AGI Greenpac, India’s leading Packaging company, announced its financial results for the first quarter ending June 30, 2022.
In Q1FY23, the company delivered a strong performance and reported Revenue from Operations of Rs 522 crore, compared to Rs 293 crore in the same quarter last year, registering a strong growth of 78% on a y-o-y basis. Sales growth was primarily driven by an increase in glass container packaging volumes and better realization. The rise in out-of-home consumption and reduction of taxes by some state governments also contributed to the growth along with the passing of increased commodity prices to the consumers.
The Company delivered EBITDA of Rs 92 crore registering a growth of 57% on a y-o-y basis. The company continues to maintain strong EBITDA margins of 18% despite the significant increase in fuel and other input material prices during the period. The margins were driven by higher sales, better product mix, and inherent operational efficiencies present in the manufacturing plants. Profit After Tax stood at Rs 66 crore, up by 258% y-o-y.
Commenting on the quarterly results, Sandip Somany, vice chairman and managing director, AGI Greenpac said, “The Company had an outstanding start to the new fiscal year and delivered growth on both year-on-year and sequential basis driven by sustainable demand revival and favorable macro-economic factors. The quarter saw robust demand for glass bottles from the beer and liquor industries. As a focused packaging products company with a strong underlying fundamental, we are well positioned to tap the growing market opportunities and will continue to enhance the value proposition for our customers.”
He further added,” The commercial production of specialty glass manufacturing unit at Bhongir, Telangana will commence in Q2 FY23, which will drive incremental growth in the coming quarters.”