Indian packager AGI Greenpac reported record results in its latest financial note, driven by sales of glass containers.
For FY22, the Packaging Business revenue from Operations increased from ₹1259 crore to ₹1436 crore, registering a growth of 14% Y-o-Y. EBIT increased 21% Y-o-Y to ₹238 crore from ₹196 crore in FY21.
For Q4 FY22, the Packaging Business delivered another robust quarter with revenue from Operations and EBIT coming at ₹438 crore and ₹76 crore respectively.
The sales growth was primarily driven by the increase in glass container packaging volumes by around 10%, led by the growing demand for glass bottles from the beer and wine industries.
The company started trial production of its greenfield plant in Bhongir, Telangana manufacturing speciality glass for industries such as perfumery, cosmetics, high-end liquor and pharmaceuticals including vials.
The plant has a capacity of manufacturing 154 tonnes/day of glass.
Vice Chairman and Managing Director Sandip Somany, said: “Our packaging products business continues to deliver revenue growth, driven by increased demand for glass packaging from key end-user industries and the company has been able to maintain a strong EBITDA margin profile despite the sharp jump in commodity & fuel prices and inflation.”