PGC announces Q4 & FY 21 results

Piramal Glass Ceylon PLC (the “Company”) reported its annual results as at 31st March 2021, with a turnover of Rs. 8,532 Million and PAT of 1,096 Million as against Rs. 7,531 Million & Rs. 389 Million in the previous year, reflecting a y-o-y growth of 13% in revenue and a y-o-y growth of 181% in PAT. The domestic sales during the year grew by 13.4% from Rs. 5,240 Million to 5,944 Million and the Export market grew by 13% from Rs. 2,291 Million in F20 to Rs. 2,588 Million in F21.

During the quarter (Q4) under review, revenue of Rs. 2,571 Million was achieved as compared to Rs. 1,699 Million in the corresponding period in the previous year, reflecting a growth of 51%. The Company reported a profit after tax of Rs. 401 Million for the quarter as compared to Rs. 59 Million in the corresponding quarter in the previous year. The company achieved a domestic sales growth of 40% to Rs. 1,767 million as against Rs. 1,258 million in the similar period in the previous year. In the export segment, the sales grew by 82% from Rs. 441 million in the previous year to Rs. 804 Million during the quarter under review.

The gross margin for the quarter increased from 16% to 24% as compared to the similar period of the previous year. For the full year ended 31st March 2021, the company achieved a gross profit margin of 22%.

The earning per share stands at Rs.1.15 in F’21 as against Rs. 0.41 in F’20. The Board of Directors has proposed a dividend of Rs.0.58 per share, which is 50% of FY21 PAT.

Sanjay Jain, ED & COO, said: “The Company continues to make inroads in new international markets and has successfully completed multiple product launches. 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.”

Piramal Glass Private Limited, the controlling shareholder of the Company, entered into a Share Sale and Purchase Agreement dated the 10th of December 2020 for the sale of its entire shareholding in the Company to PGP Glass Private Limited (the “Share Transaction”). Accordingly, the Share Transaction was executed on the Colombo Stock Exchange on the 30th of March 2021 at a price per share of Rs. 11.60/-. PGP Glass Private Limited thereafter made a mandatory offer to the remaining shareholders of the Company as required under and in terms of the Company Takeovers and Mergers Code, 1995 (the “Code”) by its Offer Document dated the 31st of March 2021 at the same price, which was subsequently revised upwards to Rs. 11.86/- on the 20th of April 2021. The said mandatory offer has since been completed as per the provisions of the Code.

PGP Glass Private Limited (formerly known as “Pristine Glass Private Limited”) is a private limited company incorporated under the laws of the Republic of India.