Greenply Industries expects WFH to have positive impact on branded plywood manufacturers

The new work-from-home normal is expected to have a "positive impact" on the branded plywood industry as people move towards bigger homes with more functional and well-equipped offices, said Greenply Industries. This is going to translate into a larger share of the opportunity for branded plywood manufacturers, as the unorganised players are finding it difficult to survive in the post-COVID-19 environment, said Greenply Industries in its latest annual report.

There is an increasing shift being witnessed towards the organised sector, owing to brand and quality awareness. With wider choices, product innovation and warranty being offered by organised players, customers are now more focussing on this segment, it added.

"At Greenply, we are well poised to seize the opportunity, at the back of our strong credentials, and our exciting product mix that spans price points and diversified customer needs," said Greenply Industries Joint Managing Director and CEO Manoj Tulsian.

The company, after witnessing a faster demand pick-up in the post-lockdown period in the price-sensitive as well as in towns with less than two lakh population, is strengthening its presence in those pockets with right product mix.

"We are working on the right product mix that will help us cater effectively to the price-sensitive demands of the rural consumer," he said.

As per its strategy, Greenply Industries is fine-balancing between the demand for economical and affordable mass products and the aspiration for premium and branded products.

"We are confident that our strategic approach of driving expansion into both the rural and the urban/metro markets will yield dividends going forward," he said.

It stands to gain from the steady demand, driven by a positive market environment, including a strong rural market and increasing acceptance of furniture suited for work or study from home, it added.

"Improved demand scenarios and continued initiatives towards branding and distribution network will benefit the company," it said.

It further added that the performance of the company is expected to improve once the logistics issues related to availability of trucks in India and containers in Gabon are resolved.

For the financial year ended on March 31, 2021, Greenply Industries' consolidated turnover stood at Rs 1,161.62 crore. PTI KRH HRS hrs