Piramal Glass: net Q4 doubles; EBIDTA increases; 35% dividend declared

Piramal Glass Limited (PGL), a leading global manufacturer of flaconnage (glass containers) for cosmetics and perfumery, speciality food and beverages and the pharmaceutical industry, has reported a r…

Piramal Glass Limited (PGL), a leading global manufacturer of flaconnage (glass containers) for cosmetics and perfumery, speciality food and beverages and the pharmaceutical industry, has reported a record Profit After Tax for a single quarter of INR.36 crores. Consolidated sales for the same period rose 16% from INR.284 crores to reach INR.329 crores. Operating EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the fourth quarter of financial year 2011 increased by 51% to INR.90 crores compared to INR.60 crores for the same period previous year. The company“s operating EBIDTA margins have been increased to 28% – an improvement of 630 bps. Commenting on the company“s performance and future growth strategies, Vijay Shah, managing director at Piramal Glass said: We are witnessing a record year at Piramal Glass. Our investment strategies of the last few years are bearing fruits. Our focus on the high margin Premium“ cosmetics and perfumery segment has led to a phenomenal 31% EBIDTA in India. Our US turnaround has continued with outstanding results and Sri Lanka too has recorded the biggest year ever. For the financial year ending March 2011, PGL has reported a sharp increase in its net profit to INR.103.3 crores compared to INR.3 crores for the year ending March 2010. For the same period, company posted a revenue jump of 10.4% to INR.1218 crores from INR.1104 crores, while the Operating EBIDTA increased by 39% from INR.221 crores to reach INR.307 crores. Ajay Piramal, Chairman of Piramal Group, hailed the company“s turnaround, Our great record run has continued in FY2011 as well. Piramal Glass has attained a 50% global market share in nail polish bottles while maintaining leadership position in Indian pharmaceutical market with 35% market share and 91% market share in Sri Lanka. Piramal Glass has successfully emerged as the only Asian player in the global glass manufacturing which is dominated by European players. We are truly on our way to be amongst the top three global flaconnage glass companies globally.