Piramal Glass plans to sell land

  Company financial news

Glass container maker Piramal Glass Ltd. has announced plans to sell its land in Sri Lanka for Rs 30-40 crore, according to managing director Vijay Shah. "The market conditions in Sri Lanka are impro...

Glass container maker Piramal Glass Ltd. has announced plans to sell its land in Sri Lanka for Rs 30-40 crore, according to managing director Vijay Shah. "The market conditions in Sri Lanka are improving and we are waiting for the right time to dispose of the land," he said during an interview. Piramal Glass, which manufactures flaconnage and glass bottles for pharmaceuticals, food, beverages, cosmetics and perfumes, is part of the Ajay Piramal group, which also runs Piramal Healthcare. It runs fully-owned units in the US, Sri Lanka and France, with operations in 54 countries, and has Hindustan Unilever and L``Oreal among its clients. In FY10, the cosmetics segment generated about 48% of Piramal Glass`` total sales. "As a business strategy, we are concentrating on the cosmetics and perfumes segment, which have better margins than pharmaceuticals," Shah added. "The growth will come from cosmetics while pharma would shrink." Piramal Glass, which reported EDITDA margins of 21.6% in the April-June period, expects to improve it further in the current financial year, Shah said. During FY10, the EBITDA margins for Piramal Glass stood at 14.5%. "We have decided to concentrate on the premium range products in the cosmetics segment, which would improve our margins in the current year," he said, adding that the company had entered into a supply agreement with French perfumes maker Coty during the April-June period. "A lot of cosmetics firms are sourcing more and more products...
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