Piramal reports best quarter ever

Piramal Glass Ceylon Plc (PGC), a manufacturer of flaconnage (glass containers) for food and beverages, pharmaceuticals, cosmetics and perfumery, has reported its best quarter ever to date.

Net sales for the quarter ending December 31, 2010 grew by 28 percent to Rs 1166 million, while gross profits grew by 38 percent to Rs 360 million and net profit for the period was Rs 190 million.

PGC’s Chief Executive Officer and Executive Director Sanjay Tiwari said this quarter has vindicated their investments and hard work.

“We have invested in some strategic initiatives in the last few years and put in a lot of effort in turning around PGC.

We have improved our manufacturing efficiency and realigned our portfolio offerings. We have put a major onus on manufacturing excellence with a view to achieveing Six Sigma and the Global implementation of SAP.

As a result, we have achieved 84 percent production efficiency,” he said.

The third quarter was an exceptional one for the company with the festive season playing a positive indicator towards high domestic sales which grew by 35 percent from Rs 663 million to 898 million, while exports increased by 11 percent from Rs 244 million to Rs 269 million. A significant volume growth of nine percent was also a highlight for the quarter.

The export market played a significant role during the Quarter with sales consisting predominantly of the high realization, specialty segment, which contributed to better margins and an increased bottom line.