AGI Greenpac Q2 FY23 Revenue from Operations Stood at Rs.513 Crore, Up by 66 percent

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Source: AGI Greenpac

“AGI Greenpac continues to deliver strong performance despite rising inflation, energy cost and currency fluctuations owing to our agile business model, improved operational efficiencies and strong connect with our customers.” - Sandip Somany, Vice Chairman and Managing Director, AGI Greenpac Limited

November 2022: AGI Greenpac Limited, one of the leading Packaging companies in India, has recently announced its financial results for the second quarter ending September 30, 2022.

Financial Performance Highlights: H1 FY2023

Revenue from Operations stood at Rs.1034 crore, registering a growth of 72 percent on Y-o-Y basis.
Operating EBITDA stood at Rs.180 crore, registering a growth of 35 percent on Y-o-Y basis with margins of 17 percent.
Net Profit stood at Rs.100 crore, registering a growth of 101 percent with margins of 10 percent.

Financial Performance Highlights: Q2 FY2023

Revenue from Operations stood at Rs.513 crore, registering a growth of 66 percent on Y-o-Y basis.
Operating EBITDA stood at Rs.87 crore, registering a growth of 17 percent on Y-o-Y basis with margins of 17 percent.
Net Profit stood at Rs.34 crore, registering a growth of 9 percent with margins of 7 percent.

Business Update: In Q2FY23, the company delivered a strong performance and reported Revenue from Operations of Rs.513 crore, compared to Rs.309 crore in Q2FY22, registering a stellar growth of 66 percent on a Y-o-Y basis. The sales and profitability improved on a Y-o-Y basis on account of improved efficiencies. The Company delivered EBITDA of Rs.87 crore, registering a growth of 17 percent on a Y-o-Y basis. The company continued to maintain strong EBITDA margins despite a sharp increase in input prices, rising inflation and an increase in global interest rates. Net Profit stood at Rs.34 crore, with margins of 7 percent.

Q2FY22 includes a one-time receipt of an insurance claim amounting to Rs.16 crore which is nil in Q2FY23. Further, the currency fluctuation incurred a foreign exchange loss of Rs.6 crore in Q2FY23 compared to a gain of Rs.0.2 crore in Q2FY22. Once the impact of one-time receipt of insurance claim and foreign exchange loss is neutralized, the adjusted EBITDA is Rs.93 crore in Q2FY23, registering a growth of 59 percent on a Y-o-Y basis with a margin of 18 percent.

Commenting on the quarterly results, Sandip Somany, Vice Chairman and Managing Director, AGI Greenpac Limited said, “AGI Greenpac continues to deliver strong performance despite rising inflation, energy cost and currency fluctuations owing to our agile business model, improved operational efficiencies and strong connect with our customers.”

He further added, “Despite a challenging macroeconomic scenario, we expect the growth in demand for our packaging products to continue. Going forward, we will continue to focus on improving product mix, manufacturing high-end and value-added products with high margins. We remain confident in our ability to consistently deliver while growing sustainably across products and business segments.”

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