Glass container manufacturer Piramal Glass Ltd (PGL), has reported a record Profit After Tax for a single quarter of INR.36 crores. Consolidated sales for the same period rose 16% from INR.284 crores to reach INR.329 crores. Operating EBIDTA for Q4 of financial year 2011 increased by 51% to INR.90 crores, compared to INR.60 crores for the same period the previous year. EBIDTA margins have been increased to 28% - an improvement of 630 bps. Vijay Shah, MD at Piramal Glass said: "We are witnessing a record year at Piramal Glass. Our investment strategies of the last few years are bearing fruits. Our focus on the high margin "Premium" cosmetics and perfumery segment has lead to a phenomenal 31% EBIDTA in India. Our US turnaround has continued with outstanding results and Sri Lanka too has recorded the biggest year ever." Ajay Piramal, Chairman of Piramal Group, hailed the company's turnaround: "Our great record run has continued in FY 2011. Piramal Glass has attained a 50% global market share in nail polish bottles while maintaining a leadership position in Indian pharmaceutical markets with 35% market share and 91% market share in Sri Lanka. Piramal has successfully emerged as the only Asian player in global glass manufacturing which is dominated by European players. We are truly on our way to be amongst the top three global flaconnage glass companies globally."
