Piramal Glass records Rs 5.5 b turnover

Piramal Glass Ceylon PLC has concluded another successful year and declared its results for the year ended March 31, 2013. The record of continuous growth was established with the turnover being at Rs. 5.5 billion and the highest ever PAT being recorded at Rs.724 million.

The revenue and Profit after Tax grew by 6% over that of past year. The Board of Directors have declared a first and final dividend of 38% for the year ended March 31, 2013 as against that of 36% the previous year. The earnings per share too have increased by 6% to Rs 0.76 per share for the FY 13.

Revenue achieved for the year was Rs. 5,501 million as against Rs. 5,197 million for the previous year. The main contributor towards revenue growth was the export market with a year-on-year growth of 12%.

The domestic market was able to sustain a value growth of 4% mainly due to new products launched during the year. Yet the volumes in the domestic market showed a decline of 10% as against that of FY 12.

CEO, Piramal Glass, Sanjay Tiwari attributed this decline due to the low consumption of new bottles in the liquor segment. "This is the outcome of the importation of cheap, substandard, branded, used second hand bottles from India for consumption in the liquor segment".

Tiwari said that their profitability was sustained mainly due to their export product portfolio. "Export revenue continued to grow for the fourth consecutive year. The company achieved an export value of Rs.1,370 million as against that of Rs. 1,225 million in FY12."