AGI Greenpac records best results ever
AGI Greenpac, India’s leading Packaging Products company, announced its financial results for the fourth quarter and year ending 31 March 2022. As part of its transformational journey, in March 2022, the company completed the divestment of the Building Products division to Hindware Limited and recently also changed its name from HSIL Limited to AGI Greenpac.
Financial Performance Highlights: FY2022
o Revenue from Operations of ₹2319 crore, growth of 25% on Y-o-Y basis
o PAT grew from ₹88 crore to ₹193 crore, growth of 120% on Y-o-Y basis
Financial Performance Highlights: Q4 FY2022
o Revenue from Operations of ₹716 crore from ₹635 crore growth of 13% on Y-o-Y basis
o PAT grew from ₹33 crore to ₹128 crore, growth of 286% on Y-o-Y basis
Packaging Products Business Update (Continuing Operations)
For FY22, the Packaging Business Revenue from Operations increased from ₹1259 crore to ₹1436 crore, registering a growth of 14% Y-o-Y. EBIT increased 21% Y-o-Y to ₹238 crore from ₹196 crore in FY21. For Q4 FY22, the Packaging Business delivered another robust quarter with Revenue from Operations and EBIT coming at ₹438 crore and ₹76 crore respectively. The sales growth was primarily driven by the increase in glass container packaging volumes by around 10%, led by the growing demand for glass bottles from the beer and wine industries.
The company started trial production of its greenfield plant in Bhongir, Telangana manufacturing specialty glass for high-value industries such as perfumery, cosmetics, high-end liquor, and pharmaceuticals including vials. The plant has a capacity of manufacturing 154 tonnes of glass.
Building Product Business (Discontinued Operations)
For FY22, Building Products Division delivered a Revenue of ₹881 crore with a growth of 49% Y-o-Y and in Q4FY22 the division delivered Revenue from Operations of ₹279 crore registering a growth of 29% Y-o-Y.
Commenting on the results, Sandip Somany, vice chairman and managing director, AGI Greenpac, said, “Our packaging products business continues to deliver revenue growth, driven by increased demand for glass packaging from key end-user industries and the company has been able to maintain a strong EBITDA margin profile despite the sharp jump in commodity & fuel prices and inflation. This is a testament to the underlying sustainable business model that we have built over the years.”
He further added, “We enter the fiscal year with confidence of delivering sustainable growth and remain the most profitable glass packaging products company in India.”