HNG posts 14 percent growth in net sales in FY11

May 23rd, 2011 - 6:18 pm ICT by IANS  

Kolkata, May 23 (IANS) Hindusthan National Glass & Industries Ltd (HNG), one of the frontrunners in the Indian packaging industry, has registered a 14 percent growth in its net sales, which stood at Rs.1,543 crore last fiscal as compared to Rs.1,359 crore in 2009-10 fiscal.

According to a release here Monday, the company recorded a decrease in the EBITDA (Earnings before interest, taxes, depreciation and amortisation) by 15 percent to Rs.270 crore from Rs.316 crore.

The earnings per share have decreased by 44 percent to Rs.9.90 from Rs.17.77.

Commenting on the results, Mukul Somany, HNG vice chairman and managing director, said: “The reason for a decrease in EBITDA level is increase in power and fuel costs, packing and material charges, which we could not pass on to the customers in time. However, the cost increases till date have been fully passed on, which ensures the normal operational profits in FY 11-12.”

“Our greenfield and brownfield projects in south and in our existing Nashik unit are progressing well, and we are very hopeful that the commercial production from Nashik shall commence in this calendar year only,” he said.

On the future plans of HNG, Somany said, “We expect growth in our numbers in the next phase, especially due to the rise in demand from the growing user industry, viz. liquor, pharmaceutical, food and beverage segments, which is growing at the rate of 15 percent.”

Related Stories

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |