Piramal Glass Q2 net up 17 pc at Rs 27.4 crore

NEW DELHI: Piramal Glass today said its consolidated profit after tax rose by 17.09 per cent to Rs 27.4 crore for the second quarter ended September 30, 2011.

The company had posted a profit of Rs 23.4 crore for the same period last financial year, Piramal Glass said in a filing to the BSE.

Commenting on the results Piramal Glass Managing Director Vijay Shah said: "Our continued focus on the cosmetics and perfumery category and especially its premium segment is leading the growth and margin expansions."

For the second quarter ended September 30, the company posted net sales of Rs 322.92 crore as compared to Rs 300.66 crore for the same period last fiscal.

"The focus on high margin cosmetics and perfumery (C&P) segment, especially premium has helped us in achieving this result," Piramal Group Chairman Ajay Piramal said.

He further said: "With the new greenfield low cost capacity of 160 TPD at Jambusar, which is likely to be completed by March 2012, Piramal Glass will be the world's second largest C&P company with 550 TPD as installed capacity".

On a standalone basis, the company posted a profit after tax of Rs 22.23 crore for the second quarter ended September 30, as against Rs 18 crore in the same period last fiscal.

Shares of Piramal Glass were trading at Rs 127.40 on the BSE in late afternoon trade, down 0.47 per cent from the previous close.