Piramal Glass Ceylon doubles 9-month after tax profit to Rs. 694 m

Thursday, 4 February 2021 01:05 - - {{hitsCtrl.values.hits}}

Piramal Glass Ceylon PLC has reported its nine-month results as at 31 December 2020, with a turnover of Rs. 5,961 million and PAT of 694 million as against Rs. 5,832 million and Rs. 330 million in the previous year during the similar period.

The company reported a growth of 2% in revenue with 110% growth in PAT. The domestic sales during the period market grew by 6% from Rs. 3,982 million to 4,176 million whilst a marginal drop was seen in the export market from Rs. 1,850 million in F20 to Rs. 1,785 million in F21.

During the quarter (Q3) under review, a revenue of Rs. 2,401 million was achieved as against Rs. 2,305 million of the corresponding period during the previous year. The company reported a profit after tax of Rs. 378 million for the quarter as against Rs. 236 million of the corresponding quarter in the previous year reflecting a growth of 60%.

The sales to the domestic market grew by 12% from Rs. 1,502 million to Rs.1, 679 million. In the export segment the sales declined by 10% with Rs. 722 million as against Rs. 803 million in the corresponding period last year, mainly due to restricted vessel options to countries like Australia, USA and India. However, the company is optimistic of recovering the deferred export sales in Q4 once the situation is normalised.

Explaining the company’s export strategy, Executive Director and COO Sanjay Jain said that as a part of its strategy, the company continues to make inroads to new international markets with product launches. This quarter witnessed new launches in Australia, India, Angola, U.K and Rwanda. The strategy to expand and innovate in new product development and increased global footprint has helped the company to mitigate demand fluctuations in its existing markets due to the pandemic situation.

For the quarter under review the gross margin increased from 23% to 27% as compared with the similar period of the previous year, whilst for the period of nine months ended 31 December 2020 the gross profit margin has increased from 20% to 22%

Piramal Glass Ltd., the controlling shareholder of the company, entered into a share sale and purchase agreement dated 10 December 2020 for the sale of its entire shareholding in the Company to PGP Glass Ltd.

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