Piramal Glass 9-mth turnover shows marginal rise

Piramal Glass Ceylon PLC has reported its nine-month results as at 31^st December 2020, with a turnover of Rs. 5,961 million and post-tax profit (PAT) of Rs. 694 million as against Rs. 5,832 million and Rs. 330 million in the same period of the previous year.

The company reported a growth of 2% in revenue and a 110% growth in PAT. The domestic sales during the period market grew by 6% from Rs. 3,982 million to Rs. 4,176 million whilst a marginal drop was seen in the export market from Rs. 1,850 million in F20 to Rs. 1,785 million in F21, it said in a media release.

During the quarter (Q3) under review, revenue of Rs. 2,401 million was achieved as against Rs. 2,305 million in the corresponding period of the previous year. The company reported a profit after tax of Rs. 378 million for the quarter as against Rs.236 million of the corresponding quarter in the previous year reflecting a growth of 60%.

Sales to the domestic market grew by 12% from Rs. 1,502 million to Rs.1, 679 million. In the export segment the sales declined by 10% with Rs.722 million as against Rs. 803 million in the corresponding period last year, mainly due to restricted vessel options to countries like Australia, the US and India. However, the company said it was optimistic of recovering the deferred export sales in Q4 once the situation is normalized.

Explaining the company’s export strategy, Executive Director & COO Sanjay Jain said that as a part of their strategy, the company continues to make inroads to new international markets with product launches. This quarter witnessed new launches in Australia, India, Angola, UK and Rwanda. The strategy to expand and innovate in new product development and an increased global footprint has helped the company to mitigate demand fluctuations in its existing markets due to the pandemic situation.