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Piramal Glass post-tax profit soars in 1Q21

18 May 2021

Piramal Glass Ceylon PLC reported its annual results as at 31 March 2021 with a turnover of Rs. 8,532 million and profit after tax (PAT) of Rs. 1,096 million, as against Rs. 7,531 million and Rs. 389 million, respectively, in the previous year, reflecting a Year-on-Year (YoY) growth of 13% in revenue and a YoY growth of 181% in PAT. The domestic sales during the year grew by 13.4% from Rs. 5,240 million to Rs. 5,944 million and the export market grew by 13% from Rs. 2,291 million in FY20 to Rs. 2,588 million in FY21. During the fourth quarter under review, revenue of Rs. 2,571 million was achieved as compared to Rs. 1,699 million in the corresponding period in the previous year, reflecting a growth of 51%. The company reported a PAT of Rs. 401 million for the quarter as compared to Rs. 59 million in the corresponding quarter in the previous year. The company achieved a domestic sales growth of 40% to Rs. 1,767 million as against Rs. 1,258 million in the similar period in the previous year. In the export segment, the sales grew by 82% from Rs. 441 million in the previous year to Rs. 804 million during the quarter under review. The gross margin for the quarter increased from 16% to 24%, as compared to the similar period of the previous year. For the full year ended 31 March 2021, the company achieved a gross profit margin of 22%. The earning per share stands at Rs. 1.15 in FY21 as against Rs. 0.41 in FY20. The Board of Directors has proposed a dividend of Rs. 0.58 per share, which is 50% of FY21 PAT. Piramal Glass Ceylon Executive Director and Chief Operating Officer (COO) Sanjay Jain said: “The company continues to make inroads in new international markets and has successfully completed multiple product launches. The strategy to innovate in new product design and development, with increased global footprint has helped the company effectively mitigate demand fluctuations in its existing markets due to the pandemic situation.”


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