Piramal Glass exports to India stabilise
View(s):Piramal Glass has recovered its Indian market exports since it was impacted due to currency fluctuations in the past few quarters, a media release by the company stated when releasing their financials.
Piramal Glass Ceylon PLC has announced its results for the 1st Quarter of FY2015 with Rs. 1,245 million in Revenue and Rs. 86 million in PAT showing a growth of 13 per cent at Operating Profit and 41 per cent growth at PAT level when compared with the profitability of FY2013 (excluding profit from land sale), it was stated.The company’s export market proceeds was Rs. 251 million as against Rs. 307 million of the previous year, a decline of 18 per cent. Exports to the Indian market which was affected during the past few quarters due to the currency fluctuation there has recovered to some extent and the company was able to achieve its expected sales in India, the company noted.
The total revenue generated during the quarter under review stood at as Rs.1,245 million as against Rs. 1,233 million depicting a 2 per cent overall growth.
Domestic sales in Q1 showed positive signs with a growth of 8 per cent by achieving Rs. 994 million during the current quarter as against Rs. 916 million of the previous year similar quarter, it was stated.
The Gross Profit saw a marginal decrease from 22 per cent in Q1 F2014 to 21 per cent in Q1 F2015, while the operating profit increased from 10 per cent in 1st Quarter of F2014 to 11 per cent during the quarter under review, the release noted.
The company saw a substantial increase in the direct and indirect costs during the quarter. The main increases were seen in raw material and packing material costs which has directly impacted the production cost and the gross profit margins, the company stated.
Finance cost too showed a 41 per cent reduction from Rs. 54 million in the 1st quarter of F2014 to Rs. 32 million in the 1st Quarter of F2015 due to a decline in interest rates and as most of the long term loan debts are now settled. This has been a main contributor towards the company achieving a PAT of Rs. 86 million during this quarter as against the Rs. 61 million (Rs. 358 million including land sale profit of Rs. 297 million) of the previous year similar quarter, depicting 41 per cent growth.