Somay confident of continuing demand for value-added products
A rise in demand for packed food, non-alcoholic beverage and beer segment continued to propel growth for packaging products, according to Sandip Somany, Chairman and Managing Director, AGI Greenpac Limited.
“We are confident of the market and continuing domestic consumption augurs well for our high-end and value-added products produced from our 154-tonne manufacturing facility in Telangana,” he said on 30 Jan, announcing AGI Greenpac’s financial results for the third quarter ended 31 Dec 2022.
“AGI Greenpac growth was broad-based on our agile business model, improved product mix,” he underlined.
The company delivered a strong performance for the quarter. Revenue from Operations was Rs.567 crore, compared to Rs.396 crore in Q3FY22, registering a stellar growth of 43% on a Y-o-Y basis.
The sales and profitability improved on a Y-o-Y basis on account of an improved product mix, and an increase in demand from the non-alcoholic beverages, packed food, and beer segment for the glass containers products.
The company delivered EBITDA of Rs.113 crore, registering a growth of 39% on a Y-o-Y basis with a margin of 20%. The company continued to maintain strong EBITDA margins despite a sharp increase in input prices and rising inflation.
Net profit stood at Rs.53 crore, registering a growth of 81% on a Y-o-Y basis with margins of 9%. fiinews.com
