Greenply Industries net profit rose 24.73 per cent to Rs 12.96 crore for the quarter ended June 30, 2011, over Rs 10.39 crore in the same period last fiscal.

According to a company statement, the net sales stood at Rs 352.32 crore during the quarter ended June 30, 2011, compared with Rs 262.07 crore in the same period last fiscal.

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 superior value-mix in the new MDF and laminate plants.”

Greenply Industries manufactures decorative laminate, plywood, decorative veneers and MDF (medium density fibre board).

The company shares today closed at Rs 228 on Bombay Stock Exchange, down 2.63 per cent from its previous close.

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