AGI Greenpac Q1 profit at Rs 66 crore

Hyderabad: Packaging products company AGI Greenpac (formerly known as HSIL) recorded a profit of Rs 66 crore for the June quarter. This is close to six-fold increase from Rs 11.2 crore it registered in the corresponding period last year. Its revenues were Rs 523.6 crore, up from Rs 419.94 crore last year. Its expenses were Rs 440 crore, up from Rs 371.25 crore last year.

Sales growth was driven by an increase in glass container packaging volumes and better realisation. The rise in out-of-home consumption and reduction of taxes by some State Governments also contributed to the growth along with the passing of increased commodity prices to the consumers.

“The company delivered growth on both year-on-year and sequential quarter basis driven by demand revival and favorable macro-economic factors. The quarter saw robust demand for glass bottles from the beer and liquor industries. We are well positioned to tap the growing market opportunities,” said Sandip Somany, Vice-Chairman and Managing Director, AGI Greenpac.

The commercial production of specialty glass manufacturing unit at Bhongir in Telangana will commence in the second quarter this financial year. This will drive incremental growth in the coming quarters,” he said.

The company manufactures and markets packaging products including glass containers and polyethylene terephthalate (PET) bottles, products, security caps, and closures. Its Packaging Products division has seven plants across Telangana, Uttarakhand, and Karnataka. It caters to more than 500 clients in India.