Piramal Glass Q3 net rises 135% to RS 26.6 cr

EBIDTA grows by 31% to RS.78.4 crore 

Piramal Glass Limited, (PGL) (NSE: PIRGLASS, BSE: 532949), a Piramal Group company and a leading global manufacturer of flaconnage (glass containers) for Cosmetics & Perfumery (C&P), Specialty Foods& Beverages (F&B) and Pharmaceuticals industry today reported its best quarterever while announcing its third quarter (Q3) of FY2011 results. 

PGL reported a consolidated net profit of Rs. 26.6 crores – a growth of 135%. The key contributors to this are consolidated sales of Rs.311 crores – a growth of 10.2% and EBIDTA of Rs. 78.4 crores – an increaseby 31.3%. The EBITDA Margin for the same quarter improved to 25.3% - an improvement of 410 bps. 

Ajay Piramal, Chairman, Piramal Group said, “It is indeed heartening to see Piramal Glass achieve its best quarter ever. A PAT and EBIDTA rise of 135% and 31.3% respectively bear testimony to this. We are witnessing a shift in the global glass packaging ecosystem. Emerging economies are expected to drivethe global glass industry. Global majors are shifting their packaging to India and PGL is geared up to respond to this.” 

Vijay Shah, Managing Director Piramal Glass said, “Our unique product mix with a focus on Cosmetics & Perfumery is driving our growth and profits. Cosmetics & Perfumery grew to 32% of the total sales. The premium subcategory grew by 50% contributing Rs.80 crores to the consolidated sales. This result is a vindication of our strategic investments so far. We are keen to end the year on a high.” 

9 months result
Consolidated sales for the 9 months ended 31 December 2010 grew by 8.5% to Rs.890 crores. EBIDTA grew by 35% to Rs.216 crores. EBIDTA Margin had an improvement of 470 bps to 24.3%. 

The biggest turnaround was seen in Profit After Tax, which swung to Rs.67.5 crores from a loss of Rs.9 crores in the same period last year. Annualized EPS is at Rs.11.2 and Cash EPS is at Rs.24.3. Annualized Return on Capital Employed (ROCE) is at 13.9% and Return on Equity (ROE) is at 25.3% for the same period.