Piramal Glass local sales up 36% to Rs 1.2 B
Piramal Glass Ceylon PLC (the “Company”) reported its results for the Quarter ended 30 June 2021, with a turnover of Rs 1,876 million as against Rs 1,330 million during the similar period previous year, reflecting a growth of 41 per cent. The domestic sales during the Quarter grew by 36 per cent from Rs 937 million to Rs 1,275 million. The financial year started on a positive note with festive season round the corner, however, due to the third wave of COVID-19; there were travel restrictions and lockdown to prevent the spread of the virus, leading to lower demand in the domestic market.
The export revenues grew by 53 per cent to Rs 601 million during the Quarter as compared to Rs 393 million in the corresponding period last year. The Global scenario of rising ocean freights, restricted availability of containers and vessel space affected the export sales. The company witnessed a similar lockdown situation in the previous year with negative impact on production and sales, however, this year during the first quarter, the company was able to maintain 100 per cent capacity utilisation. The gross margin for the quarter increased from 8 per cent to 24 per cent as compared to the similar period of the previous year and the profit after tax stands at Rs 235 million as against the loss of Rs 44 million during the similar period of last year.