Glass Act

Nov 02, 2010 (LBO) – Piramal Glass Ceylon made a net profit of 157 million rupees in the September 2010 quarter as domestic sales rebounded after the end of a war and exports grew sharply, the company said. Chief executive Sanjay Tiwari said all the sectors in the domestic market, namely food and beverage, pharmaceuticals, liquor and cosmetics, showed double-digit growth during the quarter under review.

In the export market, the premium segment contributed to 70 percent of export sales, with a growth of 30 percent.

“All this contributed to the growth of 43 percent in the gross profit margins of the company to 385.2 million rupees over the corresponding period of the past year,” the statement said. “The gross margins for the second quarter as a percentage to sales increased to 38 percent from 28 percent of that of the second quarter of the last financial year.”

The company has been continuously focusing on developing niche products in the export segment which gives better realisations,” Tiwari said.

Domestic sales grew by 28 percent to 1,410 million rupees from 1,098 million rupees of the previous year, while export sales for the period were 484 million, which contributed about a qua