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business | IST

MDF business doing better than plywood business, says Greenply Industries

Greenply Industries has announced a foray into the MDF business. The company has also reported earnings for the June-ended quarter. Manoj Tulsian, Joint MD & CEO of Greenply Industries discussed the performance.

Greenply Industries has announced a foray into the MDF business. The company has also reported earnings for the June-ended quarter. Manoj Tulsian, Joint MD & CEO of Greenply Industries discussed the performance.
“The MDF business is doing much better than the plywood business and there is so much of traction which is there in MDF business,” he said.
The company is a leader in plywood business. “Post pandemic we have seen a good shift and traction in MDF business. India is becoming the next hub for readymade furniture. The plywood business will continue to generate good healthy cash, which we can use as a growth capital for some of these new generation businesses,” he mentioned.
In the MDF industry, the compounded annual growth rate (CAGR) growth rate is around 10 percent but for the last year, the industry has grown by more than 15 percent, he said.
"The growth has been limited to 2-3 percent in the plywood business for the last two-three years. However, there is a shift in the plywood business, things are moving from unorganized to organized business," Tulsian said.
For the full interview, watch the accompanying video.