Piramal Glass net profit at Rs23.4 crore

Mumbai: Mumbai-based Piramal Glass Ltd, the glass bottle manufacturing company of the Ajay Piramal group, on Wednesday reported net profit of Rs23.4 crore for the quarter ended September, up from Rs0.6 crore a year ago.

The company, which was in debt after some foreign acquisitions, made a turnaround in the fiscal ended March 2010. The company’s sales grew 26% during the September quarter to Rs70 crore.

“Our continued focus on the high-end category comprises of cosmetics and perfumery is generating persistent growth and profits,” said Vijay Shah, managing director, Piramal Glass.

Piramal Glass currently caters to three segments: cosmetics and perfumery, speciality foods and beverages, and pharmaceuticals. However, it will now reduce its exposure to pharmaceutical industry and increasingly shift focus to the cosmetics and perfumery space, Shah said.