“This was mainly due to recovering volumes, favourable mix, cost performance, and low base,” the company said.
Profit After Tax (PAT) shoots up 967% yoy to Rs3.05cr in Q1FY22 compared to Rs0.29cr in Q1FY21.
“Over the year we have been witnessing an increasing adoption of plastic-based packaging products such as drums and jerry cans over metal-based products. A surge in the FMCG sector to satisfy the demands of growing population, an increase in exports of Chemicals and rise in Infrastructure activities will be the major factors to drive the growth. Further, marked increase in the prices of metal in the last 1 year will enable faster replacement of metal with plastics. We remain optimistic on the growth prospects of the Company and are confident of achieving improved performance going forward”
Operational highlights of Q1FY22
NCLT, Ahmedabad (Gujarat) has approved the scheme of Amalgamation between TPL Plastech Limited and its 100% subsidiary company ‘Ecotech Green Lifecycle Limited’, vide their order dated June 02, 2021. Thus the above resulst for the quarter ending June 30, 2021 include the operations of Ecotech Green Lifecycle Limited.
The above financial results of the Company for the quarter ended March 31, 2021, June 30, 2020 and year ended March 31, 2021 are on standalone basis without considering the financial results of Ecotech Green Lifecycle Limited, which is now amalgamated with the Holding Company. We give below main financial figures on a consolidated basis to make It comparable.
The progress on setting up of new Greenfield unit at Silvassa for manufacturing of Small Packaging Products (50 ml to 10 Itr) as Value Added products under Phase-I is as per schedule. The company expects commercial operations to begin in Q3 FY 2022.
The Board has approved and recommended Bonus issue of equity shares in the proportion of one equity share (face value Rs10) for every one equity share (face value Rs10) held by the shareholders of the Company as on record date, which will be announced later on, subject to the approval of the shareholders.