Indian glass producer AGI Greenpac reported a 60% growth in revenue in its latest financial update.

The group said revenue from its operations for the first nine months of the financial year - which ended December 31, 2022 - were ₹1,601 crore.

Operating EBITDA was ₹292 crore, up 37% on a Y-o-Y basis with margins of 18%, while net profit was ₹153 crore, a growth of 94% on a Y-o-Y basis with margins of 10%.

It said: "The sales and profitability improved on a Y-o-Y basis on account of an improved product mix, and an increase in demand from the non-alcoholic beverages, packed food, and beer segment for the glass containers products.

“The company continued to maintain strong EBITDA margins despite a sharp increase in input prices and rising inflation.”

Sandip Somany, Chairman and Managing Director, said: “AGI Greenpac growth was broad-based on our agile business model, improved product mix.

"A rise in demand for packed food, non-alcoholic beverage, and beer segment continued to propel growth for our packaging products in this quarter as well."