Piramal Glass announces 2021 results
View(s):Piramal Glass Ceylon PLC has reported a turnover of Rs. 8,532 million and Profit after Tax (PAT) of Rs.1,096 million in its annual results as at end March 2021 against Rs. 7,531 million and Rs. 389 million in the previous year, a y-o-y growth of 13 percent in revenue and 181 percent in PAT.
Domestic sales during the year grew by 13.4 percent from Rs. 5,240 million to Rs. 5,944 million while the export market grew by 13 percent to Rs. 2,588 million, the company said in a media release.
During the quarter (Q4) under review, revenue of Rs. 2,571 million was achieved compared to Rs. 1,699 million in the corresponding period in the previous year, reflecting a growth of 51 percent.
Sanjay Jain, ED & COO, said: “The company continues to make inroads in new international markets and has successfully completed multiple product launches. The strategy to innovate in new product design and development, with an increased global footprint has helped the company effectively mitigate demand fluctuations in its existing markets due to the pandemic situation.”
Piramal Glass Pvt Ltd, the controlling shareholder of the company, entered into a Share Sale and Purchase Agreement dated December 10, 2020 for the sale of its entire shareholding in the company to PGP Glass Pvt Ltd. PGP Glass Pvt Ltd is a private limited company incorporated under the laws of India.