Greenply Industries’ net profit rose 38.68 per cent to Rs 17.96 crore for the first quarter ended June 30, 2012.

This was mainly on account of improved performance of its new medium density fibreboards (MDF) and laminate units at Himachal Pradesh and Uttarakhand.

The company had posted a standalone net profit of Rs 12.95 crore in the corresponding period of the previous fiscal.

Standalone net sales rose to Rs 430.53 crore from Rs 352.31 crore.

Commenting on the results, Greenply Industries’ Joint Managing Director and CEO, Mr Saurabh Mittal, said: “We expect better results in future on achieving optimum utilisations and better value-mix in the new MDF and laminate plants.’’

On being asked about the dip in profit for plywood and allied products segment, Greenply Industries CFO, Mr V. Venkataramani, told PTI that it was primarily due to forex factor.

The company is engaged in the manufacture of decorative laminate, plywood, decorative veneers and MDFs. It has seven manufacturing facilities across the country.

Shares of Greenply Industries today closed at Rs 185 on BSE, down 1.60 per cent from their previous close.