Indian glass manufacturer AGI Greenpac posted an increased revenue of 7% despite a scheduled furnace shutdown.
In its financial results for the quarter ending June 30th, 2023, revenue from operations increased by 7% on a Y-o-Y basis, increasing from ₹522 crore in Q1FY23 to ₹558 crore in Q1FY24.
The Indian glass packager delivered EBITDA of ₹140 crore, registering growth of 52% on a Y-o-Y basis with a margin of 25%.
Profit before tax stood at ₹85 crore, registering a growth of 55% on a Y-o-Y basis with margins of 15%.
It said sales and profitability improved due to increased market demand, a more favourable product mix, and a focus on high value-added products.
Substantial investments in digitalisation and automation had further optimised operations, which had improved efficiency.
Mr. Sandip Somany, Chairman and Managing Director, AGI Greenpac Limited said: “Our well-crafted strategy and a series of proactive steps have helped us in achieving another remarkable results this quarter.
“We have successfully identified and capitalised on opportunities arising from the growing market demand, aligning our offerings with customer preferences.
“Additionally, we optimised our operations by strategically focusing more on high value-added products, which has proven instrumental in boosting our bottom line, and enhancing profitability.”