Piramal Ceylon announces record growth

Piramal Glass Ceylon PLC (PGC) has recorded its highest ever annual turnover of Rs. 6,755 mn and a profit after tax (PAT) of Rs 654 mn.

Piramal Ceylon announces record growth

With this achievement the Board of Directors has proposed 35% dividend maintaining its consistent policy of dividend pay-out ratio. Revenue achieved for the year was Rs 6,755 mn depicting a growth of 17% as against Rs. 5,792 mn of the previous year. The revenue growth was mainly contributed by the domestic sales which saw a significant growth of 23% from Rs. 4,422Mn to Rs. 5,436 mn . The major portion of growth was backed by food and beverage segments.
Piramal Glass CEO and Managing Director Sanjay Tiwari said the company’s furnace which was built in 2007 is due for rebuilt during F2017. The relining together with enhancement of capacity from existing 250 tonnes per day to 300 tonnes per day and technological improvements to the existing machinery by adding further flexibility is scheduled to be carried at an investment of Rs. 3 billion during the second quarter of the current financial year. This upgraded facility will help the company to service the present and future increased demand in the domestic segment for all industries namely food and beverages, pharmaceuticals, agro chemicals, liquor the upcoming segment of virgin coconut oil.
The F16 Q4 reflected a marked improvement against that of the similar quarter in F15 due to exceptional sales during the festive season. The total sales during the quarter grew by 18% from Rs 1642 mn to Rs 1938 mn of which the domestic sales and exports were up by 21% and 6% respectively.