs 42 79 123 176 130

as a % of loans 4.9% 8.1% 10.0% 10.5% 6.6%
- Interst expense 42 79 105 138 107
- Exchange diff as an adjustment to borrowing cost - - - - -
- Other bank charges - - 18 38 23

Other income 37 56 81 231 451

as a % of cash and investments

PBT 152 244 620 408 965

Provision for taxation 46 41 173 (30) 155
Effective Tax rate(%) 30.3% 16.8% 28.0% -7.4% 16.1%
Current tax 18 48 163 4 142
Tax rate(%) 11.5% 19.7% 26.3% 0.9% 14.7%
MAT credit Entitlement - - - - -
Deferred tax 25 (11) 4 (41) 13
FBT 4 4 6 7 -
Core PAT 106 203 446 438 809
Extraordinary/Exceptional - (2) - 327 -
Reported PAT 106 204 446 112 809
Less : Minority Interest - - - - -
Add/(Loss)Share of Profits in Ass - - - - -
PAT after minority 106 204 446 112 809
Adjusted PAT 106 203 446 438 809
PAT margin(%) 4.3% 5.2% 8.2% 6.8% 11.4%
Adjusted EPS 0.5 1.0 2.0 1.9 3.6
YoY % 91.4% 91.8% -1.9% 84.7%

Balance Carried Forward 205 365 493 830 875

Other Adjustments (94) - (48) - 1
Profit Bought Forward 106 204 446 111 809
General Reserve 11 20 45 11 90
Equity 29 56 112 56 232
Dividend 26 49 112 56 223
- Dividend Pay-out 24.2% 24.4% 25.0% 12.8% 27.5%
DPS 0.1 0.2 0.5 0.2 1.0
- Dividend Tax 4 7 - - 9
Rate 14.0% 14.0% 0.0% 0.0% 4.3%
Amount Carried to Balance Sheet 365 493 830 875 1,361

ROE % 18.4% 31.8% 26.4% 40.7%

ROCE % 12.8% 25.1% 10.6% 16.3%
Stand Stand Stand Stand Consol Consol
FY11 FY12 FY13 FY14 FY15 FY16

10,735 11,906 12,234 14,428 16,993 17,848

608 799 991 1,066 1,266 1,345
833 - - - - -
5.7% 6.7% 8.1% 7.4% 7.5% 7.5%
7.8%
9,293 11,106 11,243 13,362 15,727 16,503
16 77 68 115 157 134
9,309 11,183 11,311 13,477 15,884 16,637
31.5% 20.1% 1.1% 19.1% 17.9% 4.7%

8,333 9,781 10,183 11,711 13,326 13,749

5,314 6,797 7,059 7,828 8,427 8,191
753 991 1,184 1,612 2,009 2,391
304 404 405 522 602 645
844 329 484 340 659 857
1,118 1,260 1,052 1,409 1,629 1,665

976 1,403 1,128 1,766 2,559 2,888

10.5% 12.5% 10.0% 13.1% 16.1% 17.4%
17.2% 43.7% -19.6% 56.5% 44.9% 12.9%

242 265 267 387 485 484

9.7% 8.7% 8.3% 9.6% 10.2% 9.8%
242 265 267 387 485 484

734 1,138 861 1,379 2,074 2,404

128 400 390 603 456 481

6.3% 14.1% 9.5% 11.5% 8.3% 9.8%
100 143 149 296 325 270
- 212 202 273 96 178
28 44 39 34 34 33

151 24 73 (147) 177 58

758 762 544 629 1,796 1,981

13 29 17 (5) 296 301
1.7% 3.8% 3.2% -0.7% 16.5% 15.2%
129 126 111 156 391 431
17.0% 16.5% 20.3% 24.8% 21.8% 21.8%
(97) (95) (96) (128) (42) (64)
(19) (2) 2 (32) (53) (67)
- - - - - -
745 733 527 633 1,500 1,680
- 132 - - - -
745 601 527 633 1,500 1,680
- - - 31 9 8
- - - 1 (1) -
745 601 527 603 1,490 1,672
 745 733 527 603 1,490 1,672
8.0% 6.6% 4.7% 4.5% 9.4% 10.0%
3.3 3.2 2.4 2.7 6.7 7.5
-7.9% -1.6% -26.6% 14.5% 147.2% 12.2%

1,361 1,786 2,066 1,992 2,262 3,229

- - - - (27) -
745 601 527 603 1,490 1,672
80 63 575 81 15 -
240 258 65 252 534 267
223 222 56 214 444 222
29.9% 30.3% 10.6% 35.5% 29.8% 13.3%
1.0 1.0 0.3 1.0 2.0 1.0
17 36 9 38 90 45
7.7% 16.2% 17.0% 17.7% 20.2% 20.4%
1,786 2,066 1,952 2,262 3,229 4,633

29.4% 24.8% 18.7% 22.2% 43.7% 36.3%

16.1% 19.7% 12.4% 17.3% 23.4% 25.2%
 FY06 FY07 FY08 FY09 FY10

Revenue from operations 2,835 4,444 6,319 7,362 8,042

% Y-o-Y 56.8% 42.2% 16.5% 9.2%

Sale of Products 2,822 4,431 6,296 7,327 7,843

% Y-o-Y 57.0% 42.1% 16.4% 7.0%
- Plywood and Blackboards 1,663 2,352 3,577 4,254 5,269
- Laminates 550 805 906 1,063 1,045
- Prelaminated particle boards 24 62 110 111 134
- Veneer 192 200 534 670 608
- Medium density fibreboards - - 30 89 22
- Agri products - - - - 8
- Phenol - - - - 76
- Furnitures - - - - -
- Others 393 1,013 1,139 1,141 681

% of sale of Products
- Plywood and Blackboards 58.9% 53.1% 56.8% 58.1% 67.2%
- Laminates 19.5% 18.2% 14.4% 14.5% 13.3%
- Prelaminated particle boards 0.9% 1.4% 1.7% 1.5% 1.7%
- Veneer 6.8% 4.5% 8.5% 9.1% 7.7%
- Medium density fibreboards 0.0% 0.0% 0.5% 1.2% 0.3%
- Agri products 0.0% 0.0% 0.0% 0.0% 0.1%
- Phenol 0.0% 0.0% 0.0% 0.0% 1.0%
- Furnitures 0.0% 0.0% 0.0% 0.0% 0.0%
- Others 13.9% 22.9% 18.1% 15.6% 8.7%

% Y-o-Y
- Plywood and Blackboards 41.4% 52.1% 18.9% 23.9%
- Laminates 46.2% 12.6% 17.2% -1.6%
- Prelaminated particle boards 156.5% 76.8% 1.0% 20.6%
- Veneer 4.1% 167.2% 25.5% -9.3%

Income from Services 13 13 23 35 200

% Y-o-Y 2.0% 72.6% 54.5% 471.3%
- Container freight stations 13 13 23 35 200
- Other services -

Other Operating revenue 21 24 16 20 5

- Scrap sales - - - - -
- Export incentives 21 24 16 20 5
- Sales tax subsidy - - - - -
- Miscellaneous income - - - - -

Other Income 37 56 81 231 451

Dividend income on long term investments 0 44 44 222 222
Interest Income onfixed deposits 0 5 7 5 8
Insurance claims - - 4 2 2
Unspent liabilities written back - - - - -
Profit on fixed assets sold/discarded 7 0 0 1 0
Bad debts recovered - - - - -
Foreign exchange fluctuations - 3 15 - 216
Net gain on sale of long term investments 29 1 8 - -
Miscellaneous receipts 0 2 2 2 2

Quantity sold
- Plywood (CBM) 54,745 71,563 94,530 100,378 116,763
- Veneer (CBM) 14,966 15,037 29,311 27,258 25,738
- Laminate (Nos) 1,435,240 2,221,295 2,142,894 2,036,355 1,822,774
- Prelaminated boards (sqm) 80,585 128,451 255,013 290,124 372,466
- MDF (CBM) - - 1,851 4,731 1,074

% Y-o-Y
- Plywood (CBM) 30.7% 32.1% 6.2% 16.3%
- Veneer (CBM) 0.5% 94.9% -7.0% -5.6%
- Laminate (Nos) 54.8% -3.5% -5.0% -10.5%
- Prelaminated boards (sqm) 59.4% 98.5% 13.8% 28.4%

Turnover
- Plywood 1,663 2,352 3,577 4,254 5,269
- Veneer 192 200 534 670 608
- Laminate 550 805 906 1,063 1,045
- Prelaminated boards 24 62 110 111 134
- MDF/PPB - - 30 89 22

Realization
- Plywood (INR/CBM) 30,375 32,864 37,840 42,376 45,126
- Veneer (INR/CBM) 12,832 13,297 18,227 24,593 23,613
- Laminate (INR/sheet) 383 362 423 522 573
- Prelaminated boards (INR/sqm) 300 483 430 382 359
- MDF (INR/CBM) 16,172 18,846 20,480

% Y-o-Y
- Plywood (CBM) 8.2% 15.1% 12.0% 6.5%
- Veneer (CBM) 3.6% 37.1% 34.9% -4.0%
- Laminate (Nos) -5.5% 16.8% 23.4% 9.9%
- Prelaminated boards (sqm) 60.9% -10.9% -11.2% -6.1%
 FY11 FY12 FY13 FY14 FY15 FY16

10,735 11,906 12,234 14,428 16,993 17,848

33.5% 10.9% 2.8% 17.9% 17.8% 5.0%

10,382 11,373 11,649 13,646 16,246 17,011

32.4% 9.5% 2.4% 17.1% 19.1% 4.7%
7,169 7,706 7,805 8,808 10,725 10,892
1,306 1,533 1,800 2,021 2,767 3,254
223 408 441 439 366 329
625 856 1,288 1,717 1,716 1,916
36 34 28 82 91 86
16 59 71 75 85 68
63 - 123 52 201 114
- - 17 47 86 138
944 776 75 405 211 214

69.1% 67.8% 67.0% 64.5% 66.0% 64.0%

12.6% 13.5% 15.5% 14.8% 17.0% 19.1%
2.1% 3.6% 3.8% 3.2% 2.3% 1.9%
6.0% 7.5% 11.1% 12.6% 10.6% 11.3%
0.3% 0.3% 0.2% 0.6% 0.6% 0.5%
0.2% 0.5% 0.6% 0.6% 0.5% 0.4%
0.6% 0.0% 1.1% 0.4% 1.2% 0.7%
0.0% 0.0% 0.1% 0.3% 0.5% 0.8%
9.1% 6.8% 0.6% 3.0% 1.3% 1.3%

36.1% 7.5% 1.3% 12.9% 21.8% 1.6%

25.0% 17.3% 17.4% 12.3% 36.9% 17.6%
66.5% 83.4% 8.1% -0.6% -16.4% -10.2%
2.8% 37.1% 50.4% 33.2% 0.0% 11.6%

354 533 585 782 747 837

77.2% 50.7% 9.8% 33.6% -4.5% 12.1%
354 533 585 777 747 837
- - - 5 - 0

16 77 68 115 157 134

- 31 19 14 32 32
16 22 21 34 37 59
- 19 21 24 64 30
- 5 7 42 25 13

151 24 73 (147) 177 58

118 0 0 0 0 0
34 26 14 24 16 2
3 4 6 6 6 6
2 6 8 4 1 2
0 - 17 - 1 -
1 2 1 0 0 0
(9) (17) 26 (184) 144 47
 0 4 1 2 8 1
2 0 1 0 1 0

140,859 160,393 154,733 177,831 198,466 197,718

32,879 36,954 36,644 43,524 35,534 44,076
2,106,653 2,444,042 2,698,740 2,913,286 3,600,682 4,260,499
600,965 1,113,753 1,147,524 1,089,812 1,301,520 1,031,181
1,655 1,419 1,127 - - -

20.6% 13.9% -3.5% 14.9% 11.6% -0.4%

27.7% 12.4% -0.8% 18.8% -18.4% 24.0%
15.6% 16.0% 10.4% 7.9% 23.6% 18.3%
61.3% 85.3% 3.0% -5.0% 19.4% -20.8%

7,169 7,628 7,805 8,335 10,099 10,166

625 924 1,288 1,314 1,372 1,569
1,306 1,533 1,800 1,863 2,446 2,930
223 408 441 488 420 371
36 34 28 - - -

50,897 47,561 50,444 46,869 50,884 51,416

19,002 25,013 35,157 30,183 38,617 35,602
620 627 667 639 679 688
370 366 385 447 323 360
21,728 24,237 24,947 - - -

12.8% -6.6% 6.1% -7.1% 8.6% 1.0%

-19.5% 31.6% 40.6% -14.1% 27.9% -7.8%
8.1% 1.2% 6.3% -4.2% 6.3% 1.2%
3.2% -1.0% 4.9% 16.4% -27.8% 11.4%
 FY06 FY07 FY08 FY09
Total Expenditures 2,249 3,522 4,614 5,955
Cost of material consumed 1,730 2,530 3,200 4,083
Employee Expenses 100 166 312 472
Transport anf freight cost 81 153 157 228
Advertisement and Promotion Expenses 109 182 271 342
Other Expenses 228 491 673 830

% Y-o-Y
Cost of material consumed 46.2% 26.5% 27.6%
Employee Expenses 65.5% 87.6% 51.4%
Rent Expenses 88.2% 2.7% 45.3%
Advertisement and Promotion Expenses 66.7% 49.0% 26.0%
Other Expenses 115.3% 37.0% 23.3%

% of Net Revenue
Cost of material consumed 70.0% 64.6% 59.1% 63.0%
Employee Expenses 4.1% 4.2% 5.8% 7.3%
Rent Expenses 3.3% 3.9% 2.9% 3.5%
Advertisement and Promotion Expenses 4.4% 4.7% 5.0% 5.3%
Other Expenses 9.2% 12.5% 12.4% 12.8%

Gross Margin % 30.0% 35.4% 40.9% 37.0%

EBITDA Margin % 9.0% 10.1% 14.8% 8.1%

Cost of Materials Consumed 1,078 1,389 2,784 3,496

Inventories at the beginning of the year 319 708
Less : On cessation of subsidiaries - -
Add: Purchases 3,171 3,463
Less: Inventories at the end of the year 708 666
Excise duty and cess on stocks 2 (9)

Change in Inventories (127) 9 (115) 37

Opening Stocks
- Stock in Trade - - - -
- Finished Goods 194 321 330 439
- Work in Progress 12 13 22 28
Closing Stocks
- Stock in Trade - - - -
- Finished Goods 321 311 439 348
- Work in Progress 13 15 28 82

Details of purchase of stock in Trade 780 1,132 532 550

- Plywood and Blockboards
- Veneer
- Medium density fibreboards/particle boards
- Chemical
- Pest control kits
- Phenol
- Furnitures
- Others

Employee Expenses 100 166 312 472

- Salaries and wages 87 147 279 425
- Contribution to Provident funds 10 14 26 31
- Staff welfare expenses 4 5 7 16

% of Net Revenue
- Salaries and wages 3.5% 3.8% 5.1% 6.6%
- Contribution to Provident funds 0.4% 0.4% 0.5% 0.5%
- Staff welfare expenses 0.2% 0.1% 0.1% 0.2%

Other Expenses 419 826 1,101 1,400

- Stores and spare part consumed 28 64 100 109
- Power and fuel 86 210 303 347
- (Increase/decrease of excise duty on inventory - - - -
- Insurance 5 6 9 10
- Rent 7 12 23 30
- Rates and taxes 1 3 6 12
- Repairs and maintenance on Buildings - - 6 6
- Repairs and maintenance on plant and machinery 18 41 28 33
- Repairs and maintenance on others - - 8 20
- Transport and Freights 81 153 157 228
- Commission on sales 5 11 19 21
- Advertisement, publicity and sales promotion 109 182 271 342
- Communication expenses 10 14 20 22
- Directors sitting fees 3 4 5 15
- Auditors remuneration 0 1 1 3
- CSR - - - -
- Charity and donations - - 7 11
- Octroi 2 15 25 23
- Loss on fixed assets - - - -
- bad debts written off - - - 10
- provision on doubtful debts - - - 18
- other miscellaneous expenses 63 109 113 141

% of Net Revenue
- Stores and spare part consumed 1.1% 1.6% 1.8% 1.7%
- Power and fuel 3.5% 5.4% 5.6% 5.4%
- (Increase/decrease of excise duty on inventory 0.0% 0.0% 0.0% 0.0%
- Insurance 0.2% 0.2% 0.2% 0.2%
- Rent 0.3% 0.3% 0.4% 0.5%
- Rates and taxes 0.0% 0.1% 0.1% 0.2%
- Repairs and maintenance on Buildings 0.0% 0.0% 0.1% 0.1%
- Repairs and maintenance on plant and machinery 0.7% 1.1% 0.5% 0.5%
- Repairs and maintenance on others 0.0% 0.0% 0.2% 0.3%
- Transport and Freights 3.3% 3.9% 2.9% 3.5%
- Commission on sales 0.2% 0.3% 0.4% 0.3%
- Advertisement, publicity and sales promotion 4.4% 4.7% 5.0% 5.3%
- Communication expenses 0.4% 0.4% 0.4% 0.3%
- Directors sitting fees 0.1% 0.1% 0.1% 0.2%
- Auditors remuneration 0.0% 0.0% 0.0% 0.0%
- CSR 0.0% 0.0% 0.0% 0.0%
- Charity and donations 0.0% 0.0% 0.1% 0.2%
- Octroi 0.1% 0.4% 0.5% 0.4%
- Loss on fixed assets 0.0% 0.0% 0.0% 0.0%
- bad debts written off 0.0% 0.0% 0.0% 0.2%
- provision on doubtful debts 0.0% 0.0% 0.0% 0.3%
- other miscellaneous expenses 2.5% 2.8% 2.1% 2.2%

Raw Materials Consumed (standalone)

Quantity
- Timber logs (CBM) 36,389 36,990 110,936 118,191
- Veneer (CBM) 13,961 12,601 47,539 91,068
- Chemicals (Kg/ltr) 6,527,779 7,809,292 16,546,924 12,670,097
- Paper (Kgs) 4,700,325 6,095,475 6,486,940 5,652,161
- Particle board (CBM) 1,769 2,673 4,125 283,588
Value in mn
- Timber logs 416 424 1,302 1,937
- Veneer 158 204 471 429
- Chemicals 232 327 505 510
- Paper 230 305 323 368
- Particle board 16 23 43 51

Cost per unit

- Timber logs (INR/CBM) 11,419 11,451 11,733 16,389
- Veneer (INR/CBM) 11,311 16,159 9,907 4,706
- Chemicals (Rs/litre) 36 42 31 40
- Paper (Rs/kg) 49 50 50 65
- Particle board (INR/CBM) 9,265 8,477 10,338 180

Raw materials
- Imported 618 750 1,679 2,505
- Indigenous 459 639 1,104 1,000

As % of raw material
- Imported 57.4% 54.0% 60.3% 71.5%
- Indigenous 42.6% 46.0% 39.7% 28.5%

Details of Material consumed - - -

- Timber logs
- Veneer
- Chemicals
- Paper
- Particle board
- Others

% of material consumed
- Timber logs #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- Veneer #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- Chemicals #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- Paper #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- Particle board #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Details of Closing stock of raw material - - -

- Timber logs
- Veneer
- Chemicals
- Paper
- Particle board
- Others

Details of Inventories at the year end- Stock in Trade - - - -

- Plywood and Blockboards
- Veneer
- Medium density fibreboards/particle boards
- Chemical
- Pest control kits
- Furnitures
- Others

Finished goods at the year end - - - -

- Plywood and Blockboards
- Laminates
- Prelaminated particle board
- Veneer
- Others

Work in Progress at the year end - - - -

- Plywood and Blockboards
- Laminates
- Prelaminated particle board

Unhedged Foreign currency exposure as on the balance sheet - - - -

- Foreign currency term loans
- Buyers credit
- Trade receivables
- Trade payables (net)
- Trade advances
- bank balance
 FY10 FY11 FY12 FY13 FY14 FY15 FY16
6,246 8,333 9,781 10,183 11,711 13,326 13,749
4,025 5,314 6,797 7,059 7,828 8,427 8,191
557 753 991 1,184 1,612 2,009 2,391
223 304 404 405 522 602 645
557 844 329 484 340 659 857
883 1,118 1,260 1,052 1,409 1,629 1,665

-1.4% 32.0% 27.9% 3.9% 10.9% 7.6% -2.8%

18.2% 35.1% 31.6% 19.5% 36.2% 24.6% 19.0%
-1.9% 36.2% 32.8% 0.1% 29.0% 15.3% 7.1%
62.8% 51.6% -61.0% 47.0% -29.8% 93.9% 30.1%
6.3% 26.6% 12.8% -16.5% 33.8% 15.7% 2.2%

56.9% 57.1% 60.8% 62.4% 58.1% 53.1% 49.2%

7.9% 8.1% 8.9% 10.5% 12.0% 12.6% 14.4%
3.2% 3.3% 3.6% 3.6% 3.9% 3.8% 3.9%
7.9% 9.1% 2.9% 4.3% 2.5% 4.1% 5.1%
12.5% 12.0% 11.3% 9.3% 10.5% 10.3% 10.0%

43.1% 42.9% 39.2% 37.6% 41.9% 46.9% 50.8%

11.8% 10.5% 12.5% 10.0% 13.1% 16.1% 17.4%

3,493 4,573 5,688 5,951 6,952 7,503 6,855

666 826 998 1,212 1,515 2,151 2,005
(16) - - 20 - 3 -
3,625 4,742 5,901 6,179 7,588 7,360 6,396
826 998 1,212 1,420 2,151 2,005 1,546
12 4

(48) (67) (35) (160) (67) (463) (104)

- - 90 83 119 139 233

361 335 283 261 339 464 692
82 156 185 194 258 180 304

- - 83 118 139 251 430

335 373 316 339 464 692 613
156 185 194 243 180 304 290

580 807 1,144 1,268 943 1,387 1,441

1,008 946 381 515 394
0 1 - 240 491
19 28 68 93 53
61 63 62 73 65
7 4 7 7 7
- 121 49 184 112
- 32 29 55 66
50 74 348 220 252

557 753 991 1,184 1,612 2,009 2,391

 508 672 900 1,076 1,474 1,818 2,165
33 56 61 76 96 128 166
17 25 30 31 43 63 59

7.2% 7.2% 8.0% 9.5% 10.9% 11.4% 13.0%

0.5% 0.6% 0.5% 0.7% 0.7% 0.8% 1.0%
0.2% 0.3% 0.3% 0.3% 0.3% 0.4% 0.4%

1,663 2,266 1,994 1,941 2,270 2,890 3,167

79 134 147 131 161 204 196
334 422 515 243 312 353 345
- - 6 9 15 47 (14)
12 16 23 21 29 29 27
30 49 79 99 142 149 161
20 12 10 9 14 12 13
4 8 14 16 19 14 13
55 57 65 58 72 64 68
27 30 31 38 51 68 80
223 304 404 405 522 602 645
25 45 64 75 72 106 117
557 844 329 484 340 659 857
20 23 24 24 32 35 38
19 19 0 0 1 1 2
4 4 4 4 4 3 3
- - - - - 16 22
9 24 19 15 19 5 6
28 29 31 32 35 42 38
1 - 0 - 4 - 2
25 5 8 18 18 10 13
- 5 1 9 2 4 18
189 236 219 251 405 468 518

1.1% 1.4% 1.3% 1.2% 1.2% 1.3% 1.2%

4.7% 4.5% 4.6% 2.2% 2.3% 2.2% 2.1%
0.0% 0.0% 0.1% 0.1% 0.1% 0.3% -0.1%
0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
0.4% 0.5% 0.7% 0.9% 1.1% 0.9% 1.0%
0.3% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
0.8% 0.6% 0.6% 0.5% 0.5% 0.4% 0.4%
0.4% 0.3% 0.3% 0.3% 0.4% 0.4% 0.5%
3.2% 3.3% 3.6% 3.6% 3.9% 3.8% 3.9%
0.4% 0.5% 0.6% 0.7% 0.5% 0.7% 0.7%
7.9% 9.1% 2.9% 4.3% 2.5% 4.1% 5.1%
0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
0.3% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0%
0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1%
0.1% 0.3% 0.2% 0.1% 0.1% 0.0% 0.0%
0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.2%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
 0.3% 0.1% 0.1% 0.2% 0.1% 0.1% 0.1%
0.0% 0.1% 0.0% 0.1% 0.0% 0.0% 0.1%
2.7% 2.5% 2.0% 2.2% 3.0% 2.9% 3.1%

114,437 125,276 115,124 140,968 164,285 144,948 134,120

113,899 135,402 153,201 132,093 130,527 160,423 152,624
12,889,005 14,705,179 16,210,715 16,509,623 17,979,583 22,176,264 22,104,826
5,614,060 6,773,991 7,363,035 8,585,911 9,108,168 11,353,841 12,683,716
381,603 618,523 1,142,350 1,183,379 1,115,006 830,424 718,066

1,815 2,105 2,310 2,745 2,916 2,658 2,325

707 1,019 1,634 1,452 1,551 1,943 1,766
424 678 775 810 924 1,211 994
362 436 538 688 758 1,001 1,081
59 104 208 255 240 206 172

15,861 16,806 20,067 19,476 17,750 18,341 17,336

6,210 7,528 10,667 10,994 11,885 12,113 11,571
33 46 48 49 51 55 45
64 64 73 80 83 88 85
154 167 182 215 215 248 240

2,473 2,772 2,851 3,959 4,667 4,537 4,396

1,008 1,797 2,838 1,991 1,721 2,482 1,942

71.0% 60.7% 50.1% 66.5% 73.1% 64.6% 69.4%

29.0% 39.3% 49.9% 33.5% 26.9% 35.4% 30.6%

- - 5,688 5,951 6,952 7,503 6,855

2,310 2,745 3,166 2,881 3,087
1,634 1,452 1,754 2,142 1,463
775 810 991 1,274 1,053
538 688 758 1,001 1,081
208 255 240 206 172
223 - 44 - -

#DIV/0! #DIV/0! 40.6% 46.1% 45.5% 38.4% 45.0%

#DIV/0! #DIV/0! 28.7% 24.4% 25.2% 28.5% 21.3%
#DIV/0! #DIV/0! 13.6% 13.6% 14.3% 17.0% 15.4%
#DIV/0! #DIV/0! 9.5% 11.6% 10.9% 13.3% 15.8%
#DIV/0! #DIV/0! 3.7% 4.3% 3.4% 2.7% 2.5%

- - 1,212 1,420 2,151 2,005 1,546

375 509 989 801 519
491 484 648 722 610
34 55 101 76 80
 225 308 355 346 313
66 64 55 60 24
20 - 3 - -

- - 83 118 139 251 430

67 72 84 66 78
- - 4 89 243
1 8 16 36 22
8 10 9 9 12
7 6 8 9 9
- 21 17 23 37
0 - 1 18 28

- - 316 339 464 692 613

143 120 173 289 265
93 177 216 249 219
6 7 2 2 1
20 35 72 151 128
54 - 0 0 -

- - 194 243 180 304 290

153 185 134 213 223
41 57 45 91 66
0 0 1 0 0

- - - - 3,824 2,734 3,434

1,398 559 610
2,161 1,538 1,819
95 148 235
170 198 219
- 292 551
- - 0
 FY05 FY06 FY07 FY08 FY09 FY10
Revenue gross - - - 6,581 7,636 8,239
- Plywood 4,176 4,945 5,923
- Laminate 1,062 1,276 1,207
- CFS services - - 204
- Others 1,342 1,416 905

% YoY growth
- Plywood #DIV/0! #DIV/0! #DIV/0! 18.4% 19.8%
- Laminate #DIV/0! #DIV/0! #DIV/0! 20.1% -5.4%
- CFS services
- Others #DIV/0! #DIV/0! #DIV/0! 5.5% -36.1%

EBITDA - - - 783 521 852

- Plywood - - - 425 107 442
- Laminate - - - 115 90 133
- CFS services - - - - - 110
- Others - - - 243 324 167

EBITDA margins #DIV/0! #DIV/0! #DIV/0! 11.9% 6.8% 10.3%

- Plywood #DIV/0! #DIV/0! #DIV/0! 10.2% 2.2% 7.5%
- Laminate #DIV/0! #DIV/0! #DIV/0! 10.8% 7.1% 11.0%
- CFS services #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 53.8%
- Others #DIV/0! #DIV/0! #DIV/0! 18.1% 22.9% 18.4%

EBIT - - - 644 352 663

- Plywood 397 37 363
- Laminate 75 54 101
- CFS services - - 78
- Others 171 261 122

EBIT margins
- Plywood #DIV/0! #DIV/0! #DIV/0! 9.5% 0.7% 6.1%
- Laminate #DIV/0! #DIV/0! #DIV/0! 7.0% 4.2% 8.4%
- CFS services 38.2%
- Others #DIV/0! #DIV/0! #DIV/0! 12.8% 18.4% 13.4%

Unallocated Income/Expenses(-) 81 (132) 409

Operating profit - - - 724 219 1,072

Finance cost 105 138 107

Taxation Expenses 173 (30) 155

Net Profit - - - 446 111 810

Segmental Assets - - - 4,138 4,288 5,331

- Plywood 1,895 1,896 2,484
- Laminate 845 722 772
- CFS services - - 725
- Others 1,069 1,074 643
- Unallocated assets 330 596 708

Segmental liabilities - - - 2,507 2,601 3,043

- Plywood 859 311 805
- Laminate 72 203 92
- CFS services - - 39
- Others 180 44 46
- Unallocated assets 1,396 2,043 2,061

Capital Employed - - - 1,631 1,687 2,288

- Plywood - - - 1,036 1,586 1,678
- Laminate - - - 773 519 680
- CFS services - - - - - 686
- Others - - - 889 1,030 597
- Unallocated assets - - - (1,067) (1,447) (1,353)

Pre Tax ROCE

- Plywood #DIV/0! #DIV/0! #DIV/0! 38.4% 2.3% 21.6%
- Laminate #DIV/0! #DIV/0! #DIV/0! 9.7% 10.4% 14.9%
- CFS services 11.4%
- Others #DIV/0! #DIV/0! #DIV/0! 19.3% 25.3% 20.4%

Capital Expenditure - - - 199 380 438

- Plywood 65 65 94
- Laminate 17 14 13
- CFS services - - 328
- Others 116 300 3

Depreciation - - - 139 169 189

- Plywood 28 70 80
- Laminate 40 36 32
- CFS services - - 32
- Others 72 63 45

Geographical Revenue - - - 6,335 7,382 8,048

- India 6,122 7,154 7,806
- Outside India 213 228 241

% of Geographical revenue
- India 96.6% 96.9% 97.0%
- Outside India 3.4% 3.1% 3.0%
FY11 FY12 FY13 FY14 FY15 FY16
11,052 12,204 12,267 14,455 17,023 17,879
7,794 8,551 9,045 10,480 12,431 12,796
1,580 1,973 2,316 2,587 3,213 3,669
359 547 592 788 754 848
1,319 1,133 315 600 626 566

31.6% 9.7% 5.8% 15.9% 18.6% 2.9%

30.9% 24.8% 17.4% 11.7% 24.2% 14.2%
75.5% 52.6% 8.1% 33.3% -4.3% 12.5%
45.8% -14.1% -72.2% 90.6% 4.2% -9.6%

1,012 1,382 1,261 1,706 2,791 3,052

447 786 720 1,199 2,128 2,135
141 253 275 190 363 557
149 270 292 302 297 391
275 73 (26) 15 3 (31)

9.2% 11.3% 10.3% 11.8% 16.4% 17.1%

5.7% 9.2% 8.0% 11.4% 17.1% 16.7%
8.9% 12.8% 11.9% 7.4% 11.3% 15.2%
41.4% 49.4% 49.4% 38.3% 39.3% 46.1%
20.9% 6.5% -8.3% 2.5% 0.4% -5.4%

770 1,117 994 1,319 2,306 2,568

354 691 615 1,042 1,908 1,877
107 210 192 81 230 447
76 189 216 186 174 282
233 28 (29) 10 (5) (38)

4.5% 8.1% 6.8% 9.9% 15.4% 14.7%

6.8% 10.6% 8.3% 3.1% 7.1% 12.2%
21.2% 34.6% 36.5% 23.6% 23.0% 33.2%
17.7% 2.4% -9.2% 1.7% -0.9% -6.7%

88 (88) (59) (87) (55) (106)

858 1,029 934 1,232 2,251 2,462

100 400 390 603 456 481

13 29 17 (5) 296 301

745 601 527 633 1,500 1,680

6,291 7,824 8,382 10,239 10,675 11,792

2,786 3,800 4,372 5,985 7,213 7,225
973 1,314 1,649 1,804 1,907 1,839
822 788 749 1,597 650 651
664 761 157 192 144 229
 1,046 1,161 1,455 661 762 1,847

3,507 4,699 5,885 7,194 6,726 6,376

718 595 868 753 864 1,247
258 396 185 182 202 267
49 48 58 77 50 56
103 84 2 44 49 38
2,380 3,576 4,771 6,137 5,561 4,767

2,784 3,125 2,497 3,045 3,949 5,416

2,068 3,205 3,504 5,232 6,349 5,978
715 918 1,464 1,622 1,705 1,572
773 740 691 1,520 600 595
562 677 155 148 95 191
(1,334) (2,415) (3,317) (5,476) (4,799) (2,920)

17.1% 21.6% 17.5% 19.9% 30.1% 31.4%

15.0% 22.8% 13.1% 5.0% 13.5% 28.4%
9.8% 25.6% 31.2% 12.3% 29.0% 47.4%
41.5% 4.1% -18.8% 6.8% -5.8% -19.7%

420 613 709 615 705 734

135 299 444 409 582 555
80 156 216 119 69 87
160 53 49 88 54 92
45 105 0 - 0 0

242 265 267 387 485 484

93 95 105 157 220 257
34 44 83 109 134 110
73 81 76 116 123 110
42 45 3 5 8 7

10,751 11,906 12,234 14,428 16,993 17,848

10,449 11,564 11,722 13,551 16,334 16,969
302 341 512 877 660 880

97.2% 97.1% 95.8% 93.9% 96.1% 95.1%

2.8% 2.9% 4.2% 6.1% 3.9% 4.9%
Mar YE FY06 FY07 FY08 FY09
Cash Flow from Operating Activities
Net Profit before tax 152 244 620 81
Adjustment for :
Depreciation for the year 65 129 139 169
Finance cost 42 79 105 138
(profit)/Loss on fixed assets sold/discarded (7) (0) (0) (1)
(profit)/Loss on sale of current/long term investments (29) (1) (8) 1
Bad debts written off 0 - 0 10
Provision on doubtful debts - - - 18
Unrealised Foreign exchange fluctuation losses - - 13 139
Dividend income (0) (44) (44) (222)
Interest Income (0) (5) (7) (5)
Miscellaneous 2 0 2
Operating profit before Working capital changes 224 401 817 330
Decrease/(Increase) in Trade Receivables (216) (238) (447) 189
Decrease/(Increase) in Inventories (272) (64) (419) 76
Decrease/(Increase) in Loans and advances and other assets - - - -
Increase/ (Decrease) in creditors 269 6 188 (547)
Increase/ (Decrease) in other payables - -
Cash generated from operations 5 105 139 48
Income Taxes Refund/ (paid) (net) 15 67 146 49
Tax rate % 302.4% 63.8% 105.3% 102.4%
Net cash from operating activities (10) 38 (7) (1)

Cash flow from Investing activities

(Purchase)of fixed assets (265) (75) (125) (379)
Sale of fixed assets - - 6 22
(Purchase)of investment - - (1) (100)
Sale of investments (121) (41) 36 8
Loans (given)/refunds - - - 0
Dividend received 0 44 44 222
Interest received 0 5 7 5
Others - (89)

Net cash flow from/(used) in investing activites (385) (67) (32) (311)

Cash flow from financing activities

Proceeds from long term Loans 347 236 206 928
Repayment of Long term Loans - - (59) (334)
Proceeds from short term borrowings - - - -
Repayment of Short term borrowing - - - -
Issue of shares by subsidiary - - - -
Interest paid (including interest capitalised (42) (79) (105) (133)
Dividend paid (23) (86) - (111)
Tax on dividend - - - -
Others 147 (1)
Net cash flow from/(used) in financing activites 430 70 42 349

Net increase in cash and cash equivalents 35 42 3 37

Cash and cash equivalents as at opening 44 79 146 149
Less: amount persuant to scheme of amalgamation - - - 56
Cash and Cash equivalents at closing 78 120 149 131

Check
FY10 FY11 FY12 FY13 FY14 FY15 FY16

965 758 630 544 629 1,796 1,981

189 242 265 267 387 485 484

107 100 400 390 603 456 481
1 (0) 0 (17) 4 (1) 2
(0) (0) (4) (1) 4 (8) (1)
25 5 8 18 18 10 13
- 5 1 9 2 4 18
(96) 7 83 11 3 (23) 63
(222) (118) (0) (0) (0) (0) (0)
(8) (34) (26) (14) (24) (16) (2)
- (2) (6) (7) (4) (1) (2)
961 962 1,351 1,201 1,623 2,701 3,037
(202) (281) (469) (208) (308) (597) (209)
(260) (217) (255) (406) (736) (293) 347
- - (135) (52) (83) (129) (234)
485 151 (148) 5 (91) 31 241
- - 28 39 51 112 214
983 615 373 579 455 1,825 3,396
134 106 135 98 117 337 468
13.7% 17.2% 36.3% 17.0% 25.6% 18.4% 13.8%
849 509 237 481 338 1,488 2,928

(438) (429) (641) (689) (665) (751) (1,533)

3 4 2 21 22 819 35
(55) (107) (2,021) (317) (726) (33) (1)
0 55 2,024 261 768 8 5
(120) 9 60 (125) (110) 17 103
222 59 59 0 0 0 0
5 33 26 7 24 16 2
29 (156) 10 (98) (19) 52 -

(354) (531) (480) (940) (706) 128 (1,389)

297 815 536 1,020 6 70 326

(458) (667) (36) (22) (179) (1,119) (478)
- - 883 511 1,222 1,123 281
- - (205) (470) (984) (854) (802)
- - - - - - 20
(98) (107) (132) (165) (287) (335) (272)
(222) (56) (445) (1) (59) (391) (499)
(0) - (63) (0) (1) (71) (102)
- - (5) -
(481) (15) 539 868 (281) (1,577) (1,525)

14 (36) 296 408 (649) 39 14

131 146 109 406 983 334 374
(1) 17
146 109 406 797 334 374 389
 FY14 FY15 FY16 FY17
Net Turnover 9,648 11,471 11,735
% Y-o-Y 18.9% 2.3%
Add : Other operating income 14 52 22
Total income 9,662 11,523 11,757 -

Gross Profit 2,493 3,828 4,111

% of Net sales 25.8% 33.2% 35.0% #DIV/0!

EBITDA 1,235 2,030 1,971

% of Net sales 12.8% 17.6% 16.8% #DIV/0!

Segment Profit 1,069 1,867 1,835

% of Net sales 11.1% 16.2% 15.6% #DIV/0!

Forex Loss/ (Gain) 97 (51) (28)

Segment Profit excl Forex diff 1,167 1,816 1,807
% of Net sales 12.1% 15.8% 15.4%

Volume 221,355 234,000 241,794 -

- Plywood 172,452 192,249 189,007
- Deco Ply 5,379 6,217 8,711
- Commercial Veneer 43,524 35,534 44,076

% YoY
- Plywood 11.5% -1.7%
- Deco Ply 15.6% 40.1%
- Commercial Veneer -18.4% 24.0%

Net Sales Value 9,648 11,471 11,735 -

- Plywood 7,600 9,216 9,028
- Deco Ply 734 883 1,138
- Commercial Veneer 1,314 1,372 1,569

% YoY
- Plywood 21.3% -2.0%
- Deco Ply 20.2% 29.0%
- Commercial Veneer 4.5% 14.4%

Realization
- Plywood 44,073 47,939 47,765
- Deco Ply 136,512 141,949 130,639
- Commercial Veneer 30,183 38,617 35,602

% YoY
- Plywood 8.8% -0.4%
- Deco Ply 4.0% -8.0%
- Commercial Veneer 27.9% -7.8%

% Of Total Volume
- Plywood 77.9% 82.2% 78.2%
- Deco Ply 2.4% 2.7% 3.6%
- Commercial Veneer 19.7% 15.2% 18.2%

Sainik Ply
- Volume in CBM
- Turnover in mn
- Realization per unit cbm

% Y-o-Y
- Volume in CBM

% of total Plywood volume

Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17
2,918 2,566 3,199 2,753 3,207 2,866 3,251 3,005
9.9% 11.7% 1.6% 9.2% -100.0%
24 5 (19) 5 6 3 1 8
2,942 2,571 3,181 2,758 3,212 2,869 3,252 3,013 -

1,155 849 1,119 1,008 1,145 946 1,064 1,003

39.3% 33.0% 35.2% 36.5% 35.6% 33.0% 32.7% 33.3% #DIV/0!

644 456 555 496 475 455 507 499

21.9% 17.7% 17.4% 18.0% 14.8% 15.9% 15.6% 16.6% #DIV/0!

576 438 517 408 482 436 492 476

19.6% 17.0% 16.3% 14.8% 15.0% 15.2% 15.1% 15.8% #DIV/0!

(25) (9) 6 (17) (8) (13) (2) (12)

551 429 523 391 475 423 490 463 -
18.7% 16.7% 16.4% 14.2% 14.8% 14.8% 15.1% 15.4% #DIV/0!

58,463 52,516 66,578 57,955 64,745 61,735 66,075 58,562 -

48,603 41,367 52,537 44,378 50,725 46,533 51,067 47,590
1,723 2,016 2,326 2,068 2,301 2,079 2,314 1,927
8,137 9,133 11,715 11,509 11,719 13,123 12,694 9,045

4.4% 12.5% -2.8% 7.2%

33.5% 3.1% -0.5% -6.8%
44.0% 43.7% 8.4% -21.4%

2,918 2,575 3,199 2,753 3,207 2,865 3,251 3,005 -

2,385 1,958 2,457 2,086 2,526 2,166 2,608 2,182
240 257 305 262 314 262 299 263
292 360 437 405 368 437 344 560

5.9% 10.7% 6.1% 4.6%

30.6% 1.7% -2.1% 0.3%
25.7% 21.5% -21.4% 38.4%

49,079 47,330 46,767 47,003 49,792 46,558 51,070 45,850

139,408 127,679 131,083 126,741 136,289 125,974 129,041 136,378
35,935 39,363 37,328 35,172 31,368 33,293 27,092 61,924

1.5% -1.6% 9.2% -2.5%

-2.2% -1.3% -1.6% 7.6%
-12.7% -15.4% -27.4% 76.1%

78.3% 75.4% 77.3% 81.3%

 3.6% 3.4% 3.5% 3.3%
18.1% 21.3% 19.2% 15.4%

9,520 13,152 12,037 12,430 13,400 11,819

400 523 457
42,017 - - 42,076 34,127

30.6% 1.9% -1.8%

23% 25% 27% 27% 26%

 FY14 FY15 FY16 FY17
Net Turnover 2,367 2,935 3,353
% Y-o-Y 24.0% 14.2%
Add : Other operating income 58 60 81
Total income 2,425 2,996 3,434 -

Gross Profit 582 873 1,194

% of Net sales 24.0% 29.1% 34.8% #DIV/0!

EBITDA 172 338 543

% of Net sales 7.1% 11.3% 15.8% #DIV/0!

Segment Profit 81 230 447

% of Net sales 3.3% 7.7% 13.0% #DIV/0!

Forex Loss/ (Gain) 30 (80) (18)

Segment Profit excl Forex diff 111 149 430
% of Net sales 4.6% 5.0% 12.5%

Volume 2,912,566 3,600,682 4,260,499 -

- LaminatesDomestic 2,046,197 2,556,464 2,989,034
- Laminates Exports 866,369 1,044,218 1,271,465

- Pre-Lam 1,089,812 1,301,520 1,031,181

- Exteria Grade laminates 2,692 11,274 7,693

% YoY
- LaminatesDomestic 24.9% 16.9%
- Laminates Exports 20.5% 21.8%

- Pre-Lam 19.4% -20.8%

- Exteria Grade laminates 318.8% -31.8%

Net Sales Value 1,863 2,446 2,930 -

- LaminatesDomestic 1,332 1,795 2,106
- Laminates Exports 531 652 824

- Pre-Lam 488 420 371

- Exteria Grade laminates 17 69 52

% YoY
- LaminatesDomestic 34.8% 17.3%
- Laminates Exports 22.7% 26.5%

- Pre-Lam -13.8% -11.7%

- Exteria Grade laminates 314.5% -24.4%

Realization
- LaminatesDomestic 651 702 705
- Laminates Exports 613 624 648

- Pre-Lam 447 323 360

- Exteria Grade laminates 6,166 6,103 6,759

% YoY
- LaminatesDomestic 7.9% 0.4%
- Laminates Exports 1.8% 3.9%

- Pre-Lam -27.8% 11.4%

- Exteria Grade laminates -1.0% 10.8%

% Of Total Laminate Volume

- LaminatesDomestic 70.3% 71.0% 70.2%
- Laminates Exports 29.7% 29.0% 29.8%
Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17
805 768 885 774 923 795 979 877
19.2% -13.8% 23.2% -10.4%
16 19 (8) 17 26 16 44 15
820 787 877 791 948 811 1,023 892

243 266 288 300 338 294 394 305

29.6% 33.8% 32.8% 37.9% 35.6% 36.2% 38.5% 34.1%

72 138 124 86 193 135 188 143

8.7% 17.5% 14.1% 10.9% 20.3% 16.6% 18.3% 16.0%

65 101 103 104 136 118 171 123

7.9% 12.9% 11.7% 13.1% 14.3% 14.5% 16.7% 13.8%

(47) (4) (3) (9) (2) (6) (8) (22)

18 98 100 95 134 112 163 101
2.2% 12.4% 11.4% 12.0% 14.1% 13.8% 15.9% 11.3%

1,027,053 909,079 1,084,253 1,056,528 1,210,639 1,052,660 1,319,016 1,194,006

736,724 635,321 783,857 725,721 844,135 807,149 922,483 817,267
290,329 273,758 300,396 330,807 366,504 245,511 396,533 376,739

296,133 333,432 235,931 212,187 249,631 217,578 143,625 285,082

3,259 1,924 2,074 1,982 1,713 1,994 2,580 1,846

14.6% 27.0% 17.7% 12.6%

26.2% -10.3% 32.0% 13.9%

-15.7% -34.7% -39.1% 34.4%

-47.4% 3.6% 24.4% -6.9%

696 643 786 681 820 705 900 762

512 459 590 469 588 538 676 558
184 183 196 212 232 166 224 205

89 116 85 79 91 76 65 103
19 13 14 13 12 14 14 12

14.7% 17.3% 14.7% 18.9%

26.4% -9.3% 14.2% -3.6%

1.8% -34.7% -24.1% 30.0%

-39.4% 10.0% 3.6% -9.0%

696 723 752 646 696 667 733 682

633 670 653 642 634 677 565 543

301 349 360 372 363 349 449 360

5,922 6,757 6,702 6,761 6,830 7,172 5,581 6,609

0.1% -7.7% -2.6% 5.6%

0.1% 1.1% -13.5% -15.4%

20.8% 0.0% 24.7% -3.2%

15.3% 6.1% -16.7% -2.2%

69.7% 76.7% 69.9% 68.4%

30.3% 23.3% 30.1% 31.6%
Q4FY17

-100.0%

#DIV/0!

#DIV/0!

-
#DIV/0!

-
 FY14 FY15 FY16 FY17
Net Turnover 543 703 837
% Y-o-Y 29.4% 19.1%
Add : Other operating income 7 11 12
Total income 551 714 849 -

Gross Profit 461 616 749

% of Net sales 83.8% 86.3% 88.2% #DIV/0!

EBITDA 230 324 391

% of Net sales 41.8% 45.4% 46.1% #DIV/0!

Segment Profit 155 218 282

% of Net sales 28.1% 30.5% 33.2% #DIV/0!

Forex Loss/ (Gain) 2 (4) -

Segment Profit excl Forex diff 157 213 282
% of Net sales 28.4% 29.9% 33.2%

Volume 52,924 72,508 82,057

Net Sales Value 543 703 837
Realization 10,262 9,694 10,204

% YoY
- Volume 37.0% 13.2%
- Net Sales Value 29.4% 19.1%
- Realization -5.5% 5.3%
Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17
172 172 196 231 238 233 211 199
17.9% 2.7% -2.1% -9.4% -5.5% -100.0%
3 6 5 (2) 4 1 2 1
176 177 201 229 241 233 213 200 -

157 155 173 205 216 205 187 175

89.6% 87.3% 85.8% 89.6% 89.5% 87.7% 88.0% 87.6% #DIV/0!

86 78 82 113 118 104 83 69

49.1% 44.2% 40.9% 49.2% 48.8% 44.4% 39.2% 34.7% #DIV/0!

60 54 56 84 87 79 56 41
34.0% 30.4% 27.9% 36.8% 36.1% 33.7% 26.5% 20.2% #DIV/0!

(3) - - (0) - - - -
57 54 56 84 87 79 56 41 -
32.5% 30.4% 27.9% 36.7% 36.1% 33.7% 26.5% 20.2% #DIV/0!

17,436 17,664 20,011 23,113 21,269 21,848 20,233 19,068

172 172 196 231 238 233 211 199
9,876 9,732 9,810 10,012 11,176 10,646 10,419 10,452

22.0% 23.7% 1.1% -17.5%

38.0% 35.3% 7.4% -13.9%
13.2% 9.4% 6.2% 4.4%
 FY17 Q2FY17 Q3FY17 Q4FY17
Net Turnover
- MDF 26
- Particle board 20 65
% Y-o-Y
- MDF
- Particle board

Gross Profit
- MDF 5
- Particle board 4 15
% of Net sales
- MDF #DIV/0! 18.9% #DIV/0!
- Particle board 21.3% 23.5%

EBITDA
- MDF 5
- Particle board 3 12
% of Net sales
- MDF #DIV/0! 18.9% #DIV/0!
- Particle board 16.8% 17.9%

Segment Profit
- MDF 5
- Particle board (12) (24)
% of Net sales
- MDF #DIV/0! 18.9% #DIV/0!
- Particle board -59.4% -37.0%

Volume - 229,118 400,379 -

- MDF 108,001
- Particle board 121,117 400,379

% YoY
- MDF
- Particle board

Net Sales Value - 46 65 -

- MDF 26
- Particle board 20 65

% YoY
- MDF
- Particle board

Realization
- MDF #DIV/0! 240 #DIV/0!
- Particle board #DIV/0! 167 163

% YoY
- MDF
- Particle board
Financials snapshot (Standalone)
Year to March Q1FY11 Q2FY11 Q3FY11 Q4FY11 FY11 Q1FY12
% of full year 23% 24% 26% 27% 23%
Y-o-Y Growth 20%
Sales 2,139 2,228 2,424 2,527 9,317 2,576
Less: Excise duty - - - -
Revenues (net) 2,139 2,228 2,424 2,527 9,317 2,576
Raw material 1,129 1,381 1,338 1,466 5,314 1,562
- Increase/Decrease in stock 5 22 (64) (26) (63) 28
- Consumption of raw materials 952 1,172 1,187 1,258 4,569 1,303
- Purchase of traded goods 172 187 215 234 807 232
- Other manufacturing expenses - - - - -
Staff cost 166 184 190 213 753 216
Other operating expenses 577 374 637 714 2,303 442
- Discount, Incentive, Comm - -
- Other S&A 577 374 637 714 2,303 442
Total expenditure 1,872 1,939 2,165 2,393 8,370 2,220
EBITDA 266 289 259 133 947 356
Depreciation 46 60 61 75 242 61
EBIT 220 229 198 58 706 294
Interest 22 26 26 25 100 32
Other income 5 13 66 67 152 7
PBT 203 217 238 100 758 269
Tax 32 (3) 26 (43) 13 37
Current Tax 32 (3) 26 (43) 13 37
MAT -
Provision for earlier years -
Deferred Tax - -
FBT - -
Core Profit 170 220 212 143 745 231
Extraordinary items - - - - -
Profit after tax 170 220 212 143 745 231
Add: Other Comprehensive income -
Less: Minority int. -
PAT after minority 170 220 212 143 745 231
Adjusted net profit 170 220 212 143 745 231

% of full year 23% 29% 28% 19% 26%

Y-o-Y Growth

Equity capital(FV:INR 1) 223 223 223 223 223 223

# of shares (mn) 223 223 223 223 223 223
# of shares (mn) - Adjusted 223 223 223 223 223 223
Diluted EPS (INR) - Adjusted 0.8 1.0 1.0 0.6 3.3 1.0

as % of net revenues
Raw material 52.8 62.0 55.2 58.0 57.0 60.7
Staff cost 7.8 8.2 7.8 8.4 8.1 8.4
Other operating expenses 27.0 16.8 26.3 28.3 24.7 17.1
EBITDA 12.5 13.0 10.7 5.3 10.2 13.8
Adjusted net profit 8.0 9.9 8.7 5.7 8.0 9.0
Tax rate (%) 16.0 (1.4) 11.1 (43.0) 1.7 13.9
Q2FY12 Q3FY12 Q4FY12 FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 FY13
26% 25% 26% 25% 25% 25% 26%
29% 16% 15% 20.0% 13% 2% 2% 3% 5.1%
2,876 2,821 2,911 11,185 2,919 2,944 2,882 3,008 11,753
- - - - -
2,876 2,821 2,911 11,185 2,919 2,944 2,882 3,008 11,753
1,723 1,741 1,771 6,797 1,722 1,818 1,854 1,770 7,164
(104) 54 (12) (35) (69) (157) (28) 29 (225)
1,497 1,410 1,478 5,688 1,481 1,631 1,600 1,408 6,120
330 277 305 1,144 311 343 282 333 1,268
- -
249 244 234 944 273 305 296 297 1,171
540 543 531 2,057 563 684 531 484 2,262
- - -
540 543 531 2,057 563 684 531 484 2,262
2,512 2,528 2,537 9,798 2,558 2,808 2,680 2,551 10,597
364 293 374 1,387 361 136 202 457 1,156
64 68 72 265 69 78 85 76 308
300 225 302 1,122 292 58 117 382 848
126 113 (33) 239 133 121 122 26 402
10 8 15 40 6 21 5 41 73
183 120 351 923 165 (42) (1) 397 520
(18) (32) 41 29 (22) 26 (2) 14 17
(18) (32) 41 29 (22) 26 (2) 14 17

- -
- -
201 152 309 894 187 (69) 1 383 503
(130) (221) 59 (293) (232) 277 (85) 40 -
71 (70) 368 601 (45) 209 (84) 423 503

71 (70) 368 601 (45) 209 (84) 423 503

201 152 309 894 187 (69) 1 383 503

23% 17% 35% 37% -14% 0% 76%

223 223 223 223 223 223 223 223 223

223 223 223 223 223 223 223 223 223
223 223 223 223 223 223 223 223 223
0.9 0.7 1.4 4.0 0.8 (0.3) 0.0 1.7 2.3

59.9 61.7 60.8 60.8 59.0 61.8 64.3 58.8 60.9

8.7 8.6 8.1 8.4 9.3 10.4 10.3 9.9 10.0
18.8 19.3 18.3 18.4 19.3 23.3 18.4 16.1 19.2
12.7 10.4 12.8 12.4 12.4 4.6 7.0 15.2 9.8
7.0 5.4 10.6 8.0 6.4 (2.3) 0.0 12.7 4.3
(9.9) (26.7) 11.8 3.1 (13.2) (62.5) 275.6 3.6 3.3
Q1FY14 Q2FY14 Q3FY14 Q4FY14 FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 FY15
22% 27% 24% 27% 23% 26% 25% 26%
-3% 19% 5% 13% 8.6% 28% 16% 26% 19% 21.7%
2,823 3,499 3,035 3,404 12,760 3,608 4,048 3,818 4,049 15,525
- -
2,823 3,499 3,035 3,404 12,760 3,608 4,048 3,818 4,049 15,525
1,677 2,045 1,816 2,055 7,593 2,150 2,311 1,947 2,103 8,510
(15) (68) (183) 227 (39) (52) (210) (162) (11) (436)
1,433 1,787 1,723 1,445 6,388 1,764 2,049 1,688 1,517 7,019
259 326 276 383 1,244 438 472 420 597 1,927
- -
333 392 395 394 1,514 415 510 494 524 1,943
433 498 540 612 2,083 609 635 707 754 2,706
- -
433 498 540 612 2,083 609 635 707 754 2,706
2,442 2,935 2,752 3,061 11,190 3,174 3,456 3,149 3,382 13,160
380 564 283 343 1,570 435 593 670 668 2,365
75 81 88 89 332 104 109 116 119 448
306 483 195 254 1,238 331 484 554 549 1,917
137 131 77 206 551 74 124 145 90 433
(224) (122) 89 263 7 50 60 69 135 314
(56) 230 207 312 693 307 420 478 593 1,798
(13) 10 9 18 24 50 62 64 114 290
(13) 10 9 18 24 50 62 64 114 290

- -
- -
(42) 220 197 294 669 257 358 414 480 1,508
- - - -
(42) 220 197 294 669 257 358 414 480 1,508
- - - -

(42) 220 197 294 669 257 358 414 480 1,508
(42) 220 197 294 669 257 358 414 480 1,508

-6% 33% 29% 44% 17% 24% 27% 32%

-711% 62% 110% 63% 125%

223 223 223 223 223 223 223 223 223 223
223 223 223 223 223 223 223 223 223 223
223 223 223 223 223 223 223 223 223 223
(0.2) 1.0 0.9 1.3 3.0 1.2 1.6 1.9 2.2 6.8

59.4 58.4 59.8 60.4 59.5 59.6 57.1 51.0 51.9 54.8
11.8 11.2 13.0 11.6 11.9 11.5 12.6 12.9 12.9 12.5
15.3 14.2 17.8 18.0 16.3 16.9 15.7 18.5 18.6 17.4
13.5 16.1 9.3 10.1 12.3 12.0 14.6 17.5 16.5 15.2
(1.5) 6.3 6.5 8.6 5.2 7.1 8.8 10.8 11.8 9.7
24.3 4.3 4.5 5.8 3.4 16.2 14.8 13.5 19.1 16.1
(0.2) 1.4 8.9 8.4 4.7
 IndAS IndAS IndAS IndAS
Q1FY16 Q2FY16 Q3FY16 Q4FY16 FY16 Q1FY16 Q2FY16 Q3FY16 Q4FY16
24% 28% 25% 29% 23% 27% 23% 27%
2% 8% 2% 11% 6% 0% 0% -2% -1%
3,680 4,391 3,886 4,512 16,469 4,017 4,754 4,108 4,824
- 321 367 303 353
3,680 4,391 3,886 4,512 16,469 3,695 4,386 3,804 4,471
1,956 2,344 1,838 2,294 8,432 1,956 2,344 1,838 2,294
(41) 273 (308) (6) (81) (41) 273 (308) (6)
1,567 1,626 1,534 1,611 6,338 1,567 1,626 1,534 1,611
430 445 612 690 2,176 430 445 612 690
- - - - -
517 568 595 626 2,306 510 560 587 621
580 763 808 866 3,017 570 733 714 795
-
580 763 808 866 3,017 570 733 714 795
3,054 3,674 3,241 3,787 13,756 3,037 3,636 3,139 3,710
626 716 645 725 2,713 659 750 666 760
101 107 116 122 446 99 105 114 120
525 609 529 603 2,266 560 645 552 641
123 135 107 103 467 122 131 110 102
45 27 58 49 179 17 (3) 38 14
448 501 480 549 1,978 454 511 480 553
51 39 64 144 297 53 42 69 137
51 39 64 144 297 53 42 69 118
49
(30)
-
-
397 463 416 405 1,681 401 469 412 416
-
397 463 416 405 1,681 401 469 412 416
- - - - - - (5) (4)

397 463 416 405 1,681 401 469 406 412

397 463 416 405 1,681 - 401 469 406 412

24% 28% 25% 24% 23% 27% 24% 24%

54% 29% 1% -16% 11% 1% 1% -1% 3%

223 223 223 223 223 223 223 223 223

223 223 223 223 223 223 223 223 223
223 223 223 223 223 223 223 223 223
1.8 2.1 1.9 1.8 7.6 1.8 2.1 1.8 1.9

53.2 53.4 47.3 50.8 51.2 52.9 53.4 48.3 51.3

14.1 12.9 15.3 13.9 14.0 13.8 12.8 15.4 13.9
15.8 17.4 20.8 19.2 18.3 15.4 16.7 18.8 17.8
17.0 16.3 16.6 16.1 16.5 17.8 17.1 17.5 17.0
10.8 10.5 10.7 9.0 10.2 10.9 10.7 10.7 9.2
11.3 7.7 13.3 26.2 15.0 11.6 8.2 14.3 24.7
6.4 3.7 3.7 1.1 3.6 0.2 (0.0) (1.0) (0.5)
 IndAS IndAS IndAS IndAS IndAS IndAS
FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 FY17 Q1FY18 Q2FY18
23% 26% 24% 27% 0% 0%
-1% 10% 5% 12% 9% 9% -100% -100%
17,702 4,397 4,961 4,587 5,258 19,203
1,345 340 334 332 373 1,379
16,357 4,058 4,627 4,255 4,885 17,825 - -
8,432 2,045 2,404 2,200 2,531 9,181 - -
(81) (94) 81 16 14 16
6,338 1,533 1,432 1,448 1,597 6,010
2,176 606 892 737 920 3,155
- - - - - -
2,278 638 624 637 667 2,567
2,811 713 850 744 850 3,157 - -
- -
2,811 713 850 744 850 3,157
13,522 3,396 3,879 3,582 4,048 14,904 - -
2,835 661 748 673 838 2,920 - -
437 93 126 149 156 524
2,398 569 622 524 682 2,397 - -
465 89 60 112 26 286
65 30 22 33 141 227
1,998 510 584 445 798 2,337 - -
281 80 91 72 239 481 - -
281 80 91 72 174 416
50 50
-
- 15 15
- -
1,717 431 493 373 559 1,856 - -
- -
1,717 431 493 373 559 1,856 - -
- (6) (6) (3) (14)

1,717 431 487 367 556 1,841 - -

1,717 - 431 487 367 556 1,841 - - -

23% 27% 20% 30% 0% 0%

2% 7% 5% -9% 34% 8% -100% -100%

223 223 223 223 223 223 223 223

223 223 223 223 223 223 223 223
223 223 223 223 223 223 223 223
7.7 1.9 2.2 1.7 2.5 8.3 - -

51.6 50.4 52.0 51.7 51.8 51.5 #DIV/0! #DIV/0!

13.9 15.7 13.5 15.0 13.7 14.4 #DIV/0! #DIV/0!
17.2 17.6 18.4 17.5 17.4 17.7 #DIV/0! #DIV/0!
17.3 16.3 16.2 15.8 17.1 16.4 #DIV/0! #DIV/0!
10.5 10.6 10.5 8.6 11.4 10.3 #DIV/0! #DIV/0!
14.1 15.6 15.6 16.1 30.0 20.6 #DIV/0! #DIV/0!
(0.3) 2.5 1.5 (3.4) (0.5) 0.0 #DIV/0! #DIV/0!
IndAS IndAS Cons Cons
Q3FY18 Q4FY18 FY18 FY17 FY16 9MFY15
0% 0%
-100% -100% -100% 11% 10% -84%
- 19,619 17,755 6,790
- 1,431 1,345 -
- - - 18,187 16,409 17,100 631 6,790
- - - 8,951 8,191 3,848
- (130) (104) (37)
- 7,037 6,855 3,311
- 2,044 1,441 574
- - - -
- 2,730 2,362 540
- - - 3,387 2,961 1,589
- - - -
- 3,387 2,961 1,589
- - - 15,068 13,515 5,976
- - - 3,120 2,895 814
- 593 475 167
- - - 2,526 2,420 647
- 302 479 75
- 226 60 85
- - - 2,450 2,001 658
- - - 515 304 75
- 527 431 56
- (16) (64) 49
- - - (30)
- 4 (63) -
- - - -
- - - 1,935 1,698 583
-
- - - 1,935 1,698 583
- (24) (19) (4)

- - - 1,910 1,679 580

- - - 1,910 1,679 580

0% 0%
-100% -100% -100% 14.0%

223 223 223 223 223 223

223 223 223 223 223 223
223 223 223 223 223 223
- - - 8.6 7.5 2.6

#DIV/0! #DIV/0! #DIV/0! 49.2 49.9 56.7

#DIV/0! #DIV/0! #DIV/0! 15.0 14.4 8.0
#DIV/0! #DIV/0! #DIV/0! 18.6 18.0 23.4
#DIV/0! #DIV/0! #DIV/0! 17.2 17.6 12.0
#DIV/0! #DIV/0! #DIV/0! 10.5 10.2 8.5
#DIV/0! #DIV/0! #DIV/0! 21.0 15.2 11.4
#DIV/0! #DIV/0! #DIV/0! 3.9 3.5 (5.5)
 2,139
0
2138.689
1129.053
5.05
952.397
171.606
0
166.371
576.946
0
576.946
1872.37
266.319
46.378
219.941
22.492
5.376
202.825
51.435
32.422
48.635
-29.622
0
0
151.39
0
151.39
-3.535
0
147.855
147.855
Particulars (INR MN) - SA H1FY14 FY14 H1FY15 FY15 H1FY16 FY16
Share Capital 223 223 223
Reserves and Surplus 3,653 4,513 5,066
Shareholders Fund - - - 3,876 4,735 5,289
Secured Loans 814 603 641
Unsecured Loans 3,744 3,725 3,410
Total Loan Fund - - - 4,558 4,327 4,050
Deferred Tax Liabilities (70) (97) (136)
Total Sources of Funds - - - 8,364 8,966 9,203
Fixed Assets 2,316 2,376 2,975
Investments 451 476 497
Inventories 3,200 2,922 2,752 #DIV/0!
Sundry Debtors 2,719 3,132 2,898 #DIV/0!
Cash and Bank Balances 170 151 190
Other Current Assets 113 103 244
Loans and Advances 1,459 2,139 1,768 #DIV/0!
Total Current Assets - - - 7,662 8,447 7,852
Less:
Liabilities 1,640 2,116 2,030 #DIV/0!
Provisions 426 217 90 #DIV/0!
Total Current Liabilities and Provi - - - 2,066 2,334 2,121
Net Current Assets - - - 5,597 6,114 5,732
Total Application of Funds - - - 8,364 8,966 9,203
Check - - - - - -
Sales 15,525 8,070 16,469
NWC ex- Cash - - - 5,426 5,963 5,541
WC (net of Cash) - % of sales #DIV/0! #DIV/0! #DIV/0! 35.0% 36.9% 33.6%
 9,339 24.26479

0.175146 0.388053 0.175961

Financials snapshot
Year to March(Standalone) Q3FY17 Q3FY16 change % Q2FY17 change % FY16 FY15
Revenues (net) 4,255 3,804 11.8 4,627 (8.0) 16,469 15,525
Raw material 2,200 1,838 19.7 2,404 (8.5) 8,432 8,510
- Increase/Decrease in stock 16 (308) (105.2) 81 (80.2) (81) (436)
- Consumption of raw materials 1,448 1,534 (5.6) 1,432 1.1 6,338 7,019
- Purchase of traded goods 737 612 892 2,176 1,927
- Other manufacturing expenses - - - - -
Staff cost 637 587 8.5 624 2.1 2,306 1,943
Other operating expenses 744 714 4.2 850 (12.5) 3,017 2,706
Total expenditure 3,582 3,139 14.1 3,879 (7.7) 13,756 13,160
EBITDA 673 666 1.1 748 (10.0) 2,713 2,365
Depreciation 149 114 31.6 126 18.4 446 448
EBIT 524 552 (5.2) 622 (15.8) 2,266 1,917
Interest 112 110 60 85.7 467 433
Other income 33 38 (13.5) 22 50.1 179 314
PBT 445 480 (7.4) 584 (23.8) 1,978 1,798
Tax 72 69 4.3 91 (21.1) 297 290
Current Tax 72 69 4.3 91 (21.1) 297 290
MAT - - - - -
Provision for earlier years - - - - -
Deferred Tax - - #DIV/0! - - -
FBT - - - - -
Core Profit 373 412 (9.4) 493 (24.3) 1,681 1,508
Extraordinary items - - - - -
Profit after tax 373 412 493 1,681 1,508
Add: Share of profits in ass. (6) (5) (6) - -
Less: Minority int. - - - - -
PAT after minority 373 412 (9.4) 493 (24.3) 1,681 1,508
Adjusted net profit 373 412 (9.4) 493 (24.3) 1,681 1,508

Equity capital(FV:INR 1) 223 223 223 223 223

# of shares (mn) 223 223 223 223 223
Diluted EPS (INR) 1.7 1.8 2.2 7.6 6.8

as % of net revenues
Raw material 51.7 48.3 52.0 51.2 54.8
Staff cost 15.0 15.4 13.5 14.0 12.5
Other operating expenses 17.5 18.8 18.4 18.3 17.4
EBITDA 15.8 17.5 16.2 16.5 15.2
Adjusted net profit 8.8 10.8 10.7 10.2 9.7
Tax rate (%) 16.1 14.3 15.6 15.0 16.1

3.41 (3.62)
(0.46) 1.49
(1.27) 0.89
(1.68) 1.24
(2.05) 0.49
48.3 51.7 45.2
change %
6.1 18444.84 21211.57 25029.65 29534.99
(0.9)
(81.3)
(9.7)

18.7
11.5
4.5
14.7
(0.4)
18.2

10.0
2.4
2.4

#DIV/0!

11.4

11.4 1844.484 2227.215 2628.114 3101.174

11.4
 FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 FY15 Q1FY16
Segmental Revenues
- Plywood and Allied Product 2,749 2,994 2,810 2,918 11,471 2,576
- Laminates and Allied product 627 788 716 805 2,935 772
- MDF
- Particle Board
- Container and Freight station 154 194 186 174 708 174
- Unallocated 84 82 114 160 440 165
Less Intersegmental 5 10 7 8 30 7
Total Revenues - 3,608 4,048 3,818 4,049 15,525 3,680

% YoY
- Plywood and Allied Product -6%
- Laminates and Allied product 23%
- MDF
- Particle Board
- Container and Freight station 13%
- Unallocated 97%
Total Revenue 2%

Segmental EBIT
- Plywood and Allied Product 348 403 540 576 1,867 438
- Laminates and Allied product 37 77 51 65 230 101
- MDF
- Particle Board
- Container and Freight station 33 65 60 60 218 54
- Unallocated (3) (8) (8) (8) (28) (1)
Less:
Interest 74 124 145 90 433 123
Other unallocable expenses 34 (7) 20 9 56 22
Total EBIT - 307 420 478 593 1,798 448

EBIT Margin
- Plywood and Allied Product #DIV/0! 12.6% 13.5% 19.2% 19.8% 16.3% 17.0%
- Laminates and Allied product 5.9% 9.8% 7.1% 8.0% 7.8% 13.1%
- MDF
- Particle Board
- Container and Freight station 21.6% 33.4% 32.3% 34.2% 30.8% 31.0%

Change Yoy
- Plywood and Allied Product 4%
- Laminates and Allied product 7%
- MDF 0%
- Particle Board 0%
- Container and Freight station 9%

Segmental Capital Employed

- Plywood and Allied Product 4,861 4,878 4,798 5,598 5,598 5,298
- Laminates and Allied product 1,540 1,802 1,810 1,705 1,705 1,752
- MDF
- Particle Board
- Container and Freight station 570 617 602 600 600 558
- Unallocated 127 45 26 31 31 143
Total Capital Employed - 7,098 7,342 7,236 7,934 7,934 7,752

ROCE
- Plywood and Allied Product 7.1% 8.3% 11.3% 10.3% 33.3% 33.1%
- Laminates and Allied product 2.4% 4.3% 2.8% 3.8% 13.5% 23.1%
- MDF
- Particle Board
- Container and Freight station 5.8% 10.5% 10.0% 9.9% 36.3% 38.8%

% of Total Revenues
- Plywood and Allied Product 76.2% 74.0% 73.6% 72.1% 73.9% 70.0%
- Laminates and Allied product 17.4% 19.5% 18.7% 19.9% 18.9% 21.0%
- MDF
- Particle Board
- Container and Freight station 4.3% 4.8% 4.9% 4.3% 4.6% 4.7%
- Unallocated 2.3% 2.0% 3.0% 4.0% 2.8% 4.5%
Q2FY16 Q3FY16 Q4FY16 FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 FY17

3,458 2,913 3,418 12,365 3,113 3,465 3,235 3,743 13,556

941 801 1,012 3,526 873 1,110 994 1,099 4,076
17 15 7 39 14 12 2 6 34
- - - - - 32 103 117 252
201 235 242 852 234 211 202 235 882
114 134 150 563 148 113 83 91 436
9 10 5 31 6 17 31 33 88
4,722 4,088 4,824 17,314 4,376 4,926 4,587 5,258 19,148

15% 4% 17% 8% 21% 0% 11% 10% 10%

19% 12% 26% 20% 13% 18% 24% 9% 16%
-30% -88% -13% -13%

4% 27% 39% 20% 35% 5% -14% -3% 3%

40% 17% -6% 28% -10% -1% -38% -39% -23%
17% 7% 19% 12% 19% 4% 12% 9% 11%

517 408 457 1,820 436 492 475 740 2,144

103 104 136 444 115 171 123 110 519
2 (6) (5) 2 3 (0) (6) (2)
- - - - (12) (24) (33) (69)
56 84 84 278 79 56 41 60 235
(4) (1) (11) (17) (4) (24) (28) (21) (77)
- - - -
131 107 102 462 89 60 112 26 286
32 9 5 68 30 42 30 26 128
511 480 553 1,991 510 584 445 798 2,337

15.0% 14.0% 13.4% 14.7% 14.0% 14.2% 14.7% 19.8% 15.8%

10.9% 13.0% 13.4% 12.6% 13.2% 15.4% 12.4% 10.0% 12.7%
9.4% 17.4% 21.2% -8.4% -4.6%
-37.4% -23.6% -28.3% -27.6%
28.0% 35.9% 34.6% 32.7% 33.6% 26.7% 20.1% 25.5% 26.7%

2% -5% -6% -2% -3% -1% 1% 6% 1%

1% 6% 5% 5% 0% 4% -0.6% -3% 0%
9% 0% 0% 0% 17% 12% -8% 0% -5%
0% 0% 0% 0% 0% -37% -24% -28% -28%
-5% 4% 0% 2% 3% -1% -16% -9% -6%

5,630 5,600 5,017 5,017 5,232 5,538 5,352 5,397 5,397

1,654 2,310 1,572 1,572 1,594 1,550 1,628 1,603 1,603
53 587 1,502 2,110 2,645 2,645
113 559 687 607 567 567
603 631 595 595 531 580 547 495 495
(3,469) 153 118 118 (2,880) (3,773) (3,702) 56 56
4,585 8,695 7,302 7,302 5,622 6,086 6,542 10,764 10,764

36.7% 29.2% 36.4% 36.3% 33.3% 35.5% 35.5% 54.9% 39.7%

24.9% 18.0% 34.6% 28.2% 28.9% 44.2% 30.2% 27.5% 32.4%
1.6% 0.7% 0.0% -1.0% -0.1%
0.0% -7.0% -16.0% -23.4% -12.2%
37.3% 53.5% 56.2% 46.8% 59.2% 38.8% 29.6% 48.4% 47.5%

73.2% 71.3% 70.9% 71.4% 71.1% 70.3% 70.5% 71.2% 70.8%

19.9% 19.6% 21.0% 20.4% 20.0% 22.5% 21.7% 20.9% 21.3%
0.4% 0.2% 0.3% 0.2% 0.0% 0.1% 0.2%
0.0% 0.0% 0.0% 0.7% 2.2% 2.2% 1.3%
4.3% 5.8% 5.0% 4.9% 5.4% 4.3% 4.4% 4.5% 4.6%
2.4% 3.3% 3.1% 3.3% 3.4% 2.3% 1.8% 1.7% 2.3%
 FY14 FY15 FY16 FY17E FY18E FY19E FY20E FY21E

PAT after Minority and EO 669 1,508 1,672 1,910 2,101 2,836 3,545 4,432
125% 11% 4% 10% 35% 25% 25%
Mulitple 20
Discounting Rate 24% 1/2/2019
Period 1.2 3/31/2020
No of Shares 223 1.2
Entry Price 304
Exit Price 397
CMP 216
CAGR - CMP 63.3%
Current Market Cap 48,168
Exit Market Cap 88,636
P/E 72.0 31.9 28.8 25.2 22.9
Name Country % of Voting
Auro Sundaram Ply and Door Private Ltd India 51
Centuryply Myanmar Pvt Ltd Myanmar 100
Centuryply MDF Ltd India 100
Ara Suppliers Pvt Ltd. India 80
Arham Sales Pvt Ltd India 80
Adonis Vyapar Pvt Ltd India 80
Apanapan Viniyog Pvt Ltd. India 80
Innovation Pacific Singapore Pte Ltd Singapore 51
Century infotech Ltd India 85.71
Centuryply Singapore Pte Ltd Singapore 51
Pt Centuryply Indonesia Indonesia 95
Century Ply Laos Co Ltd. Laos 90