Piramal Glass Ceylon reports nine month turnover of Rs. 4,095 million

Piramal Glass Ceylon PLC (PGC), manufacturer of specialty glass containers for food and beverages, pharmaceuticals, cosmetics and perfumery, has reported a revenue growth of 10% from Rs. 1,369 million FY12 to Rs. 1,502 million for the quarter ended 31 December 2012. The company managed to maintain the net profit at same level by achieving Rs. 207 million during the quarter under review.

The nine month figures showed an impressive turnover of Rs. 4,095 million as against Rs. 3,760 million of the previous year. This reflected a growth of 9%.

“Though we saw an impressive sales growth, there is a dip in gross profit from 30% to 28% when comparing the nine months under review as against the similar period of the previous year, due to increase of cost of production mainly consisting of high energy prices and increase in interest rates,” said CEO/Managing Director, Piramal Glass Ceylon, Sanjay Tiwari.

The gross profit for the period showed a marginal volume increase from Rs. 1,133 million to Rs. 1,144 million when compared to the similar period last year. The net profit for the nine months ending 31 December 2012 was Rs. 621 million as against Rs. 589 million of the corresponding period of last year.

The growth in sales was contributed by the export market, which grew at 33% during the quarter and closing with a YTD growth of 11%. The export sales grew from Rs. 945 million to Rs. 1,049 million from FY12 to FY13. These numbers were achieved mainly due to the dominance the company displayed in the speciality bottle market which yields high premiums.

Piramal Glass Ceylon continued to be recognised for its performance by winning an award at the National Productivity Awards ceremony and at the at Global Commerce Excellence awards ceremony.

Piramal Glass Ceylon (formerly Ceylon Glass Company) is the only glass bottle manufacturing plant in Sri Lanka. It had the opportunity of coming under the umbrella of the Piramal Group in 1999. Presently located in Horana, it has been in existence for over 55 years. The company, originally based at Ratmalana, was relocated at Horana in 2007 as a BOI venture under the auspices of the ‘300 factory program of Mahinda Chinthana’.

PGC, at its 250 ton capacity manufacturing facility, has the capability to offer glass containers in different shapes and colours for multiple industries such as food, liquor, wine, pharmaceutical, agro chemical, cosmetics and perfume, and soft drinks.

The Piramal Group led by Ajay G. Piramal is one of India’s foremost business conglomerates. Driven by the core values of knowledge action care, the Piramal Group has a formidable presence in healthcare, drug discovery and research, glass, real estate and financial services. The Piramal Group also pursues sustained community activities in healthcare, education, emergency medical services and heritage restoration.