Piramal Glass Ceylon posts Rs 621 mn nine months PAT

Piramal Glass Ceylon PLC (PGC), manufacturer of specialty glass containers for food & beverages, pharmaceuticals, cosmetics and perfumery, has reported a revenue growth of 10 % from Rs. 1,369 million FY12 to Rs. 1,502 million for the quarter ended December 31, 2012.

The company managed to maintain the Net Profit at same level by achieving Rs. 207 million during the quarter under review.

The nine month figures showed an impressive turnover of Rs. 4,095 million as against Rs. 3,760 million of the previous year. This reflected a growth of 9 %.

"Though we saw an impressive sales growth, there is a dip in Gross Profit from 30 % to 28 % when comparing the nine months under review as against the similar period of the previous year, due to increase of cost of production mainly consisting of high energy prices and increase in interest rates," said CEO/Managing Director, Piramal Glass Ceylon, Sanjay Tiwari.

The gross profit for the period showed a marginal volume increase from Rs. 1,133 million to Rs. 1,144 million when compared to the similar period last year.

The net profit for the nine months ending December 31,2012 was Rs. 621 million as against Rs. 589 million of the corresponding period of last year.

The growth in sales was contributed by the export market, which grew at 33 % during the quarter and closing with a YTD growth of 11 %. The export sales grew from Rs.945 million to Rs.1,049 million from FY12 to FY13.

These numbers were achieved mainly due to the dominance the company displayed in the specialty bottle market which yields high premiums. Piramal Glass Ceylon continued to be recognised for its performance by winning an award at the National Productivity Awards ceremony and at the Global Commerce Excellence awards ceremony.