Increased demand for beer and wine glass bottles helped boost Indian glass packaging company HSIL Limited’s income by 18%.
In its latest financial note to the quarter ending December 31, 2021, it reported total income of ₹645 crore compared to ₹548 crore in the same quarter last year.
The company registered Y-o-Y revenue growth despite a high base of a comparative quarter in last yearwhich saw pent-up demand post Covid-19.
The company said it continued to maintain strong profitability margins amidst raw material and fuel price inflation. It expectsthe situation to normalise going ahead, supported by partial cost absorption by the market and as such will reduce pressure on margins.
Glass containers for alcoholic beverages such as beer and wine saw an increasing demand in the market. The growth is on the back of higher sales, optimized product mix, and enhanced operational efficiencies at the plants.
Mr. Sandip Somany, Vice Chairman and Managing Director, HSIL Limited said: “Looking ahead, we are expecting incremental growth from the high-value products segment as we will soon operationalize our speciality glass manufacturing unit at Bhongir, Telangana, capable of producing 154 tonnes of glass per day.”