Piramal Glass said furnace oil prices increased 80 percent and electricity 15 percent. The rupee also fell resulting in a 100 million US dollar exchange loss on a foreign loan.
Sri Lanka raised energy prices, after a rupee peg came under pressure from credit taken by state energy utilities to manipulate prices below cost.
"The company never anticipated overnight increase to this extent," Piramal Glass said in a statement that accompanied its latest accounts.
"In fact the relevant authorities were requested to phase out such increases so that the burden can be absorbed by the consumers over a period of time."
Sri Lanka does not have a transparent formula to revise prices and he price deceptions ended in February 2012.
Though exporters benefit from rupee depreciations firms that borrowed in dollars suffer exchange losses.Many companies borrowed dollars because rupee interest rate were higher and exchange rates were also stable for several years. Such 'liability dollarisation' is a phenomenon seen in countries with soft dollar pegs being steady for some time.
However because soft pegged central banks can sterilize foreign exchange sales, there is assurance that pegs will remain stable.
Pirmal Glass said it was hit by 100 million dollar exchange loss.
The firm said its export business may be hurt by the sudden price increase.
"It is imperative that the government should be more cautious when increases of this magnitude is brought in," the company said.
"Increase should be done in a phased out manner which could be gradually absorbed by the industry."
In the year to March the firm's revenues grew 23 percent to 5,120 million rupees and net profits grew 18 percent to 686 million rupees.
Revenues from domestic sales grew 23 percnet to 3,159 million rupees helped by growing alcohol and beverage markets.
Exports had also brought profits.
"The export product portfolio saw a marked increase in its shift from mass market to high end premium market segment yielding higher realizations," the firm said.
"The speciality portion of total export basket is growing steadily as per strategy."
The firm said it had entered the New Zealand and Australian market during the year.