Manjushree Technopack announces Q3 results, sales up by 43%

Key performance highlights for the third quarter ended December 31st, 2011:

• Net sales of Rs. 7,081 Lacs – Growth of 43%
• PBT of Rs. 382.52 Lacs
• PAT of Rs. 255.20 Lacs
• The total capacity now stands at 40,000 MTPA

Bangalore based packaging major, Manjushree Technopack Ltd today announced the results for the third quarter, ended December 31, 2011. The net sales for the quarter ended December 31, 2011 is Rs. 7,081 Lacs, as compared to Rs. 4940 Lacs for the corresponding quarter in 2010, registering a rise of 43 percent. Profit after Tax (PAT) for the third quarter ended December 31, 2011 stood at Rs 255.20 Lacs, while Profit before Tax (PBT) for the quarter was Rs. 382.52 Lacs.

The company has provided for an exchange risk, amounting to Rs 596 Lacs during the quarter, on account of which, the profit has witnessed an impact. The fully diluted EPS stood at Rs 10.29 for the same quarter. The Board met today, February 8, 2012, to adopt the unaudited financial results for the third quarter ended December 31, 2011 in compliance with statutory guidelines.

Speaking about the performance during this period, Mr. Vimal Kedia, Managing Director, said “Manjushree has witnessed a steady performance during this quarter and we expect to close the year with a turnover of Rs.300 crores. We will continue to tap the huge opportunities presented by the FMCG sector, particularly beverages. Pharma and liquor will be the other fast growing segments for us in the next quarter.”

Manjushree’s current capacity stands at 40,000 MTPA and the company is the largest producer of PET packaging in the country. Manjushree has also committed investments of Rs.150 crores for two new facilities at Bidadi and Harohalli Industrial Areas in Bangalore, to increase capacity to 50,000 MTPA by the end of year 2012, when the new plant is commissioned.

About Manjushree Technopack Ltd:
Bangalore based plastic packaging major, Manjushree Technopack Ltd., is a public limited company (listed on BSE and NSE), with over 25 years of packaging experience. Manjushree closed 2010-11 with a turnover of Rs. 216 crore & a PAT of Rs.14.80 crore. Involved in the manufacture of specialty plastic packaging products for domestic /export markets, it caters to the needs of leading companies in FMCG, Pharma and Food & Beverages sectors.

Established in 1984, Manjushree has built expertise in all kinds of rigid packaging solutions including - PET Containers, Multilayer PP Containers and PET Preforms, that utilize European, Japanese and Canadian technologies. In the last year, it has commissioned one state of the art Husky System and four ASB blow moulding machines to manufacture PET Preforms for the beverage and bottled water industry.