Q2 FY25 EBITDA at Rs. 296 Million; growth of 2.4% YoY

Q2 FY25 Revenue from MDF is Rs. 1,717 Million; growth of 14.7% YoY

AHMEDABAD, India, Oct. 28, 2024 -- Rushil Decor Limited (BSE: 533470) (NSE: RUSHIL), one of the leading suppliers of eco-friendly sustainable MDF Boards, Laminates and Plywood has announced its unaudited financial results for the quarter ended 30th September 2024.

Financial Performance for Q2 FY25:

₹ In Million



Q2 FY25

Q2 FY24

Y-o-Y

Q1 FY25

Q-o-Q

H1 FY25

H1 FY24

Y-o-Y

Revenue from Operations

2,304

2,046

12.6 %

2,251

2.4 %

4,555

3,974

14.6 %

Gross Profit

1,115

980

13.8 %

1,023

9.0 %

2,137

1,923

11.1 %

Gross Margin%

48.4 %

47.9 %



45.4 %



46.9 %

48.4 %



EBITDA*

296

289

2.4 %

257

15.3 %

553

578

(4.3) %

EBITDA Margin%

12.9 %

14.1 %



11.4 %



12.1 %

14.6 %



PBT*

154

138

11.9 %

166

(7.2) %

320

302

6.0 %

PBT Margin%

6.7 %

6.7 %



7.4 %



7.0 %

7.6 %



PAT

114

106

7.9 %

124

(8.1) %

238

227

4.6 %

PAT Margin%

4.9 %

5.2 %



5.5 %



5.2 %

5.7 %



*For the quarter Q2FY25, if we do not consider forex loss, EBITDA in terms of value would be ₹ 311 Million and PBT would be ₹ 183 Million EBITDA Margins would be 13.5% and PBT Margins would be 7.9%.

Division Revenue: 

₹ In Million



Q2 FY25

Q2 FY24

 Y-o-Y

Q1 FY25

Q-o-Q

H1 FY25

H1 FY24

 Y-o-Y

MDF Boards

1,717

1,497

14.7 %

1,692

1.5 %

3,409

2,964

15.0 %

Laminates

503

491

2.4 %

471

6.6 %

974

906

7.5 %

Other

84

58

44.8 %

88

(4.5) %

172

104

65.4 %

Total

2,304

2,046

12.6 %

2,251

2.4 %

4,555

3,974

14.6 %

 

Division Volume:



Q2 FY25

Q2 FY24

Y-o-Y

Q1 FY25

Q-o-Q

H1 FY25

H1 FY24

Y-o-Y

MDF Boards (CBM)

72,013

60,413

19.2 %

74,079

(2.8) %

1,46,092

1,19,502

22.2 %

Laminates (Sheet)

7,51,670

7,74,032

(2.9) %

7,64,682

(1.7) %

15,16,352

13,82,296

9.7 %

Business and operational Highlights for Q2 FY2025:

  • Net Debt to Shareholder Equity at 0.44x
  • Consolidated Basic EPS of Q2 FY2025 is Rs. 0.42 and Diluted EPS is Rs. 0.38
  • Added 105 new dealers and 65 new distributors
  • MDF Boards:
    • Reported EBITDA of Rs. 226 million with an EBITDA margin of 13.2%
    • Price realization for per CBM in export and India are Rs. 21,308 and Rs. 24,723
    • Capacity utilization optimized at 88%
    • 54% revenue of MDF boards contributed by value-added products
  • Laminates:
    • Reported EBITDA of Rs. 65 million with an EBITDA margin of 12.9%
    • Price realization for per sheet in export and India are Rs. 701 and Rs. 626
    • Capacity utilization for laminates was at 90%

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.

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.

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.

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.

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."

About Rushil Decor

Founded in 1993, Rushil Decor Limited is a globally leading company in modern interior infrastructure and eco-friendly composite wood panels. The company excels in setting industry benchmarks through innovative designs and advanced technology. Operating six cutting-edge manufacturing plants, Rushil Decor has an annual capacity of 3,30,000 CBM MDF and 3.49 million laminates, serving customers in over 54 countries. The company's product range includes VIR Laminates, VIR MDF boards, VIR MAXPRO (HDFWR) boards, VIR Pre-laminated Decorative MDF/HDFWR boards, VIR Modala Ply, VIR PVC and VIR WPC boards/doors. 

Rushil Decor's commitment to quality, design excellence and customer-centricity distinguishes it in the market. Driven automated plants, world class German technologies and global standards, Rushil Decor relentlessly creates smarter spaces. The company ensures optimal supply chain efficiencies and resource utilization. Strategic local plantations further enhance cost advantages in raw material sourcing, allowing Rushil Decor to meet global market demand effectively and sustainably.

For more details, please visit: www.rushil.com