PRNewswire
Ahmedabad (Gujarat) [India], October 28: Rushil Decor Limited (BSE: 533470) (NSE: RUSHIL), one of the leading suppliers of eco-friendly sustainable MDF Boards, Laminates and Plywood has announced its unaudited financial results for the quarter ended 30th September 2024.
Q2 FY25 EBITDA at Rs. 296 Million; growth of 2.4% YoY
Q2 FY25 Revenue from MDF is Rs. 1,717 Million; growth of 14.7% YoY
Business and operational Highlights for Q2 FY2025:
* Net Debt to Shareholder Equity at 0.44x
* Consolidated Basic EPS of Q2 FY2025 is Rs. 0.42 and Diluted EPS is Rs. 0.38
* Added 105 new dealers and 65 new distributors
* MDF Boards:Reported EBITDA of Rs. 226 million with an EBITDA margin of 13.2%
* Price realization for per CBM in export and India are Rs. 21,308 and Rs. 24,723
* Capacity utilization optimized at 88%
* 54% revenue of MDF boards contributed by value-added products
* Laminates:Reported EBITDA of Rs. 65 million with an EBITDA margin of 12.9%
* Price realization for per sheet in export and India are Rs. 701 and Rs. 626
* Capacity utilization for laminates was at 90%
Commenting on the performance Rushil Thakkar, Managing Director, said:
“In Q2 FY2025, Rushil Decor reported Revenues of Rs. 2,304 million representing a year-on-year growth of 12.6% and a growth in PAT of 7.9%. Improved realizations in our MDF boards export markets significantly contributed to our overall financial performance. The MDF division remained a key growth driver, with a revenue increase of 14.8%, and value-added products now accounting for 54% of total MDF boards revenue.
On the expansion front, our Jumbo Laminate project in Gandhinagar encountered temporary delays due to late machinery supply and heavy rainfall affecting installation. We anticipate operations to commence by the end of Q4 FY2025. Once operational, this facility is expected to produce an additional 2.8 million sheets annually, not only significantly enhancing our production capacity but allow us to enter the Jumbo sized market.
Expanding our international footprint, we have incorporated a wholly-owned subsidiary in Singapore focused on laminates to target the Southeast Asian market more effectively. This initiative is expected to drive revenue growth and improve margins in the region. Our participation in various European exhibitions this quarter has generated additional inquiries for our MDF products, presenting further growth opportunities in international markets.
A planned maintenance shutdown is scheduled at our Chikmagalur unit, which manufactures MDF boards. This routine procedure is conducted every 3 to 4 years to ensure operational efficiency, enhance product quality and sustain over 100% capacity utilization over the next three years.
During this quarter, we added 65 new distributors and 105 new dealers, further strengthening our market presence. Our commitment to sustainability remains unwavering, as demonstrated by our agroforestry initiatives, which enhance our raw material supply chain and contribute to local community development.
As the newly appointed Managing Director, I look forward to leading Rushil Decor through this growth phase, leveraging our management team’s capabilities and executing our strategic initiatives to deliver sustained value for all stakeholders.”
About Rushil Decor
Founded in 1993, Rushil Decor Limited is a globally leading company in modern interior infrastructure and eco-friendly composite wood panels. The company excels in setting industry benchmarks through innovative designs and advanced technology. Operating six cutting-edge manufacturing plants, Rushil Decor has an annual capacity of 3,30,000 CBM MDF and 3.49 million laminates, serving customers in over 54 countries. The company’s product range includes VIR Laminates, VIR MDF boards, VIR MAXPRO (HDFWR) boards, VIR Pre-laminated Decorative MDF/HDFWR boards, VIR Modala Ply, VIR PVC and VIR WPC boards/doors.
Rushil Decor’s commitment to quality, design excellence and customer-centricity distinguishes it in the market. Driven automated plants, world class German technologies and global standards, Rushil Decor relentlessly creates smarter spaces. The company ensures optimal supply chain efficiencies and resource utilization. Strategic local plantations further enhance cost advantages in raw material sourcing, allowing Rushil Decor to meet global market demand effectively and sustainably.
For more details, please visit: www.rushil.com
Media Contact:
Hiren Padhya
Chief Financial Officer
Rushil Decor Limited
hiren.padhya@rushil.com
Churchgate Investor Relations:
Rajiv Pandya / Abhishek Dakoria
Churchgate Partners
+91 22 6169 5988
rushil@churchgatepartners.com
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential and target dates for project related issues are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward- looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results changed assumptions or other factors.
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