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Piramal Glass Ceylon Reports the Best Quarter Ever

Piramal Glass Ceylon Reports the Best Quarter Ever.

Revenues up by 28% to Rs. 1,166 million. Gross Profit up by 38% to Rs. 360 million with Net Profit of Rs. 190 million.

Colombo, January 20, 2011 : Piramal Glass Ceylon Plc (PGC), a manufacturer of flaconnage (glass containers) for food and beverages, pharmaceuticals, and cosmetics & perfumery, has reported its best quarter ever till date.

Net sales for the quarter ending 31st December, 2010 grew by 28% to Rs. 1166 million. Gross profits grew by 38% to Rs. 360 million. And Net profit for the period was Rs. 190 million.

PGC’s Chief Executive Officer and Executive Director, Sanjay Tiwari while announcing PGC’s results said, “We’re proud to report the best ever quarter for PGC. This quarter has vindicated our investments and hard work. We have invested in some strategic initiatives in the last few years and put in a lot of effort in turning around PGC. We have improved our manufacturing efficiency and realigned our portfolio offerings. We had put a major onus on manufacturing excellence with Journey undertaken to achieve Six Sigma and Global implementation of SAP. As a result of these, we have achieved 84% production efficiency.

The third Quarter was an exceptional one for the company with the festive season playing a positive indicator towards the high domestic sale. The domestic sale grew by 35% from Rs. 663 Million to 898 Million and the export by 11% from Rs. 244 Million to Rs. 269 Million. A significant volume growth of 9% was also a highlight for the quarter.

The export market played a significant role during the quarter. This quarter’s sale was predominantly consisted of high realization specialty segment contributing better margins to the bottom line. The high realization segment consisted of 71% of the quarters export volume . This helped the overall export realizations to grow by over 50% per tonne against that of the previous year similar period.

Nine Month Results:

The Total Revenue for the Nine months ending 31st December, 2010 grew by 15% to Rs.3,061 Million. The Gross Profit [GP] ratio increased to 32% this year as against 27% in the similar period of the previous year. The company achieved a Gross Profit of Rs.972 Million for the first 9 months of the FY2011 as against Rs.705 Million in the same period previous year. The company crossed Rs. 400 Million mark in Profit After Tax for the period as againstloss of Rs. 89 Million in the similar period previous year.

A combination of robust domestic and export sales across the first 9 months of FY2011 saw PGC achieve Rs.2,308 million and Rs.753 million respectively in both markets. PGC has demonstrated its continuing focus on the specialty market with outstanding exports figures. With a tonnage of 7,567 and a value of Rs. 539 million, PGC has once again proved its capability and intent in expanding its export offerings in niche markets.

The productivity improvements too played its part by reducing the production costs. During the period the company was able to produce 12% more than the previous year similar period.

The continuous achievements of Piramal Glass Ceylon during F 2010 was also recognized by external agencies with the company being awarded with a Gold Medal at NCE Export Awards in Extra Large Category , Merit Award at CNCI Achievers of Industrial Excellence, Gold Award in Manufacturing sectorand Silver Award in the Best Tech Savvy Company segment at the National Business Excellence awards.

"We are indeed thrilled at the performance of Piramal Glass Ceylon and we are confident that growing domestic markets coupled with niche exports, the company would continue to strive towards excellent performance in future quarters as well , the commitment and investment that we made in last few years have started fructifying " Said Mr.Vijay Shah, Chairman of Piramal Glass Ceylon Plc.

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