Hindusthan National Glass & Industries Ltd, India“s largest glass container manufacturer, registered an increase in net sales by 14% in the third quarter to INR 399 crore from INR 351 crore in the sa…
Hindusthan National Glass & Industries Ltd, India“s largest glass container manufacturer, registered an increase in net sales by 14% in the third quarter to INR 399 crore from INR 351 crore in the same period of last year. Profit Before Tax of the company, which has a 55% market share, increased 5% and stands at INR 39.4 crore compared to INR 37.6 crore in the same quarter last year. Registered Profit After Tax was INR 31.4 crore compared to INR 33 crore in the third quarter of FY 2010-11. Profits have been partially affected by the incessant rise in power and fuel cost and soda ash prices in this quarter. Laxmi Narayan Mandhana, HNG CFO, commented on the third-quarter results, The sector has been affected by the increase in energy cost and packaging materials. This has led to increase in sales prices, which the company negotiated by about 6-7% in August 2010, while another price increase is expected. On the positive side, the demand for container glass continues to grow at healthy 10-12% fed by downstream demand from the alocbev, food and pharmaceuticals industries. We plan to double our existing capacity of 2825 tonnes per day (TPD) to 5975 TDP in the next three years through both greenfield and brownfield expansions, in order to meet this demand.