Greenlam Industries Limited (NSE: GREENLAM) Q4 2025 Earnings Call dated Jun. 02, 2025
Corporate Participants:
Unidentified Speaker
Saurabh Mittal — Managing Director & Chief Executive Officer
Ashok Sharma — Chief Financial Officer
Analysts:
Unidentified Participant
Keshav Lahoti — Analyst
Sneha Talreja — Analyst
Rudraksh Raheja — Analyst
Udit Gajiwala — Analyst
Ritesh Shah — Analyst
Bhavin Rupani — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Green Lam Industries Limited Q4 and FY25 earnings conference call. This conference call may contain forward looking statements about the company which are based on beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on a touch tone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr. Sourav Mittal, Managing Director and CEO. Thank you. And over to you sir.
Saurabh Mittal — Managing Director & Chief Executive Officer
Thank you. Good afternoon everyone. On behalf of Greenlab Industries, I would like to extend a very warm welcome to all of you joining us today. We are pleased to have you on this call to discuss the performance and business update of Q4, FY25 and FY25. I’m joined today by our CFO Ashok Sharma, Samar Thakarwal from our finance team and the SGA team, our Investor Relations Advisor. I hope you’ve had the opportunity to go through our financial results and investor presentation which are available on the stock exchanges as well as our company’s website. I’ll give you a slight update on our business performance for this year and for the quarter.
At FY25 we closed with a top line of 25, 69 crores showing a growth of about 11% on a year. On year basis we have projected the growth to be about 1820%. But growth really slowed down for us in the second half of the year. And this was largely driven by steady performance from the laminates business and complemented by addition of new products in our portfolio. I must also say the growth here was done with complete discipline on pricing. We managed to maintain pricing and improve value mix. Also, the networking capital cycle also reduced by 7 days in FY25.
Debtors were also down by 1 or 2 days. The profitability was impacted in FY25 and Q4 FY25 largely on account of increased costs primarily which was stemming from our initiatives on the expansion. As many of you know, we’ve commissioned three new plants in two locations. A plywood factory in Tamil Nadu, a laminate plant in Andhra Pradesh and a partial wood plant in Andhra Pradesh over the last two FIs. With this we’ve nearly capitalized about 1300 crores of capital and this has increased our depreciation costs, our interest costs. And we’ve also seen increase in costs on salaries and marketing and sales as we’ve had to build teams for plywood and for particle board.
That said, this is a strategic investment built for long term. As we ramp up utilization across these units over the next three years, we see a significant improvement in revenues and profitability. With the investments we’ve already made, we can generate a revenue of about 4 to 4,500 crores over the next three years. So we don’t need more capacities to bring up these revenues which we hope we can achieve over the next three to four years. On the segment wise updates in laminates, we’ve done well despite the demand challenges. Domestic showed a slight growth. Exports grew reasonably okay.
And our sense is we won market share on the domestic front as well as export front considering the feedback we have from the markets. On the international front last year, despite with our growth, we also had significant expansions in new geographies and we opened offices and companies in Spain, Germany. We expanded our warehouse in Italy. We also added a warehouse in Malaysia. We also added few team members in various parts of Africa. So significant developments and efforts have been made to build more market size and more market share which I think will reflect over the next few years.
The veneer business we had a small degrowth last year in floorings. We turned ebitda positive in H1, but H2 was a bit slow on the flooring business. In the door business, H2 we did well. We became EBITDA positive in the door business for the full year. Although on a small base. The business grew 40% plus plywood too. We nearly doubled our revenues. So we hit 120 crores in FY25, which is our second year of operation. Actually one and a half years of operation. We’ve got good feedback from the market in terms of a product quality and secondary working.
And we’re looking at adding few more states in FY26. On the chipboard front, the plant was commissioned successfully in January 2025. The plainboard production has stabilized and most of the machines have been tested to near full capacity. The demand environment and dealer response has also been quite encouraging. We’re hoping to achieve about 30 to 40% utilization in FY26 on the way forward. On the CAPEX front, as you are aware, most of the capex we had announced have been complet. We have some balancing capex, some pending civil works, finishing Capex which still remains, which will be done over FY26.
So really from a company and from a team’s perspective, with major expansions behind us, all factories up and running, product quality is established in the market. Our focus is on execution and building revenues now and Clearly I think FY26 will be a year of execution for our company with improved revenues and profitability. We also hope that our balance sheet will get strengthened over a period of time. Our debt has peaked in FY25 and going forward we hope to gradually reduce it with improved cash flows. So that’s it from my side and I’ll be happy to take your questions post Ashok’s feedback or announcements on the financial performance.
I’ll hand over the call to Ashok now. Ashok, over to you.
Ashok Sharma — Chief Financial Officer
Thank you sir. Good afternoon friends. I’ll take you through the financial performance for the Quarter 4 On a consolidated basis, net revenue grew by 9.2% on year on year basis and grew by 13.2% on sequential basis to 682 crore in Q4FY25 as compared to 624 crore in Q4 last year. Gross margin degrew by 230 basis point to 50.7% in Q4 from 53% in Q4 last year. On a sequential basis, gross margin degrew by 430 basis points. Gross margin in absolute term grew by 4.5% to 346 crore as compared to 331 crore Quarter 4 last year.
EBITDA margin was down by 400 basis point at 9.4% in Quarter 4 as compared to 13.4% in Quarter 4 last year. On a sequential basis, EBITDA margin degrew by 120 basis points. EBITDA in absolute term degrew by 23% to 64 crore as compared to 83 and 0.5 crore in Q4 last year. This is due to lower gross profit and higher operating cost of chipboard which we have started in towards the end of June this year. Sorry, towards the end of January this year. Net profit for the quarter stood at 1.5 crore as against 40.8 crore in Q4 last year mainly on account of interest and depreciation of chipboard and lower EBITDA margin.
I’ll move on to the FY25 consolidated. Net revenue for the FY25 grew by 11.4% and stood at 2,569 crore in comparison to 2306 crore in FY24. Gross margin was down by 50 basis point to 52.3 crore 52.3% in FY25 from 52.8% in FY24. Gross margin in absolute term grew by 10.2% and stood at 1,343 crore as compared to 1219 crore in FY24. EBITDA margin was down by 210 basis point at 10.7% in FY25 from 12.8% in FY24. EBITDA in absolute term also degrew by 6.8% to 275 crore as compared to 295 crore in FY24. Net profit was down by 50% to 68.3 crore as against 138 crore in last year.
Moving on to segmental performance, laminate Revenue grew by 7.2% on year on year basis and grew by 10.7% sequentially to 575 crore in Q4 from 537 crore in Q4 last year. Domestic laminate revenue grew by 2.6% on year on year basis and Grew by 7% on sequentially basis. In value terms, International laminate revenue grew by 11.7% on year on year basis and by 13.9% on a sequential basis. In value terms. EBITDA margin stood at 13.7%, a degrowth of 290 basis point on year on year basis and growth of 50 basis points on quarter on quarter basis.
Production volume for laminate was at 4.43 million seats with a utilization level of 72% in this quarter. Sales volume for the quarter was 4.93 million seats, a degrowth of 5.7% on Esme. Our average utilization for the quarter was 1113 per sheet up by 13% on year on year basis and 6% on sequencing. Move on to the annual performance of laminate. Revenue grew by 9.2% basis to 2226 crore in FY25 from 2040 crore in FY24. Domestic laminate revenue grew by 4% in value terms. International laminate revenue grew by 14.2% in value terms. EBITDA margin stood at 13.9% a degrowth of 210 basis point from last year.
Production volume were at 19.99 million sheets with a utilization level of 82%. Sales volume for this year stood at 19.74 million sheets with volume growth of 4.1%. Our average realization for this year was 1085 per seed. Now I’ll move on to another segment veneer and allied segment which comprises decorative veneer Engineer clothes and engineer dose first in the decorative venue business degrew by 4.4% on year on year basis and however it grew by 33.8% on sequential basis to 35.2 crore in this quarter from 36.8 crore in Q4 last year. Revenue on an annual basis grew by 9 point degrew by 9.6% to 114 crore from 126 crore in FY24.
Sales volume for this quarter stood at 0.4 million square meter and 1.22 million square meter for the full year. Capacity utilization for the quarter four stood at 40% and for the FY25 stood at 31%. Average realization for quarter four was 869 rupees per square meter and for the full year was 919 rupees per square meter. Moving on to engineered outflowing. Revenue for the Q4 degrew by 9.5% on year on year basis and degrew by 14.6% on sequential basis to 12.9 crore as against 14.3 crore in Q4 last year. Revenue for the full year grew by 8.6%, stood at 55.6 crore as against 51.2 crore in FY24.
Capacity utilization stood at 12% in this quarter and 13% for the year as a whole. Moving on to engineered dose. Revenue for the quarter four grew by 46.5% on year on year basis and grew by 39.1% on a sequential basis and stood at 14.2 crore as against 9.9 crore in quarter four last year. Revenue for the year grew by 44% to 46.1 crore as against 32 crore last year. Capacity utilization for the quarter four was at 27% and for the year it was 25%. Moving on to another segment Plywood and allied segment Revenue of plywood business grew by 46.9% on quarter on quarter and grew by 26.8% on a sequential basis to 38.6 crore as against 26.3 crore in quarter four last year.
Revenue of plywood for the full year was 123 crore grew by 112% as against 57.9 crore in FY24. Sales volume for the quarter stood at 1.51 million square meter and 4.83 million square meter for the full year. Capacity utilization for the quarter stood at 31% and for the whole year was at 26%. Revenue realization for this quarter was 250 rupees per square meter. And for the full year it was 249 rupees per square meter. Moving on to the newest segment, Chipboard and allied segment which was started towards the end of January 25. So revenue in this quarter stood at 5.1 crore.
Sales volume for the quarter stood at 2395 cubic meter. Production volume was higher 12979 cubic meter. With a capacity utilization of 24% on an annualized basis, average realization for the quarter stood at 21,151 per cubic meter. In the current quarter, working capital cycle improved by 12 days to 55 days as compared to 57 days in quarter three this year net debt as on March 31st stood at 989 crore as against 1012 crore in in Q3 this year board has declared a final dividend of 40%. That is 40 paisa per share for a face value of rupees one is.
That’s all from my side. Now I would like to open the floor for the question and answer. Thank you.
Questions and Answers:
operator
Thank you very much sir. We will now begin the question and answer session. Anyone who wishes to ask question may press star and one on the touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. First question is from the line of Keshav Lahoti from HDFC Securities. Please go ahead.
Keshav Lahoti
Thank you for the opportunity. Firstly, what is the reason for 450bps dipping gross margin for laminate segment? Is it change in mix or is it a cost increase? How should we read?
Ashok Sharma
Is a mix of. Mix of price in some segment and if you can, if you see in this quarter there is a. There is a lot of. I will say the stock has been stock. Lot of our sales was more than the production. So lot of material was consumed from the stock. So that is also one of the reason in terms of which the gross margin was slightly lower.
Keshav Lahoti
Can you give us a sense about the raw material cost? Kraft paper and decouple. How is it in the market in Q4 and in April and May.
Ashok Sharma
We. Will share with you. So it is mostly the stable. But as of now I’ll share with you.
Keshav Lahoti
Understood? Got it. Now coming on the particle board business side. So we have anticipated 875 crore capex for this business. Is the capex amount increased or decreased and how much we have already incurred.
Ashok Sharma
So it Will be in that same range. As sir has also mentioned that still some of the work is going on. So we have incurred close to around 775 odd crore in the last year and some of the work is going on but it will be within the. Within the 875crore.
Keshav Lahoti
Got it. And what sort of ramp up your planning and margins in FY26 and FY27.
Ashok Sharma
So ramp up. Since this will be the first year, even though our intention is to do a maximum and do the breakeven in this year. But seeing the current scenario and the large capacity which we have created, we presume this year the breakeven may not happen in the particle board and in the next year the particle board vacuum should happen. So around 35, 40% we may reach the capacity utilization in this year which will be slowly ramped up into the next year and going. And after that we have earlier also we have told that in third after the completion of three years or in the fourth year, we should reach the optimum level of the capacity utilization.
Keshav Lahoti
Okay. Normally the company used to guide, you know, optimum utilization the margin would be 24%. But looking at how, you know, the particle board industry have changed in last few quarter where in fact your peer who has a small particle board business is making a 5% margin and he is guiding 15 kind of a margin in a steady state of, you know, business level. So you think 24 now looks sort of unachievable. It amounts to re. Look at the number.
Saurabh Mittal
So it really depends Keshav, on the raw material cost and the product mix and the kind of equipments you have, you know, which determines your cost of production, your consumption of power, your waste of materials. So I think if you have a, if you talk of a three year time frame, traditionally this has happened, you know, in the industry if RM costs are extremely high, then obviously in that year, in that quarter we probably will have pressure. So I’m not so sure how this will pan out. But clearly as we are concerned, the product quality feedback is very good from the market.
Our plain board production has stabilized very well and we are moving in a certain direction. So hard to give a figure at this moment. I think it’d probably be some more time before we can kind of recalibrate this and come back with a figure.
Keshav Lahoti
Okay, got it. And laminate’s margin guidance for this year.
Ashok Sharma
Margin guidance, laminate. The last year also we have achieved around 13.9 14% of the margin. In terms of that we believe that it should be in the Range of close to around 14, 15%.
Keshav Lahoti
Got it. One last question from my side particle. Sorry ply. We are expecting breakeven in which quarter of this year.
Ashok Sharma
So ply my sense is too, for the full year basis we probably will be very close to break even.
Keshav Lahoti
Got it. That is helpful. Thank you so much sir.
operator
Thank you. Before we move to the next question, a reminder to the participants to ask a question, you may press star and one next question is from the line of Sneha Talreja from Nuama. Please go ahead.
Sneha Talreja
Hi sir, good afternoon. Thanks a lot for the opportunity. Sir, I just wanted to understand, you know last time we had break even in the floors business and this time we are seeing that in the doors business. While floors has gone back to loss making business. What is happening with these niche segments like Premier Floors Doors? What the progress are we seeing in these businesses and is there any strategy of turnaround that we have, you know, come up with?
Saurabh Mittal
So we are, we are like, it’s a strategy we are already working on, you know, so flow. Like I said earlier in the second half of the year, you know, the market kind of slowed down and we had less business and daw, we have a good backlog of orders as we talk. So I think we look pretty okay on the door business. So from a strategy point, I think it’s just execution and we are at it. So obviously on an analyzed basis the losses in this vertical have reduced and nothing specific actually we’re on a routine business here.
Sneha Talreja
And second part is in the particle bot side. What are the reasons for delay in the breakeven side? If I’m, if I heard it correctly, you have said that this year of course there will not be any break even. Our utilization rates are about 35, 40 odd percent this next year. Now we’ll be looking to close to break even which I believe is a slightly delayed break even versus our initial commentary. So what are the reasons here and is there any BIS on particle pod as well which has come up?
Saurabh Mittal
So we said. I’m not sure if we didn’t speak clearly or you misunderstood. So we said this year breakeven seems hard. We are looking at a 30, 40% kind of utilization for this year. The way we see things now, I think next year FY27 we should be able to break even and obviously profitability will come on a full capacity which probably will happen over a three, four year period. I think this is what we said. I hope you’re clear on that. And Ashok, you want to add something on the Bis part, yes. So QCO has got implemented in the particle board business also.
Sneha Talreja
And despite that, we expect a slow ramp up of this year at about 30 to 40% utilization and break even going up to next year is what I wanted to understand because our initial thought was.
Saurabh Mittal
No, we’re not seeing slow ramp up on a full capacity. The chipboard plant can be like a 720, 750 kind of run rate. And even at a 30, 40% utilization means you’re talking of what, 240, 50 kind of revenue. And if you see the players in the market already, I’m not sure if anybody is at that figure in the industry as one company. So I wouldn’t say slow because the sales just started in the month of March, so it’s like one full year. So. And because the model is all largely laminated boards and not plain boards, although we’ll be selling plain boards also in the initial period.
So it may not be right to say slow, but anyway, it is what it is. Sneha.
Sneha Talreja
Understood, sir, and just wanted to get a sense of the raw material pricing for particle board. How is it at this point of time with respect to timber pricing and how do you expect going forward? Will that be another level for you to improve?
Saurabh Mittal
So currently, whatever we’re talking to you all is on the cost we have for, let’s say Q1. What we know is that there has been a bit of softening on the wood costs and that might impact us in Q2. But we still want to have a full year of operation to see if there are any impacts of seasonality and how costs kind of move. But yes, we don’t expect cost to go up. The feedback is that costs are gradually coming down. That’s the feedback.
Sneha Talreja
Lastly, if I mean on the realizations front, this particular quarter, we have seen a sharp improvement in realization, especially on the export side. Is that related to the freight rate going up? If that’s the case, when do we see those rates normalizing and is that also impacting sales in any manner?
Saurabh Mittal
So that’s not reflective of freight rates despite our volumes coming down. It’s also the mix of orders and we also opened a larger warehouse in Italy, so there are some European sales there. So it’s just value mix improvement. It’s not related to freight costs going up. Freight costs are not going up as we see things now is gradually softening unless there’s a specific route or something of that sort. But in general we are not seeing freight costs going up in our export business.
Sneha Talreja
That was Quite helpful. So thanks. Thanks a lot, sir. And all the best.
Saurabh Mittal
Thank you.
operator
Thank you. Next question is from the line of Rudrakshtrahija from I thought pms. Please go ahead.
Sneha Talreja
Yeah, thanks for the opportunity. Sir. I wanted to understand the production cost differential between India, USA and Europe for laminates.
Saurabh Mittal
I don’t think we’ll be able to provide that, you know, at this call I think it’s a conversation you’d have to see for a later point. I don’t know if they can also provide that. They can only give you a general feedback on how costs are in these various geographies. You asked but I’ll appreciate if you have this conversation offline with our team, please.
Rudraksh Raheja
Yeah, sure sir. But any general feedback that you could provide.
Saurabh Mittal
So general, like obviously people costs are higher, you know, energy costs are higher there, you know, paper costs maybe similar deco paper costs, kraft paper. We believe there’s a little of a difficulty obtaining the right quantity of graph paper in many of these markets. Many kraft paper producers have moved to the packaging business. So clearly production costs will be higher. How much higher can’t quantify at the moment. But generally cost of production in the laminate space will be higher in Europe and US because until now the industry has only been able to do so much automation.
So unlike the chipboard and MDF business where automation would cost are different in India and those geographies and laminates, the cost of production is higher in Europe and America.
Rudraksh Raheja
Got it, sir. In global laminates market, apart from India, which countries are like serious threat in terms of quality and the prices that Indian players can match in the global market.
Saurabh Mittal
So in the international markets our competition is with the regional producers in those geographies. So there are producers in America, in Europe, in Southeast Asia. So it’s with the local producers there. The Chinese producers are also present in the market but their presence is mostly in the lower end of the market. So I think from a product perspective, I think we as greenlab industries in general Indian producers stand in a very good position for the quality they offer, for the certifications they have and at the price point they offer. So if you see at that point are there many comparable regions or countries? The answer would be no.
Sneha Talreja
Thanks for the clarification, sir. Thank you.
operator
Thank you. Participants. To join the question queue you may press Star and one next question is from the line of Udit Gajiwala from yes, securities. Please go ahead.
Udit Gajiwala
Yeah, hi sir, this couple of questions, one is on the domestic laminates. So overall going ahead, how do you see your Laminates volume growing and if you could split it into exports and domestic.
Saurabh Mittal
Yeah. So this year the overall laminate value goes up by 4% and export was 14% and in terms of quantity value it was like 2.8% growth in domestic and 5.8% in export. Overall growth was 4% growth in the volume terms going forward we believe that this should better in this year because in the last year as sir has also mentioned especially H2 didn’t H2 the growth was slowed down which we believe that in this year we will see a better growth in comparison to previous year.
Udit Gajiwala
Understood. So it will be more export driven or domestic?
Saurabh Mittal
It will both have. We believe it should be both. Both segments should grow. Last year the the export growth was slightly, it was better than the domestic but we believe in this year both segments will grow.
Udit Gajiwala
Understood sir. And lastly if you could you know let us know that you know if this is a peak debt then what kind of a debt reduction we should expect since coming two years.
Ashok Sharma
So if you see in this year there is still some more amount of capex is spending on account of project debt reduction in this year may not be very, may not be large extent but we hopeful that in next year, from next year onwards when the most of the capex is being done so the entire cash will be used to bring down the debt. So this year we are expecting in the range of around 950 odd crore the debt. However from next year onward it should keep coming down.
Udit Gajiwala
That was helpful, thank you.
operator
Thank you participants. If you have questions you may press star and one next question is from the line of Ritesh Shah from Investech. Please proceed.
Ritesh Shah
Yeah hi sir, two bits of questions. First is if you could indicate some pricing trends specifically for decor paper and craft paper. Is there any incremental cost inflation that we are looking at in forthcoming quarters? That’s the first question.
Saurabh Mittal
So in terms of decor people we are not expecting any price hike in the foreign currency terms. Obviously whatever change is happening in dollar or euro that may be reflected on the cost. In terms of craft paper we use various grades of craft paper so these prices are a bit fluctuating. It goes up and it comes down also. But nothing specific is expected in this quarter.
Ritesh Shah
Sure sir. My second question was on distribution. Just wanted to understand. I think there’s a lot of local competition which is actually coming up in laminates. Our distribution has been like pretty robust historically to what I pick up last we have like 17 RDCs which are there. Has there been any changes over here? Anything on the Distribution side, if you can speak about fill rate, service levels will be quite great.
Saurabh Mittal
There haven’t been changes and we don’t have 17 RDCs. We have 1012 RDCs if I remember right away. So there haven’t been much changes on the RDC’s front. But clearly our reach in the market has increased across tier 1, tier 2, tier 3, number of counters. So I think that’s clearly happening now. As you know we have products across price points starting from the liner category to the mid price to 1 millimeter. We also have premium of 1 millimeter of 1.25, 1.5. So I think the distribution, the expansion of the distribution and strengthening of the network is a continuous process.
So I think that’s going on. So no major changes on the RDC’s front, but the secondary push is continuous.
Ritesh Shah
So would you like to give some data points on how many distributors, deals that we have and if we have any targets in place, how should we look at this number, say over next two years?
Saurabh Mittal
So we cannot give you data point at the moment on what the target will be in the next two years. So I think that’s something we cannot give. But we can share separately on how many distributors we have. And we already like mentioned publicly to 30,000 dealers, retailers, distributors, but very specifically where will the reach happen in two years. So obviously we have internal targets but will not be able to share that. Please.
Ritesh Shah
No worries. And this last question I think, have we already implemented SFA and dms? Was it done sometime this year?
Saurabh Mittal
So we implemented DMS about if I remember clearly, three years ago. And SFA has also been there for what, three years maybe? Yeah, three, four years.
Ritesh Shah
Okay, so the, the benefits of that are already there. We are already reaping the benefits.
Saurabh Mittal
Well, it’s still work in progress to be honest. Yeah.
Ritesh Shah
Sure. But would it be possible for you to comment on whether it has been launched on a Pan India basis or is it only in certain regions that has been implemented?
Saurabh Mittal
It’s on the Pan India basically.
Ritesh Shah
Sure, this is helpful. Thank you so much. I’ll join Bhagtikya. Thank you.
operator
Thank you. Before we move to the next question, a reminder to the participants to ask a question. You may press star and one next question is from the line of Bhavin Rupani from Investech. Please go ahead.
Bhavin Rupani
Yeah. Hi sir. Thank you for the opportunity. My first question is related to particle board, sir. At what utilization we expect the plant to break even.
Ashok Sharma
So bioinit it is depending upon the product mix in between 45, 40 near about 45.
Bhavin Rupani
So somewhere in Q1 next year is what we’re expecting. Is that right? Understanding sir.
Ashok Sharma
Should be in the next year.
Bhavin Rupani
All right. And also sir. Got it. Also, new plant of one of our competitor is expected to be commissioned in South India soon. So do we expect this should lead to some demand supply imbalance for chipboard raw material and hence should impact the prices going ahead. What is your sense on that, sir?
Saurabh Mittal
I’ll say much on it. But clearly if one more capacity does come up there would be more competition in the market. Will it impact raw material costs or not? I’m not so sure on that as yet.
Bhavin Rupani
Next is on plywood. As you have specified earlier, we are chasing more of premium over mid and Mass category. And that is the reason why our utilizations are very very low since last two years. So I just wanted to understand at what point in time we decide or we even think of going into mid and Mass category. Is there any situation wherein you’ll think no, now I’ll move to mass and we won’t be focusing more on premium.
Saurabh Mittal
So currently as you saw last year we’ve doubled our revenues in about one and a half years of operations. One year, nine months to be more precise, that’s 120 crores. And now we’re adding few more states. So just to be clear, we haven’t even gone pan India as yet on the segment we are present in. So this year we’re adding more states and then we still have several more states yet to be added to the premium category. So I think currently as I see things now, I’m not sure that we’ll be even going to a Mass segment.
At least for the next two odd years or two, three years. I think we have enough room in the space we are in. And we are gradually settling our distribution network and building more secondary sales and building more demand in the market.
Bhavin Rupani
Got it sir. Thank you.
operator
Thank you participant, if you have any questions, you may press star and 1. Ladies and gentlemen, anyone who wishes to ask question may press Star and one on your touchtone telephone. As there are no further questions from the participants I would now like to hand the conference over to the management for the closing comments.
Saurabh Mittal
Dear friends, thank you for your. Thank you for your time.
Ashok Sharma
Thank you everyone.
Ashok Sharma
Thank you everyone. Thank you so much.
operator
Thank you sir. On behalf of Greenlam Industries Ltd. That concludes this conference. Thank you all for joining us and you may now disconnect your lines.