Shares of Greenply Industries fell 3.7% to Rs 157.45 in morning trade on May 31 after the company reported a 61.8% fall in net profit to Rs 11.1 crore in the March quarter, missing analysts’ expectations.

Greenply Industries (Myanmar) reported a loss of Rs 16.6 crore due to the disposal of assets.

Despite the setback, Greenply Industries grew revenue and EBITDA (earnings before interest, taxes, depreciation, and amortization).

Greenply Industries recorded revenue of Rs 469.15 crore in the fourth quarter, up 4.59% from last year. The figure beat Bloomberg’s estimate of Rs 452.6 crore.

The company’s EBITDA also showed positive growth at Rs 47.6 crore, up 6.85% from the previous year.

Greenply Industries’ EBITDA margin improved slightly at 10.1%, beating analysts’ expectations of 8.4%.

Greenply Industries board has recommended a dividend of Rs 0.50 per share.

Shares of Greenply Industries are up more than 7% so far this year.