Mumbai, Jun 11 (PTI) Century Plyboards (India) today said it has chalked out capex plan of Rs 282 crore in next two years for its various expansion projects. Also Read - Punjab, Haryana on High Alert After Tractor Rally In Delhi Turns Violent | Key Points Here
The company had drawn up Rs 751 crore capex plan, of which it had already spent Rs 154.63 crore in FY16 and Rs 313.92 crore in FY17. It is now investing Rs 222.63 crore in the current fiscal and remaining Rs 60 crore in FY19. Also Read - Tragic: Woman's Head Decapitated in Front of a Customer After Her Hair Gets Stuck in Flour Mill
“The company’s MDF plant is in the final stage of completion and likely to commence production by July this year. The company has already invested Rs 380 crore in the said project,” the company said in its investor’s presentation here. Also Read - Punjab Aam Admi Party MLAs to Move Towards Delhi on Tractors to Support Farmers On Monday
The expansion of additional 2 lines in its laminates unit to be operational within current financial year. It is also investing Rs 64 crore in plywood project in Punjab, Rs 60 crore in particle board, Rs 62.50 crore in laminate unit, Rs 20 crore in Guwahati unit and Rs 16.65 crore in Gandhidham unit, it said.
The company plans to set up a door unit in collaboration with a world renowned Chinese company at an estimated cost of Rs 50 crore.
The company expects substantial growth in the revenue in the next financial year. Implementation of MDF and laminates units will give an additional revenue of around Rs 350 crore and it sees huge demand for plywood, the company officials said.
The company’s net sales increased by 9 per cent to Rs 1,782.46 crore, and net profit rose from Rs 169.8 to Rs 185.6 crore in financial year 2016-17.
The total income for the fourth quarter of 2016-17 fiscal stood at Rs 539.98 crore as compared to Rs 483.75 crore in the same period previous year. The PAT also increased from 41.59 crore to Rs 55.90 crore in the period under review.
The company said that the GST rates for Plywood is slated at 28 per cent, which is almost at the current level of taxes.
The GST rates for laminates and commercial veneer is fixed at 18 per cent.
This is published unedited from the PTI feed.