Bangalore based Plastic Packaging Major, Manjushree Technopack Ltd (formerly Manjushree Extrusions Ltd) announced impressive growth figures for the year ending 31st March, 2009. All key indicators ranging from Sales Turnover to PBDIT, PBT & PAT grew at impressive rates ranging from 40 – 70%, confirming at once the health of the plastic packaging industry and Manjushree’s status as a leader – in growth and profitability. Key performance highlights (Figures in brackets represent the financial performance in the previous year) are as follows.
The Board met on 27th June, 2009 and adopted the audited financial results for the financial year ending 31st March 2009. For the 12 months ended 31st March, 2009, the company registered a turnover of Rs 11,878 Lacs (Rs 8,500 Lacs) recording an increase of 40%. Operating profit before interest, depreciation, exceptional items and taxes was also higher by 46%, while the profit before tax grew to Rs 1,146.42 Lacs recording an increase of 69%. Net profit after tax increased by 70% to Rs 749.26 Lacs (Rs 440.17 Lacs). The fully diluted EPS stood at Rs. 5.53, portraying a significant increase from last year’s Rs. 3.25.
Commenting on the Annual Financial Results, Mr.Vimal Kedia, Managing Director, said, “We are pleased with the performance this year, especially considering the market conditions. We have utilized the past year for capacity expansion to meet demands from the beverages segment and on strengthening our relationships with key clients in FMCG, F & B and Pharma. Our Company won the highest recognition in Packaging – the WorldStar Awards for two of our designs (including one for Multilayer Packaging). We also got the ISO: 22000 Certification for Manufacturing, during the past year. We look forward to continuing this good performance in the coming year by focusing on more innovations and developing customized solutions”.
Among the other highlights of the financial year were the 3 year deal inked with Hindustan Coca Cola Beverages, for supply of PET Preforms. Manjushree is also supplying PET Preforms to big beverage brands like Pepsi co and Bisleri. Two 96’ cavity Husky machines were commissioned during the year, registering a 250% increase in the manufacturing capacity for PET Preforms (a daily production of 2.5 million PET Preforms) and a consequent 140% increase in the total capacity (from 10,000 metric tonnes to 24,000 metric tonnes). During the past year, Manjushree also added a new customer vertical in the form of alcoholic beverages, supplying PET bottles to clients like Khodays and Amrut Distilleries among others. Currently, 3 lac PET bottles per day are being manufactured for the IMFL segment.
The Board also decided on the change of name of the Company from Manjushree Extrusions to Manjushree Technopack and the delisting of the shares of the Company from all regional stock exchanges except the BSE, where it will continue to be traded. A Capital Expenditure plan of about 30 crores for the current year and next year to increase capacity by another 7,000 metric tonnes was also announced. The company has declared and paid an interim dividend of 10% and the same may be considered final dividend for 2008-09. It was also confirmed that the expansion cum diversification plan as per composite issue has been completed by 31.03.09.
• Turnover of Rs 11,878.43 Lacs (Rs 8,500 Lacs) – Growth of 40% •PBDIT of Rs 1,743.55 Lacs (Rs 1,196 Lacs) – Increase of 46% • PBT of Rs 1,146 Lacs (Rs 676.99 Lacs) – Increase by 69 % • PAT of Rs 749.26 Lacs (Rs 440.17 Lacs) – Increase by 70%
The turn over the period increased from Rs.2, 568 Lacs to 3,229.9 Lacs. The quarter ending 31st March, 09 also noted an increase in PAT from 124.47 Lacs to Rs.199.10 Lacs.
Manjushree Technopack is set to celebrate its 25th year in the Packaging Industry and will be conducting its second All India FuturePac Conference, this time focusing on the Beverages segment, in July 2009. The Company has also announced the Manjushree Awards for Packaging Innovation and Excellence, a first of its kind, in the industry.
About Manjushree Technopack Ltd
Bangalore based plastic packaging major, Manjushree Technopack Ltd., is a $25 million (Rs.120 crore) listed public limited company, with over 25 years of packaging experience in India. Involved in the manufacture of specialty plastic packaging products for domestic /export markets, it caters to the needs of leading companies in FMCG, Pharma and Food Processing sectors.
Established in 1982, Manjushree has built expertise in all kinds of rigid packaging solutions including - PET Containers, Multilayer PP Containers and PET Preforms, that utilise European, Japanese and Canadian technologies. In the last year, it has commissioned two state of the art Husky Systems to manufacture PET Preforms for the beverage and bottled water industry.