Century Plyboards (I) Ltd today reported an year-on-year decline of 18.57 per cent in net profit to Rs 40.14 crore in the quarter ended September 30, 2017.
Net revenue from operations of the company stood at Rs 474.55 crore in July-September as against Rs 496.06 crore in the corresponding quarter a year ago.
Century Plyboards, in a release, took exception to the Goods and Services Tax rate for plywood.
“The GST rate for plywood at 28 per cent was against the industry expectation. There was speculation about reduction of GST rates, which has led channel partners to start liquidating their stocks before new GST rates are announced,” it said.
Raw material constrain at one of the plants was also a reason for the decline, the release said.