greenply industries ltd share price Management discussions


Global Economy

The global economic situation was fragile in CY2020 owing to the negative impact of COVID-19 outbreak and as a result, the world economic output declined by 3.1%. This situation has improved in CY2021 as consumer spending re-started, lower interest regime helped uplift the investment cycle, and international trade began to comeback. Vaccination programmes were quick and effective in most developed economies but took longer in many emerging and developing economies. The rising inflationary environment, supply chain issues, and gradual withdrawal of fiscal stimulus started to negatively impact the global economic activities. The economic damage from the ongoing Russia-Ukraine conflict and unprecedented volatility in commodity costs is likely to impact global growth in CY2022.

However, the emerging markets and developing economies are still projected to outgrow the global growth. As per IMF, the world economic growth is likely to be soft at 3.6% in CY2022 and at similar rate in CY2023. Risks to the economic outlook as a whole have increased significantly, making policy trade-o_ decisions for the governments worldwide more complicated.

Indian Economy

India was a major contributor to the global economic recovery post COVID_19 pandemic. Given its strong democracy and strategic ties, India is anticipated to become one of the top three economic powers in the near future and has become the worlds fastest-growing major economy. The COVID-19 outbreak led to Indias GDP decline by 6.6% in FY2021.

The Government of India and the Reserve Bank of India (RBI) have acted swiftly to help offset the pandemic-induced disruptions. To enhance liquidity in the economy and improve the credit scenario, the RBI reduced the policy repo rates significantly. The government also implemented a sizeable fiscal stimulus package to support lives and livelihoods.

Indias economy is likely to grow by 8.7% in FY2022 as the manufacturing business conditions have improved, financial markets have stabilised, and the resultant consumer demand has grown. At the same time, the annual inflation rates jumped to 7.0% in March 2022, the highest level since October 2020, mainly driven by rising fuel and food prices. This situation has necessitated RBI to take measures to curb inflation. The latest 50 basis point rise in the policy repo rate to 4.90% is likely to represent the beginning of a period of rising interest rates. According to the RBI assessment, the impact of ongoing inflationary trend is likely to slow down Indias GDP growth rate to 7.2% in FY2023 and to 6.5% in FY2024.

The outlook for the private sector investment remains favourable, and the financial system is well positioned to support the recovery of the economy. The Indian real estate sector is likely to benefit from the continuous focus of the government towards infrastructure development and industrial expansion. This was evident in the FY2023 Budget, which continued emphasis on infrastructure, investments, manufacturing sector developments, enhancing logistic capabilities, support for MSMEs, environment, digitalisation, and strengthening banking system.


Indian Real Estate Industry

The real estate industry contributes significantly to the countrys gross domestic product and the sector employs maximum manpower only next to the agriculture sector. In terms of direct, indirect, and induced effects on all economic sectors, the construction industry ranks third among the 14 major industries. The low cost of capital has spurred housing and other real estate developments. In 2021, home a_ordability in India reached its highest level in a decade. In the last five to six years, residential prices have remained relatively stable, resulting in improved a_ordability which was further aided by lower interest rates on housing loans.

In addition, several government programmes also contributed to the sectors development. The housing market has seen structural changes on both the demand and supply sides during the past decade. This has made the environment for purchasing a home very appealing and secure. This results in an increase in demand for interior and furniture products. Despite the pandemics effects on business, the industry saw a significant resurgence. The initial wave of COVID-19 in India temporarily halted the sector. However, by the fourth quarter of 2020, the market had begun to accelerate, driven by rising residential demand.

In CY2021, the launches and sales of housing units across India increased by 58.0% and 51.0%, to 2.33 lakh and 2.32 lakh units, respectively. In H1CY2022, launches and sales increased by 56% and 60% YoY to 1.61 lakh and 1.59 lakh units, respectively. Sales in H12022 have convincingly broken through and reached the highest level since H12013. Low interest rates and comparatively low home prices along with the renewed need for home ownership sparked by the pandemic, have been the primary drivers for this growth. The COVID-19 pandemic-driven boom in remote working has also increased a_ordability and inclination for larger dwellings.


Despite the input cost pressures on the supply side, the demand is expected to be robust. Sales momentum is expected to improve in CY2022 as prospective homebuyers would continue to prefer larger homes, better amenities and attractive pricing would keep them interested. The demand for leased commercial space emanating from the information technology sector is likely to drive the growth for the commercial office markets. All of these factors will bode well for the furniture demand and help drive the growth for the interior infrastructure segment.

Indian Furniture Industry

India is the fifth largest producer and the fourth largest consumer of furniture. The Indian Furniture Market stood at US$ 23.33 billion in FY2021 and is growing at a CAGR of 6.0% to reach US$ 32.75 billion by FY2027 as per a report published by Research & Markets.

The growth of the real estate market coupled with co-working business spaces drives the development of the furniture sector. As the Indian economy recovers from the impact of COVID-19, Indias furniture market is on an upward trajectory. The Indian furniture business is noted for its _ne craftsmanship, traditional art, and elegance. The sentiments are very positive because the consumers have started placing more emphasis on their home, especially with respect to furniture and furnishing. The rise of the middle class, increasing urbanisation and preference for branded products would contribute to the growth of Indian furniture market. The market is dominated by a large number of small and local manufacturers but as a result of the changing consumers preference for quality products along with increased formalisation of the economy due to implementation of GST, organised players market share is expanding.

Indias share in global furniture exports is meagre in size. The global demand for furniture is growing while there are capacity bottlenecks in key furniture exporting countries such as Vietnam. Globally, there is an increased thrust to reduce dependency on China which is also another key furniture exporting country. All of these factors could help the Indian furniture industry in gaining significant share within the furniture exports market. Currently, Indias top furniture export destination includes US, Germany, France, UK, Netherlands, and Australia. In addition, the governments emphasis on making India an export hub will create significant export growth potential.

Online Space

The advent of e-commerce platforms has led to the Indian furniture market broadening its reach. The market players are now capable of providing 3D image options of furniture using the online sales channel and exploit internet to showcase their designs. This is helping consumers to choose the best furniture for their needs. The growing popularity of online and mobile shopping in India is expected to boost online furniture demand. The category has witnessed massive growth over the past few years, with the pandemic accelerating this shift. While the Indian online furniture market currently constitutes only 3.0% of the overall organised furniture sector, it has been growing at a strong pace for the past few years.

Indian Wood Panel Industry

The surging real estate business and resultant demand for furniture is likely to help the wood panel industry grow in the near future. The COVID-19 pandemic had resulted into a temporary slowdown in the furniture manufacturing activity in the country. However, the industry was quick to rebound with increased customer demand resulting from work from home trend which emerged during COVID-related lockdowns. The wood panel industry is anticipated to grow further due to robust underlying demand and increase in home remodelling activities.

Indian Plywood Industry

The Indian plywood market is estimated to be valued at 24,390 crore in 2021 and expected to reach 34,420 crore by 2027, exhibiting a CAGR of 6.0%. Indias annual capacity for plywood is estimated at 10 million CBM compared to Chinas annual capacity of 200 million CBM as per industry reports. Hence, there is huge penetration opportunity for the Indian plywood industry. In the past decade, the expenditure on furniture per household has increased due to rise in income level, increasing urbanisation and improved consumer propensity to invest in real estate etc. Moreover, the introduction of new designs and diverse product range of furniture have further helped in boosting demand among the consumers. Expanding distribution network and exclusive outlets of furniture manufacturers also have helped in influencing the market for plywood.

Increased demand for branded products would allow organised players to outperform the industry. The unorganised players are likely to face difficulties in the near term driven by increased formalisation of the economy due to implementation of GST and challenges associated with sustained rise in input costs and higher working capital requirements.

Indian MDF (Medium Density Fibreboard) Segment

With the increase in awareness and application of MDF, there has been a substantial growth in the consumption of MDF in India. The Indian MDF industry was estimated to be 3,000 crore in 2021 and is expected to grow at a CAGR of 15%-20% to

6,000 crore by 2026.

According to the industry experts, Indian work from home (WFH) furniture market was US$ 2.22 billion in FY2021 and is expected to be US$ 3.49 billion by FY2026 which would lead to higher demand for MDF. Also, higher input cost and GST compliance issues have made MDF prices very competitive against the low-cost plywood market. At present, 60.0% of the consumption of MDF is for commercial use while it is now gaining popularity in the residential segment too. MDF has a small share of 7.0% -8.0% in the Indian furniture market, as compared to 70.0% in developed countries, which indicates a strong potential for MDF products.

Increased penetration opportunity for organised players: The organised plywood players are expected to witness higher volume growth due to increase in demand from real estate and shift of market from unorganised players. The price difference between unorganised and organised players has come down due to stricter implementation of GST regulations. Also, higher raw material prices have increased the working capital requirement, impacting the unorganised players adversely.

Development of furniture clusters to promote economies of scale: The governments focus on making India an export hub provides strong export growth opportunities for the Indian furniture industry. For instance, Tamil Nadu Industrial Guidance and Export Promotion Bureaus plan for setting up a furniture park in Thoothukudi, Tamil Nadu is a welcome step in this direction. Being one of the major ports in India, it would help compete in the international furniture market connected to hubs like Singapore, China, Indonesia, and Sri Lanka, having witnessed large number of timber imports and timber yards and mills.

Consumers preference for brand: Plywood in India has matured from commodity to brand. Currently, Indian plywood industry is at a stage of consolidation with better pricing and customer experience.

Government Initiatives

The Indian government, in partnership with state governments, has taken significant efforts to support sector development. For example, the Smart City Project to construct 100 smart cities benefiting the real estate sector. In addition, the Union Cabinet has approved 25,000 crore alternative investment fund (AIF) to revive over 1,600 delayed housing projects across the country Indias ‘Housing for All project is expected to attract US$ 1.3 trillion in housing investment by 2025. For Housing Finance Companies (HFC) microfinance, the government has established an Affordable Housing Fund (AHF) at the National Housing Bank (NHB) with an initial corpus of 10,000 crore

The government has allocated 48,000 crore for building 80 lakh houses under PMAY (Pradhan Mantri Awas Yojana) both rural and urban during the next fiscal The Department for Promotion of Industry and Internal Trade (DPIIT) is in discussion with other ministries and states to rollout a scheme to make India self-reliant in furniture manufacturing through incentives such as tax breaks. India imported US$ 592 million of furniture in the April-November period of FY2021, more than half of which came from China


Source: imarc Industry Reports,www.inv


Company Background

Greenply Industries Limited (hereafter referred to as "the Company" or "Greenply") is a leading brand of plywood, blockboard, doors, decorative veneers, and other allied products for interior infrastructure. The Company has been continuously driving product innovation ensuring a steady supply of healthy and safe products to its consumers.

The Company has four state-of-the-art plywood manufacturing plants across the country. It also has a face veneer peeling factory in Gabon that exports to India, Europe, Middle East and Southeast Asian markets. The Company has a strong distribution network of over 2,300 dealers spread across over 1,100 cities, towns and villages in 27 states and 6 union territories serving through 56 branches.

Products & Brands

Greenplys product line is diverse to meet the needs of its customers. The Companys extensive product line comprises plywoods and blockboards, decorative veneers, _ush doors, speciality plywood, and Polyvinyl Chloride (PVC) products.

The Company offers its products in various brand names as follows:

Plywoods and Blockboards BRANDS Decorative Veneers BRANDS Flush Doors BRANDS Speciality Plywoods BRANDS PVC Products BRANDS
Green Flexiply Wood Crrests Burma Teak Green Optima G Green Compressed Wood Plate Green Ndure
Optima G Ecotec Bharosa Jansathi Royal Crown Kohl Forest Engineered Veneers Ecotec Cali-Form Plywood Boards Doors Plastic Section

Plywoods & Blockboards

Greenply provides a selection of plywoods and blockboards under the brand names Green, Optima G, Ecotec, Bharosa and Jansathi. These brands operate at various price points, appealing to a large customer base.

Greenply makes eco-friendly and zero-emission plywood in an effort to reduce its carbon footprint. The Company is the first to introduce E-0 grade plywood in India. The entire line of zero-emission plywood, the first-of-its-kind in India, is protected by Virashield to assure health and safety of its consumers. Also, Greenply was the first Indian Company to provide a lifetime warranty on premium plywood products such as Green Club and Green Club Plus.

Decorative Veneers

Greenply offers a wide range of teak, natural and decorative veneers under the brand names Wood Crrests, Kohl Forest, Royal Crown, Burma Teak and Engineered Veneers.

Greenply veneers are comprised of exotic species from all over the world, including North America, South America, Europe, and Africa. The veneers are environmentally friendly because they conform to Forest Stewardship Council-FSC?, Indian Green Building Council-IGBC, and E-1 emission standards.

Flush Doors

Under the brand names Green, Optima G, and Ecotec, the Company provides a variety of _ush doors. The dimensional stability and strong impact resistance of Greenply _ush doors provide security, protection and privacy. These doors are offered in three varieties: one-sided decorative, both-sided decorative and non-decorative hardwood _ush doors.

Speciality Plywoods

Greenply manufactures speciality plywood for varied applications, including railways, automobiles, and construction-specific architectural structures. Due to its excellent quality and performance, the super-strong, highly compressed plywood can be used in a variety of industries.

PVC Products

Greenply markets PVC/ Wood Plastic Composite (WPC) boards, PVC/ Unplasticised (uPVC) Doors and plastic section under the brand name Green Ndure. PVC boards are lighter, economical and an eco-friendly sustainable interior solution. PVC products are lead-free, making it a safe choice for the interiors as well as the environment at large.

Manufacturing Facilities

The Company owns four plywood and allied product manufacturing facilities in India. It also has a face veneer manufacturing facility in Gabon through a wholly-owned subsidiary. The Companys four modern plywood facilities in Bamanbore (Gujarat), Kriparampur (West Bengal), Tizit (Nagaland) and Sandila (Uttar Pradesh) under a WOS can produce 48.4 million sq. mtrs. of plywood annually. In addition, the Company has an existing facility in Bareilly (Uttar Pradesh) with annual capacity of approximately 10.0 million sq. mtrs. and is adding another in Hapur (Uttar Pradesh) with the capacity of 7.5 million sq. mtrs. p.a. as partnership units through investments in equity. The Company is expanding its capacity through a combination of in-house and partner manufacturing to address the rising demand in the plywood category.

Moreover, the Company has an upcoming greenfield MDF board production facility under a Wholly Owned Subsidiary (WOS) with the capacity of 800 CBM per day near Vadodara, Gujarat. The facility will produce all sub-categories including Exterior, Interior, HDHMR (High Density High Moisture Resistance), BWR (Boiling Water Resistance) with thin & thick, pre-lam and other value-added products.

Business Strategies

1. Balanced in-house and asset-light business approach

The Company has adopted a balance approach of in-house and partnership manufacturing. This has allowed the Company to expand its scale while conserving capital.

2. Diversifying by entering into new segments

Greenplys foray into MDF boards segment under WOS would help the Company to diversify its product portfolio. The MDF industry is expected to grow rapidly given its versatile application and customisation. The Company has a potential to capture substantial market share with the leadership position in the western untapped market.

3. Emphasis on Zero-Emission range of Products

With customer inclination towards non-hazardous plywood products, the Company has introduced Zero emission plywood that comply with E-0 grade emission regulations and is focussed towards enhancing its range. The Company has attained first mover advantage in launching zero emission plywood products in the country which is gaining wider acceptance. The Company is thus capitalising on this competitive edge.

4. Rural & Semi-Urban Penetration

The Company has a vast pan-India distribution network. Rural and Semi-Urban region is a lucrative market for plywood due to its increased a_ordability which has prompted the Company to expand its rural footprint. Towards this strategy, the Company has expanded its footprint to additional 190 cities, towns and villages during FY2022 in these regions to reach over 900 mark and is continuously working to further expand the same.

5. Automation & Digitisation

Greenply has upgraded its systems and processes to move swiftly with the unparalleled speed in the new-age environment. Towards this effort, the significant emphasis would be on automation to enhance supply chain and manufacturing capabilities leading to smart functioning by the Company at all levels. The Company expects these prospects to consolidate and manifest in its future business performance.

6. People

Greenply values its employees and promotes a culture of learning and development. The Company has been recognised as a Great Place to Work for three consecutive years i.e., 2020, 2021 and 2022. Greenply is persistently committed to fostering an engaging work environment and culture. In addition to virtual and classroom instruction, skill augmentation are accomplished through on-the-job trainings.


Standalone Income Statement Analysis

Total income increased to 1,390.06 crore in FY2022 compared to 1,024.49 crore in FY2021, depicting a growth of 35.7% on YoY basis EBITDA increased to 143.6 crore in FY2022 compared to 106.0 crore in FY2021, depicting a growth of 35.4% on YoY basis EBITDA margin was 10.4% in FY2022, at similar level with FY2021 Profit after tax increased to 88.8 crore in FY2022 compared to 57.9 crore in FY2021, depicting a growth of 53.3% on YoY basis PAT margin increased to 6.5% in FY2022 from 5.7% in FY2021

Balance Sheet Analysis

Total debt stood at 43.7 crore as on March 31, 2022 compared to 58.5 crore as on March 31, 2021 Net debt stood at 23.2 crore as on March 31, 2022 Net debt-equity is 0.05 times as on March 31, 2022 Net working capital days at 29 days as on March 31, 2022 compared to 34 days as on March 31, 2021

Return on Capital Employed (Pre-tax) stood at 24.5% as on March 31, 2022 compared to 18.5% as on March 31, 2021 Return on Equity stood at 19.3% as on March 31, 2022 compared to 15.1% as on March 31, 2021

Key Operating metrics - Plywood

Particulars FY2022 FY2021

Annual Capacity (million sq. mtrs.) 34.9* 24.9 Production (million sq. mtrs.) 31.3 26.8 Sales Volume (million sq. mtrs.) 57.5 45.6 Capacity Utilisation 90% 77%


*Note: Re-assessed and revised basis the Chartered Engineer Certificate.

Added Sandila with the capacity of 13.5 million square metre p.a. as on June 30, 2022

Details of significant change in key financial ratios

Key Ratios FY2022 FY2021
Debt Equity ratio (times)* 0.09 0.14
Debt Service Coverage ratio (times) 5.3 2.89
Return on Equity ratio (%) 19.3% 15.1%
Trade Receivables Turnover ratio (times) 8.51 4.29
Trade Payables Turnover ratio (times) 5.29 3.7
Net Working Capital Turnover ratio (times) 20.63 5.97
Return on Investments (%) 14.9% 7.5%
EBITDA/Net Interest (times) 24.84 9.59
Return on Capital Employed (ROCE) (%)** 24.5% 18.5%



*Total debt includes long-term and short-term borrowing ** ROCE taken at average capital employed


The Company foresees robust growth marked by resurgence in demand from the real estate sector. This will be driven by consumer shift towards branded and eco-friendly products, rising a_ordability and urbanisation. Although the volatility in raw material costs prevails, the Company is resilient of its outlook towards the growth trajectory. In order to meet the increasing demand for plywood, the Company is expanding its capacity and increasing the penetration level. In addition, the Company is diversifying into futuristic MDF product to cater to the larger consumer base. As the Company prepares for a new level of horizons by expanding its capacity, entering new business lines, enhancing brand visibility and management bandwidth across all areas to achieve its long-term growth objectives.


RISK Impact Mitigation Plan
Prolonged COVID-19 outbreak risk If pandemic and related lockdowns continue for an extended period of time, supply chain and consumer demand could be negatively impacted. In recent years, the Company has enlisted many vendors and set up plants in diverse places to reduce geographical concentration risk and balance trading, partnership and in-house manufacturing.
Logistics/Supply chain risk Logistics and supply chain management plays an important role in product distribution. Any ineffciency in the same can impact the business operations. The Companys well-structured logistics management processes starting from raw material procurement to final product delivery to customers ensures uninterrupted operations.
During FY2022, the Company has introduced and implemented an integrated material tracking system for seamless logistics management. Enhancing transparency and efficiency at every step of supply chain cycle.
Attrition risk High attrition especially in salesforce could impact the business. The Company is enhancing_its management capacity with a new process and system that incorporates regular performance reviews based on a shared set of leadership behaviours, abilities, and competencies. The Company has plannedfito upskill and reskill personnel for future employment.
Reputation risk Any negative publicity or event can adversely impact the brand image. The Company keeps the track of all its media communications. The Companys code of conduct is designed to ensure that all its stakeholders adhere to its values and standards.
RISK Impact Mitigation Plan
Competition risk An increasing number of players could intensify competition and impact market share. On the back of the decades-old industry experience, the Company possesses extensive scale, strong brand recall and operational efficiency that has enabled it to attain a leadership position in the industry. Strong dealer network and wide range of products across plywood and allied product categories has helped the Company to deepen its market penetration. Moreover, focus on product innovation is expected to result in growth across the market segment.
Regulatory & compliance risk Wood is a key raw material for plywood. Any regulatory restrictions on sourcing of wood or face veneer would impact the business operations. The Company is engaged in forestry plantation, conservation of natural resources and timber with no deforestation. Adhering to local laws, one of the manufacturing units of the Company is FSC? – FM (Forest Management Certification) certified. The Company is an ethical player, responding with a sense of governance and adheres to all regulations. It deploys a dedicated team to monitor new regulatory compliance or any shift in it and takes corrective action whenever required.
Counterfeit risk The fake product manufactured in Companys brand name can dampen its reputation. The QR coding system implemented by the Company would help to check the counterfeiting of its world-class products. Use of QR code provides an end-to-end tracking through the entire supply chain and customers would be assured of excellence in all products manufactured at the Companys facilities.
Raw material cost risk Volatile raw material costs could impact margins. The Companys manufacturing units are proximate to the sources of raw material, and it procures raw materials from multiple suppliers at competitive price.
The Company has been passing on the increased cost to the consumers to maintain the margin.
Raw material availability risk Limited sourcing of raw material can impact Companys operations to meet the growing demand. The Company promotes largescale plantations in catchment to each of its manufacturing facilities.
It enabled the Company to ensure sustained, long-term raw material supply, while protecting the environment for the local communities. So far, the Company has planted more than 12 million seedlings and covered more than 17,000 acres of area under plantation. The Company had set up a manufacturing facility in Gabon for commercial production of face veneer that would help in securing supply of face veneer for the Company.


Greenply has created robust internal control mechanisms commensurate with its size and operations. The Company believes that implementing proper internal controls and standardising operational procedures is the key to safeguarding assets and maximising corporate effectiveness. The internal control and risk management system is established and implemented in accordance with the organisations corporate governance policy, principles and requirements.

Compliance with these rules and procedures is a component of the management review method. Internal auditors routinely examine the adequacy and effectiveness of these internal controls using a risk-based audit plan. The audit plan encompasses the essential functions, including factories, depots, and other facilities. It involves a variety of employees who execute their various roles in synchronisation. The Board of Directors offers direction and strategic oversight to the management, monitoring, and support committees.

The process owners are informed of suggestions to further strengthen or improve the processes, and adjustments are made as necessary. The audit scope, methodology to be used and reporting framework are defined well in advance, subject to consideration of the Audit Committee of the Company. The Internal Auditors evaluates the effectiveness and adequacy of internal control system, its compliance with operating systems, policies of the Company and accounting procedures at all the locations of the Company. Based on the report of the Internal Auditors, process owners undertake corrective action in their respective areas and thereby strengthen the controls.


The Company has always been at the forefront of embracing new technology and is inculcating a digital ecosystem to another level in which larger structure of data and patterns emerge enhancing efficiency at all levels. The Company has implemented an integrated material tracking system for seamless logistics management. A single mobility platform is introduced to increase the efficiency of workforce that allows better customer to connect with proactive business executions.


Greenplys proactive human resource practices contributed to maintain the Companys leadership position in the sector. Multiple talent engagement efforts were implemented for both campus and lateral talent pools to attract top-tier talent. The Company provides its employees with formal and informal training sessions, as well as on-the-job training, thereby helping them improve their skills and knowledge, and enabling career advancement. Several learning programmes and unique initiatives were taken with both internal as well as external faculty, assist employees in developing their business acumen, perspective, and holistic approach towards the business and its success.

Greenply believes that employee engagement is one of the most crucial facets to retention of its key talent. It promotes an engaging work environment which enables higher employee productivity. The Companys employee retention rate is among the highest in the industry, and it continues to focus on leadership development to promote organisational growth. As of March 31, 2022, the Company employs over 2,450 people.


Greenply emphasises that health, safety, and environment (HSE) management is essential for the sustainability of an organisation. The Companys environmental and social responsibility actions aim to benefit the staff, the public, and the environment. Its HSE objectives include compliance with all applicable industry-specific requirements.

These are the aims of HSE management:

Compliance with all applicable laws and pertinent industry practices Raising the environmental, health, and safety standards of equipment and services Assigning responsibility and accountability for HSE to all employees, from entry-level to management The Companys HSE measures are as follows: The health and safety of every individual working in the plant area is the managements top priority. Accordingly, the required safety precautions are implemented in the area

The entire operational surface of the electrical panel is covered with rubber matting. This prevents from occurring electrical shocks during operation and maintenance All pipes and equipment with a hot surface are insulated to ensure the safety of the human body Appropriate work platforms and ladders are provided for operations and maintenance of the components located at heights At specific locations, warning signs are posted for the awareness of the operation team. Earplugs, safety goggles, shoes, helmets, gloves, masks, and other personal protective equipment (PPE) are provided to employees for safe working conditions All our facilities are equipped with first-aid kits for the treatment of minor injuries. In addition, ambulance and doctor on call is available 24 hours a day in the event of an emergency


The Company strives to make a difference in the lives of people with a special focus on local areas near the Companys manufacturing locations. The Company has implemented various CSR programmes which have helped make positive impacts mainly in the areas of healthcare, education, and social relief. During the year under review, the CSR programmes initiated by the Company includes taking steps for girl child education, preventive health care etc. near the manufacturing facilities, contributing to the collective life amenities of the community at large.


Greenply engages in providing education by supporting a unique academic excellence and personality development programme for deserving and talented girls from weaker socio-economic background, aiming to turn them into empowered and dignified woman or ‘Shalinis.

The Company also engages towards contribution for the education of tribal and rural children under the Ekal Abhiyan movement of Friends of Tribals Society (FTS).


As a continuous effort towards healthcare initiatives, Mobile Medical Van (MMV) is set up to provide basic diagnostic, medicine, curative, referral, and counselling services to the rural population. We aim at improving access to medical services in the remote areas as well as raising the level of awareness among the community towards healthy and hygienic living. The Company also provides sanitation facilities in three schools in Bamanbore, Gujarat.



Plantation activities are undertaken in catchment to each of the manufacturing locations that ensures self-sufficiency of raw materials and enables development of communities by providing livelihood.

A nursery and clonal propagation centre are set up with each of the manufacturing units to make available genetically superior planting material Quality planting material is made available to local farmers


The Companys objectives, projections, estimates, expectations, plans or predictions or industry conditions or events discussed in the ‘Management Discussion and Analysis are ‘forward-looking statements within the meaning of applicable securities laws and regulations. Several factors including though not limited to global and domestic economic conditions, successful implementation of devised strategies, R&D, growth and expansion plans, technological advancements, changes in laws and regulations that apply to the Company, rising competition in and the conditions of its customers, suppliers, and the overall industry, are likely to impact the Companys performance due to which the final results may vary materially from those expressed or implied. Any subsequent development, new information or future events or otherwise that may impact any forward-looking statements, need not be publicly updated, amended, modified, or revised by the Company except as required by applicable law.