Piramal Glass Ceylon PLC reported its annual results as at March 31, 2021, with a turnover of Rs. 8,532 million and PAT of 1,096 million as against Rs. 7,531 million and Rs. 389 million in the previous year,reflecting a y-o-y growth of 13% in revenue and a y-o-y growth of 181% in PAT. The domestic sales during the year grew by 13.4% from Rs. 5,240 million to 5,944 million and the export market grew by 13% from Rs. 2,291 million in F20 to Rs. 2,588 million in F21.
During the quarter (Q4) under review, revenue of Rs. 2,571 million was achieved as compared toRs.1,699 million in the corresponding period in the previous year, reflecting a growth of 51%. The Company reported a profit after tax 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 by82% 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 corresponding period of the previous year. For the full year ended 31st March 2021, the company achieved a gross profit margin of 22%. The earning per share stands at Rs.1.15 in F’21 as against Rs. 0.41 in F’20.The Board of Directors has proposed a dividend of Rs.0.58 per share, which is 50% of FY21 PAT. ED and 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.”
Piramal Glass (Pvt) Limited, the controlling shareholder of the Company, entered into a Share Sale and Purchase Agreement dated December 10, 2020 for the sale of its entire shareholding in the Company to PGP Glass (Pvt) Limited. The share transaction was executed on the Colombo Stock Exchange on March 30, 2021 at Rs. 11.60 per share.
PGP Glass thereafter made a mandatory offer to the remaining shareholders of the Company as required under and in terms of the Company Takeovers and Mergers Code, 1995 by its Offer Document dated March 31, 2021 at the same price, which was subsequently revised upwards to Rs. 11.86 on April 20, 2021. The said mandatory offer has since been completed as per the provisions of the Code.
PGP Glass (formerly known as Pristine Glass (Pvt) Limited) is a private limited company incorporated under the laws of the Republic of India.
Piramal Glass Ceylon (formerly, Ceylon Glass Company) is the only glass bottle manufacturing plant in Sri Lanka. Presently located in Horana, it has been in existence for 65 years.