Piramal Glass (PGL), a leading global manufacturer of flaconnage (glass containers) for Cosmetics & Perfumery, Specialty Food & Beverages and Pharmaceutical industry, has recorded a significant jump of 79% in its net profit to Rs 31.5 crore compared to Rs 18 core in the same period previous year.
For the same period, sales increased by 14% from Rs 278 crore to reach Rs 317 crore.
Operating EBIDTA for Q1 FY2012 increased by 30% to Rs 82 crore compared to Rs 64 crore for the same period previous year.
The company’s operating EBIDTA margins have been increased to 26% - an improvement of 320 bps for Q1 FY12.
For Q1 FY12, Cosmetic & Perfumery (C&P), grew by 30% and now contributes 55% of the total sales. Out of C&P, premium segment grew by 40% which constitute 50% of the total C&P segment. Speciality Food & Beverage (SF&B) division grew by 23%, while Pharma sales contracted by 17% mainly on account of reduced capacity allocation for Pharma with shifting of one furnace of 55tpd capacity to production of C&P.
Commenting on the Company’s performance and future growth strategies, Vijay Shah, managing director Piramal Glass mentioned, “Our investment strategies of the last few years are bearing fruits and our focus on the high margin ‘Premium’ cosmetics and perfumery segment has led to a phenomenal improvement in EBIDTA. We expect our C&P Premium segment to grow by 28-30% CAGR till FY13. Overall sales growth of 17-18%.”
Ajay Piramal, chairman, Piramal Group hailed the company’s performance, “The focus on cosmetics and perfumery, especially premium has helped us in achieving this result. With the revamp in the capacity, Piramal Glass will be world's second largest C&P Company (In terms of capacity) with 550 TPD as installed capacity.
