Plywood and decorative veneers major Century Plyboards (India) Ltd has set an ambitious target of achieving Rs 12,000 crore turnover by 2031 from about Rs 3600 crore in 2022-23.
To achieve its Vision 2031, the company is implementing a Rs 2,000 crore capex plan, officials said on Wednesday.
The company's standalone revenue from operations for FY23 was Rs 3,620.65 crore, a growth of 20.65 per cent from the previous year.
"We are aiming for Rs 12,000 crore revenue by 2031. Despite the challenging demand scenario and sustained inflationary environment, the company strengthened its EBITDA by 4.4 per cent and profit after tax by 12.78 per cent during the year," Chairman Sajjan Bhajanka told shareholders at the AGM.
CenturyPly's plywood revenue increased by 27 per cent in the last fiscal, maintaining the company's market leadership position, he said.
Non-plywood business revenues also grew by 13.52 per cent, which accounts for 44.43 per cent of the total revenue.
"The company has commenced rolling out its capex plan of Rs 2,000 crores by FY 2024-25. The proposed outlay will primarily focus on expanding the capacity of laminates, MDF, plywood, and particle board," CenturyPly Managing Director Sanjay Agarwal said.
These investments will be made in Andhra Pradesh, Tamil Nadu, and Punjab. The majority of the proposed investment will be directed towards MDF (medium-density fibreboard) and particle board, which have a combined revenue potential of 40 per cent of the company's turnover.
Addressing shareholders on outlook, Bhajanka said, "India is entering an exciting new phase. In the fiscal year 2022-23, we continued to outpace the global GDP growth of 3.2 per cent compared to the domestic growth rate of 7.2 per cent in FY23 - one of the few exceptions amidst the current worldwide economic slowdown."
"This marks one of the initial instances where India is significantly deviating from the global trend, and we anticipate this trend to continue sustainably driven by infrastructure push," he said.
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