Glass packaging company Piramal Glass today said it has invested Rs 115 crore for capacity expansion at its Jambusar unit, Gujurat. The capacity expansion will be completed by March 2012, Piramal Glass MD Vijay Shah said. "We want to focus on high margin cosmetic and perfumery (C&P) segment. Hence, we decided to increase our production in the segment." About operations in Sri Lanka and USA, Shah said in both these countries their units have been doing well. "We are clocking double-digit growth in Sri Lanka while relining of one furnace is over in the US which will further improve its performance," said Shah. Talking about the company's third quarter results, he said net profit for the October-December period stood at Rs 22.9 crore on a consolidated basis. Consolidated net sales stood at Rs. 340.1 crore, up from Rs 310.6 crore in the same period 2011. The Piramal Group firm is a top global manufacturer of specialty glass containers for cosmetics & perfumery, specialty foods & beverages and pharma segments. In Q3 FY12, the cosmetics/perfume segment grew by 7% and contributed 47% of the total sales, Shah said. SF&B division grew by 31% on account of higher sales in Sri Lanka thereby, contributing 27% to the sales, the MD said. Consolidated sales for the 9m period ended on December 31, 2011 grew by 10.2% to Rs. 980.3 crore as against Rs 889.6 crore in the corresponding period. Profit after tax stood at Rs 81.9 crore.
