AGI Greenpac net profit climbs to Rs 53.09 crores

AGI, a leading packaging company announced its financial results for the third quarter ending 31 December, 2022. The Q3 FY23 revenue from operations is up by 43% to Rs 567 crore, wherein the EBITDA is up 39% to Rs 113 crore on a Y-o-Y basis

28 Jan 2023 | By Charmiane Alexander

AGI started manufacturing speciality glass at a new greenfield facility in Bhongir

As per a press note, the company delivered a strong performance in Q3 FY23 and reported a revenue from operations of Rs 567 crore, as compared to Rs 396 crore in Q3FY22, registering a 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 ₹53 crore, registering a growth of 81% on a Y-o-Y basis with margins of 9%.

Sandip Somany, chairman and managing director at AGI Greenpac Limited said, "AGI Greenpac growth was broad-based on our agile business model, improved product mix. A rise in demand for packed food, non-alcoholic beverage, and beer segments continued to propel growth for our packaging products in this quarter as well."

He added,” "We are confident of the market and continuing domestic consumption augurs well for our high-end and value-added products produced from our 154 tonnes manufacturing facility in Telangana."

Last year, AGI started manufacturing speciality glass at a new greenfield facility in Bhongir. The Glaspac facility with its five manufacturing lines spread across 15 acres has a manufacturing capacity of 154 tonnes per annum. The plant manufactures clear glass products, such as vials, nail polish bottles, and other speciality glass products, which are primarily used in the packaging of cosmetics and perfumery, pharmaceuticals, premium spirits, food and beverages water bottles, and candles jars.

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The packaging industry is confused by recycling and sustainability rules in India. What is the biggest challenge?

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