Greenply Industries Ltd, by setting up a new unit in Hardoi, Uttar Pradesh, is expanding its plywood manufacturing capacity by about 40%. By adding 13.5 million Sq m to its plywood and allied production capacity at the said unit in Hardoi, the total capacity will round up to 45.9 million Sq m. “This expansion will entail an investment of Rs 120 crore, out of which Rs 80 crore will be funded by debt and the rest through internal accruals,” said V. Venkatramani, Chief Financial Officer at Greenply Industries. This comes after the demand for plywood is said to have increased post GST (goods and services tax) announcement which will encourage a shift from the unorganized to organized markets. The stock for the Greenply Industries has also increased as much as 57% in this year fiscal year so far. “While we are recovering in the current quarter after demonetization, growth is likely to be challenging for the next financial year as well,” said Venkatramani, who expects revenue growth of 5-7% in FY18 (fiscal year).
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