Piramal Glass posts 41% growth | Sunday Observer

Piramal Glass posts 41% growth

1 August, 2021

Piramal Glass Ceylon PLC reported its results for the Quarter ended June 30, 2021, with a turnover of Rs. 1,876 mn as against Rs. 1,330 mn during the corresponding period of the previous year, a growth of 41% .

Domestic sales during the Quarter grew by 36% from Rs. 937 mn to Rs. 1,275 mn. The financial year started on a positive note with the festive season round the corner, however due to the third wave of Covid -19; there were travel restrictions and lockdowns to prevent the spread of the virus, leading to lower demand in the domestic market.

The export revenue grew by 53% to Rs. 601 mn during the quarter as compared to Rs. 393  mn in the corresponding period last year. The global scenario of rising ocean freights, restricted availability of containers and vessel space affected the export sales.

The company witnessed a similar lockdown situation in the previous year with negative impact on production and sales, however this year during the first quarter, the company was able to maintain 100% capacity utilisation. The gross margin for the quarter increased from 8% to 24% as compared to the similar period of the previous year and the profit after tax stands at Rs. 235 mn as against the loss of Rs. 44 mn during the similar period of last year.

ED and COO Sanjay Jain said, “The Company is aggressively exploring new international markets for its products in the speciality liquor and premium water bottle segment. The strategy to innovate in new product design and development, with increased global footprint has helped the Company effectively mitigate demand fluctuations in its existing markets due to the pandemic situation.”  The 66th Annual General Meeting of the Company was held on July 22, 2021 on a virtual platform. At the AGM, the shareholders approved the resolution proposed by the directors for a dividend payout of Rs. 0.58 per share, which is 50% of FY21 PAT, to be paid on or before August 3, 2021.

A special resolution was passed during the AGM to approve the name change of the company from Piramal Glass Ceylon PLC to “PGP Glass Ceylon PLC”. The name change will be effective, on receiving approval from regulatory authorities.