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HomeNewsTop NewsDuroply Industries posts net loss of Rs 1.23 crore in Q4 FY24

Duroply Industries posts net loss of Rs 1.23 crore in Q4 FY24

 Duroply Industries, a plywood manufacturer, has reported net loss after tax of Rs 1.23 crore during the quarter ended March 31, 2024. It had registered profit after tax of Rs 2.25 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.The company’s net total income stood at Rs 84.70 crore in Q4 FY24, a minor dip of 0.90 per cent from Rs 85.47 crore it recorded in the similar quarter last year.

Akhilesh Chitlangia, managing director and chief executive officer of the company said, “Towards the end of fiscal year, in Q4 the environment became challenging for the whole industry with increase in cost of input material. We have completed the process of raising our equity that was approved by our board of directors on February 14, 2024. The increased liquidity will provide sufficient working capital. This will help us grow the organization to its logical next orbit with improved margin over medium to long term.”

The board of directors approved appointment of Shivram Sethuraman as an additional director (non-executive, independent) with effect from May 17, 2024. He is also appointed as an independent director of the company for a term of five consecutive years commencing from May 17, 2024 upto May 16, 2029.

The board also approved appointment of Anup Kumar Agarwal as an additional investor director (non-executive, non-independent) on the board of directors of the company with effect from May 17, 2024.

It has reported a 6.97% growth in sales during the financial year 2023 – 24, to Rs. 323.42 crores from Rs. 302.34 crores reported during the last fiscal.

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