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COMPANY REPORT

AGI Greenpac Q2 FY23 revenue from operations stood at Rs 513 crore
Wednesday, 02 November, 2022, 08 : 00 AM [IST]
Our Bureau, New Delhi
AGI Greenpac Limited, one of the leading packaging companies in India, announced its financial results for the second quarter ending September 30, 2022.

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% 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% 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%.

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% on a Y-o-Y basis with a margin of 18%.

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.”

“Despite a challenging macro-economic scenario, we expect the growth in demand for our packaging products to continue. Going forward, we will continue to focus on improving product mix, manufacture 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,” added Somany.
 
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