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Buoyed by growth in the cosmetics and perfumery (C&P) glass containers segment, Piramal Glass saw a 135 per cent increase in its consolidated net profit at Rs 26 crore for the quarter ended December 31, compared with Rs 11.3 crore in the same quarter last year.
A Piramal Group company, Piramal Glass, is a global manufacturer of glass containers for c&p, specialty foods and beverages and pharmaceuticals. The company's consolidated net sales grew 11 per cent to Rs 316 crore Rs 286 crore).
“The profit increment is being driven by growth in C&P which is our strategic area of focus. Half of our total sales come from C&P. F&B and pharma contribute 25 per cent each,” said Piramal Glass' Managing Director, Mr Vijay Shah.
The company has a capital expenditure plan of Rs 250 crore, of which Rs 100 crore will be for capacity expansion and the remaining for replacement and maintenance, he said. He declined to elaborate on the company's plans for raising funds, but said Piramal Glass' debt equity situation is healthy and there should be no problem in raising funds. “Our present debt-equity is 2.7:1 which should be 1.5:1 next year,” he added.
The Chairman of Piramal Group, Mr Ajay Piramal, said in a statement: “We are witnessing a shift in the global glass packaging ecosystem. Emerging economies are expected to drive the global glass industry.” Piramal Glass' shares closed up 5 per cent at Rs 110.30 on Thursday.
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