Piramal Glass reports quarterly turnover growth of 41%

Piramal Glass Ceylon PLC reported its results for the quarter ended 30th June 2021, with a turnover of Rs. 1876 mn as against Rs. 1,330 mn during the similar period previous year, reflecting a growth of 41% .

The domestic sales during the Quarter grew by 36% from Rs. 937mn to Rs. 1,275mn. The financial year started on a positive note with festive season round the corner, however due to the third wave of Covid-19; there were travel restrictions and lockdown to prevent the spread of the virus, leading to lower demand in domestic market. The export revenues grew by 53% to Rs. 601mn 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 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 utilization.

The gross margin for the quarter increased from 8% to 24% as compared to the similar period of the previous year & the Profit after tax stands at Rs. 235mn as against the loss of Rs. 44mn during the similar period of last year.

Sanjay Jain, ED & COO, said: “The Company is aggressively exploring new international markets for its products in speciality liquor & 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 ( AGM) of the Company was held on 22nd July 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 3rd August 2021.

In addition, 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 the requisite approvals from regulatory authorities.