AGI Greenpac, one of leading Packaging companies in India, has 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% on a Y-o-Y basis

• Operating EBITDA stood at Rs 180 crores, registering growth of 35% on a Y-o-Y basis with margins of 17%

• Net Profit stood at Rs 100 crores, registering growth of 101% with margins of 10%

Financial Performance Highlights: Q2 FY2023

• Revenue from Operations stood at Rs 513 crores, registering growth of 66% on a Y-o-Y basis

• Operating EBITDA stood at Rs 87 crores, registering growth of 17% on a Y-o-Y basis with margins of 17%

• Net Profit stood at Rs 34 crores, registering growth of 9% with margins of 7%

Business Update

In Q2FY23, the company delivered a strong performance and reported Revenue from Operations of Rs 513 crores, compared to Rs 309 crores 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 crores, registering a growth of 17% on a Y-o-Y basis. It 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 crores, 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 crores in Q2FY23 compared to a gain of Rs 0.2 crores 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%.

Commenting on the quarterly results, Sandip Somany, vice chairman and managing director, AGI Greenpac, 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 connection with our customers.”

He further added, “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 the product mix and 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.”