Rushil Decor Q2 Results: Net Profit Zooms 9.95% To Rs 11.60 Cr; MDF Division Remained A Key Growth Driver

One of the top providers of environmentally friendly, sustainable MDF boards, plywood, and laminates, Rushil Decor Limited, has released its unaudited financial results for the quarter that ended on September 30, 2024. Rushil Decor's net profit climbed by 9.95% to Rs 11.60 crore in the September 2024 quarter compared to Rs 10.55 crore in the September 2023 quarter. Compared to the year-ago quarter, which ended in September 2023, when sales were Rs 204.61 crore, sales in the quarter ending in September 2024 increased 11.74% to Rs 228.63 crore.

Commenting on the performance Mr. 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," he added.

"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," Rushil Thakkar stated.

"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," he commented.

"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," Rushil Thakkar claimed.

"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," he further added.

Rushil Decor Limited was established in 1993 and is a world leader in eco-friendly composite wood panels and modern interior infrastructure. Serving clients in more than 53 countries, Rushil Decor has six state-of-the-art production facilities with an annual capacity of 3,30,000 CBM MDF and 3.49 million laminates. VIR laminates, VIR MDF boards, VIR MAXPRO (HDFWR) boards, VIR pre-laminated decorative MDF/HDFWR boards, VIR Modala plywood, VIR PVC, and VIR WPC boards/doors are among the products offered by the firm.