AGI Greenpac EBITDA up by 52% in Q1FY24
AGI Greenpac, a focused packaging products company, has announced its financial results for the quarter ending 30 June 2023.
26 Jul 2023 | By Abhay Avadhani
The company's revenue from operations increased by 7% on a year-on-year basis, increasing from Rs 522-crore in Q1FY23 to Rs 558-crore in Q1FY24, despite a scheduled furnace shutdown for relining. The company delivered EBITDA of Rs 140-crore, registering a significant growth of 52% on a year-on-year basis with a margin of 25%.
Profit before tax stood at Rs 85-crore, registering a remarkable growth of 55% on a year-on-year basis with margins of 15%.
On a year-over-year basis, the company’s sales and profitability improved owing to increased market demand, a more favourable product mix, and its focus on high-value-added products. Additionally, substantial investments in digitalisation and automation have further optimised operations, significantly improving efficiency.
Sandip Somany, chairman and managing director, AGI Greenpac, said, “Our well-crafted strategy and a series of proactive steps have helped us in achieving another remarkable result this quarter. We have successfully identified and capitalised on opportunities arising from the growing market demand, aligning our offerings with customer preferences. Additionally, we optimised our operations by strategically focusing more on high value-added products, which has proven instrumental in boosting our bottom line, and enhancing profitability.”