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Business EconomyPosted at: Jan 27 2022 8:55PM


HSIL Q3 PAT falls 20.68 pc to Rs 28.49 cr

Mumbai, Jan 27 (UNI) Leading packaging company HSIL on Thursday reported a 20.68 per cent decline in net profit for the quarter ended December 31, 2021 at Rs 28.49 crore as against Rs 35.92 crore, a year-ago.
Its total income for the quarter stood at Rs 645 crore compared to Rs 548 crore in the same quarter last year, registering a growth of 18 per cent on a Y-o-Y basis.
"The company registered Y-o-Y revenue growth despite a high base of a comparative quarter in last year which saw pent-up demand post Covid-19," it said in a statement issued here.
The company further said that it continues to maintain strong profitability margins amidst the raw material and fuel price inflation present over the last few quarters and expects the situation to normalize going ahead, supported by partial cost absorption by the market and as such will reduce pressure on margins.
"The company delivered strong revenue growth on both sequential and YoY basis, driven by increased demand for glass bottles in the beer and wine industries. Looking ahead, we are expecting incremental growth from the high-value products segment as we will soon operationalize our specialty glass manufacturing unit at Bhongir, Telangana, capable of producing 154 tonnes of glass per day," HSIL Vice Chairman and Managing Director, Sandip Somany said.
HSIL recently approved the divestment of its Building Products division to Brilloca, a wholly owned subsidiary of Somany Home Innovation (SHIL) in a slump sale transaction for a cash consideration of Rs 630 crore, subject to shareholder and other statutory approvals.
“HSIL today is the most profitable focused glass packaging company in India. And with the restructured entity, we will have a strengthened capital base and a leaner cost structure which will further enhance the overall operational efficiency. With a prudent approach and well-defined growth strategy, management is committed to creating a long-term value for all stakeholders," he added.
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Tags: #HSIL Q3 PAT falls 20.68 pc to Rs 28.49 cr
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