Piramal Glass records Rs 414 m PAT

Piramal Glass Ceylon PLC (PGC) has recorded an eight percent growth in turnover from Rs. 2,385 m in FY12 to Rs. 2,592 m in FY13 and a marginal growth of nine percent in PAT from Rs. 384 m to Rs. 414 m, for the 1 H of the Financial Year 2012-2013, a media release stated.While the Gross Profits (GP) grew marginally in volume by three percent during the first six months of the current financial year, the GP ratios saw a decline to 30 percent as against 31 percent in the previous year's 1 H.

This drop was mainly due to high energy prices. Compared to the corresponding period of the previous year, energy costs grew by 51 percent with furnace oil taking the lead with a price increase of almost 80 percent.Domestic sales grew by 12 percent from Rs. 1,755 m to Rs. 1,963 m. There was a dip in the overall growth of the domestic market especially in the liquor and food sector.The export market remained on par with the past year at Rs. 630 m.

The realisations grew by almost 18 percent against the previous year. The company also broadened its geographical spread by selling 28 percent of its exports in the Australia and New Zealand markets which was only eight percent in the previous year. "We are confident that with our investments in environment-friendly practices and continuous innovation, we will achieve our vision of being the preferred partner for packaging solutions. The domestic market though at a dip has clear potential, and our growing geographical reach has been noteworthy," CEO and Managing Director of Piramal Glass, Sanjay Tiwari said.