Century Plyboards (India)

Scripscan:Century Plyboards India Ltd



Story:Century Plyboards (India) Limited engages in the manufacture, sale, and export of plywood, laminates, cement, ferro alloys, and paper products inIndiaand internationally. Its products include sheets for plywood, decorative plywood, block-board, veneer and timber, decorative laminates and pre-laminated boards, cement, clinker, ferro silicon, and non ferrous metals. The company also involves in power generation and logistic activities, as well as in the trade of chemicals and minerals. Century Plyboards (India) markets its products under the ‘Centuryply’ brand name. A company with interests in the plywood, decorative veneers and laminate sectors, Century Plyboards’ had a good set of numbers for Q1FY12. YoY, net sales rose 34% at Rs.416 crore. Raw material cost rose 36%, EBIDTA was up 3%. Net profit for the quarter was up 32% at Rs.54 crore. This was on account of an other income component of Rs.2 crore and 27% lower tax. Margins tell the real story, OPM was down from 23% to 18% and NPM was at 13%, same as in Q1FY11.The company is increasing its cement capacity from 1.2 million tonne to 4.4 million tonne, which is through setting up of a new clinker unit of 1.75MT, grinding units with capacity of 1.6MT each at Guwahati and at Kahalgaon. One is expected to go on stream by March 2012 and another one in FY13. It is also expanding its plywood capacity from 122,420 CBM to 152,420 CBM, its laminate capacity from 2.4 million sheets to 3.6 million sheets as well as double its pre-laminated boards capacity from 800,000 sqm. It is also setting up a fiber board plant at Nellor, Andhra Pradesh for which it recently acquired 80 acres of land at Rs.7 crore. The stock price remains range bound, with little upside.

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