Piramal Glass Ceylon PLC, the sole player in the domestic glass container market, with a significant export existence, has published a remarkable first half in the present monetary, better than tripling its revenue to Rs. 316 million from Rs. 95 million made a year previously when service took a punch from the Covid pandemic following the Easter bomb.Indian-controlled Piramal, quoted on the CSE, stated in a news release revealing its half year results that it anticipated to do well in the second half of the year as well stating “we are confident to sustain and additional improve the efficiency as there is a healthy pipeline for brand-new items and new clients in the worldwide market.”
The very first half results were attained despite modest turnover growth, up to Rs. 3.56 billion from Rs. 3.53 billion a year earlier.The company’s share price got sharply on the CSE following the release of the very first half results.Reporting that the duration under evaluation began with the Covid lockdown with production beginning at 25 %capacity by making glass containers for food and pharmaceutical consumers. Operations stabilizing by mid-May resulting in a first quarter setback.But demand had begun improving from the 2nd quarter with profits of Rs. 2.23 billion created versus Rs. 1.94 billion a year previously, up 14.2%. Profit after tax for the quarter ended Sept. 30,2020, was Rs. 360 million, up from Rs. 74 million a year earlier.Reporting 20 %development in the domestic market with sales approximately Rs. 1.56 billion from Rs. 1.29 billion a year earlier,
Piramal said there was a high rise in demand for its products as a result of panic buying of food. This led to higher sales of food jars locally. The need from the pharmaceutical and agro markets also showed a healthy upward development though the beverage market saw a problem due to constraints on social and joyful gatherings.Export sales got marginally at Rs. 670 million, up from Rs. 651 million a year earlier. The company said enhanced exports were achieved in the face in
constraint of vessel accessibility in major markets with exports even to India and Pakistan impacted.”However, the demand of flavoured water bottles for Canadian and North American markets and greater need for food jars in Australia helped exceed ins 2015 sales,” Piramal stated.
“The business also made inroads in brand-new markets such as UK, Mexico, Colombia and Netherlands with food containers and high-end alcohol bottles.”Piramal Glass Ceylon (previously Ceylon Glass Company )is the only glass bottle manufacturing plant in Sri Lanka. Coming under the umbrella of India’s Pirmal Group in 1999, its factory was transferred to Horana from Ratmalana in 2007 as a BOI venture.