Moldtek Packaging Q1 net up 35 pc

Moldtek Packaging has posted a 35 per cent growth in net profit at Rs 3.51 crore during the quarter ended June 30, compared with Rs 2.6 crore in the corresponding period last year. Its total income was also up 33 per cent to Rs 50.89 crore from Rs 38.13 crore.

The company, which has a 25 per cent market share in rigid plastic packaging used for paints and lubricants, has entered the food industry by supplying ice cream packaging to Amul and Vadilal Industries Ltd. It has also been named as the exclusive supplier to Kansai Nerlolac Paints after the commissioning of the Hosur plant.

The company said the expansion programme at its state-of-the-art manufacturing facility in Daman, which was set up with an investment of Rs 15 crore, is on and would be completed by the year-end.

Moldtek CMD J Lakshmana Rao said in a statement that the results reflect the company’s successful entry into the rapidly growing FMCG sector, especially ice cream segment. "The numbers also are a testimony to our participation in the rapidly growing packaging industry, in which rigid packaging constitutes around 80%," he said.