Piramal Glass reports robust performance in Q3 FY12

Piramal Glass Limited, (PGL) (NSE: PIRGLASS, BSE: 532949), a Piramal Group company and a leading global manufacturer of specialty glass containers for Cosmetics & Perfumery (C&P), Specialty Foods & Beverages (F&B) and Pharmaceuticals industry today reported a rise in its consolidated net sales to Rs. 340.1 crore as compared to Rs. 310.6 crore for the corresponding period last year.

The net profit for this quarter stood at Rs. 22.9 crore on a consolidated basis.

EBITDA for this quarter is at Rs 75 crore, which is an operating EBIDTA margin of 22.1%

For Q3 FY12, the Cosmetic & Perfumery (C&P), premium segment grew by 7% and now contributes 47% of the total sales. Specialty Food & Beverage (SF&B) division grew by 31% on account of higher domestic sales in Sri Lanka thereby, contributing 27% to the sales.

Mr. Ajay Piramal, Chairman, Piramal Group while commenting on the performance said, “We have witnessed a steady growth in the first 9 months of 2011. EBITDA and PAT margins have witnessed an upswing. We will continue our focus on the Cosmetics & Perfumery segment, especially the premium category.”

Mr. Vijay Shah, Director, Piramal Glass added, “Piramal Glass’ PAT has seen a robust growth of 21.3% to Rs 81.9 crore in this YTD. Our sales have seen a consistent rise of 10.2% while the EBITDA has grown by 9.6%. We have also completed in this quarter relining of two furnaces, which are both fully operational now. Having achieved a consistent performance, we are confident of maintaining this momentum and look forward to further improving our EBIDTA margins and sales figures.”

Nine Months Result

Consolidated sales for the nine month period ending 31st December 2011 grew by 10.2% to Rs. 980.3 crore as against Rs. 889.6 crore in the corresponding period. EBIDTA stands at Rs. 237 crore at a margin of 24.1%.

For the 9 month FY2012, Profit After Tax (PAT) stood at Rs. 81.9 crore, while Annualized EPS and Cash EPS stood at Rs 13.6 and Rs. 26.8 respectively. The Annualized Return on Capital Employed (ROCE) is at 14.6 % while the Return on Equity (ROE) stood at a healthy 25.3% for the same period.