Piramal Glass Ceylon PLC (PGC), manufacturer of glass containers for all segments of glass packaging, announced record profits for the eighth consecutive quarter.
President Mahinda Rajapaksa presenting the Presidential Export Award to Piramal Glass CEO Sanjay Tiwari.
Piramal Glass CEO Sanjay Tiwari said the company has commenced the year with a strong financial performance by achieving a net profit of Rs 141 million in the first quarter of the Financial Year 2012 as against a net profit of Rs 53 million during the corresponding period of the previous year, depicting a growth of 166 percent”.
Tiwari attributed the company’s growth to the improvement in operational efficiency which led to Gross Profit Margins increasing from 26 percent in Q1 of Financial Year 2011 to 28 percent in Q1 of the Financial Year 2012.
“The sales growth of 27 percent has set a positive trend to this remarkable performance.
The growth displayed in the Domestic market continues to look strong and has shown a 32 percent growth from Rs 621 million to Rs 823 million. In fact during the last two years the growth has been in excess of 30 percent”, Tiwari said. Export markets grew by 14 percent from Rs 247 million to Rs 282 million, as against the similar period of last year.
This was attributed to the fact that Exports were in a niche high end market, hence higher realisation.
“Our overall performance both in domestic markets, as well as niche export markets, are an endorsement of the journey undertaken by the company with a vision of being ‘The most preferred Speciality Glass Packaging solutions provider in Asia by meeting customer expectation through innovative designs and manufacturing’”, PGC Chairman Vijay Shah said.
PGC was the recipient of the Presidential Export Award for the value added mineral and mineral based products for 2009.
source - www.dailynews.lk
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