Indian packager AGI Greenpac reported a strong growth in revenue in its latest financial note due to an increase in glass container packaging volumes.
For Q1FY23, revenue from Operations increased from ₹293 crore to ₹522 crore, registering a strong growth of 78% on a y-o-y basis.
Operating EBITDA stood at ₹92 crore, registering a growth of 57% on Y-o-Y basis with margins of 18%.
Profit after tax was at ₹66 crore, registering a growth of 258%.
Sales growth was primarily 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.
Mr Sandip Somany, Vice Chairman and Managing Director of AGI Greenpac, said: “The company had an outstanding start to the new fiscal year and delivered growth on both year-on-year and sequential basis driven by sustainable demand revival and favourable macro-economic factors. The quarter saw robust demand for glass bottles from the beer and liquor industries."
He further added: “The commercial production of specialty glass manufacturing unit at Bhongir, Telangana will commence in Q2 FY23, which will drive incremental growth in the coming quarters.”