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Piramal Glass Ltd. Chairman Speech
BSE:532949 | NSE:PIRGLASSEQ | IND:Others | ISIN code:INE748E01018 | SECT:General
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You can view the entire text of Chairman's speech of Piramal Glass Ltd.
Chairman's Speech
Mar2012 Mar 2014
Dear Shareholders,
The business environment continued to be challenging this year as well.
While the overcapacity in the domestic market had its impact, sluggish
local demand in Sri Lanka and in the global Nail Polish market added to
the challenge. The relevant international market of Cosmetics &
Perfumery faced an unprecedented recessionary trend, with the number of
new product launches dropping significantly. Amidst these challenges,
our Company continues to move forward on its vision of global
leadership in specialty glass packaging (facconage).
The Company''s consolidated total operating income for the year grew by
9.1% to Rs. 17,931 million. The operating profit before interest
depreciation and tax (EBITDA) grew by 3.1% to Rs. 2,845 million. The
EBIDTA to total operating income was 15.9% a as compared to 16.8% last
year. The net profit for the year was Rs. 558.5 million
Indian operations continue to focus on Cosmetics and Perfumery (C&P)
sector with around 60% sales coming from C&P, with an emphasis on
premium brands in the west. We have successfully executed multiple
projects for marquee global brands from India this year.
Sri Lankan operations impacted due to sluggish local demand and
escalating costs, reported an EBITDA of 18.3%. The land at Rathmalana
was sold during the year. This led to growth in PAT by 56% over FY13.
USA continues to focus on Specialty Food and Beverages (SF&B) segment,
as it builds its own product catalogue. It continues to cater to the C&P
segment and Amber bottle demand in the US, by sourcing most of the
products from India.
Due to capex of Rs. 1,222.5 million in FY14 debt has gone up from Rs.
13,129.7 million to Rs. 14,024.4 million and the Debt to equity ratio was
at 3.1 as against 3.0 in FY13
Cosmetics & Perfumery Division:
Cosmetics & Perfumery business grew by 10% from Rs. 8,232 million to Rs.
9,093 million. We continued servicing most of the leading international
C&P companies. A focused effort to internally build our design and
manufacturing capability was initiated this year, with the development
of bottles with challenging shapes and design. This will help in
showcasing our skill and capability to demand more premium projects
from our customers.
Pharmaceutical Division:
We continued to focus on high value added products in the
pharmaceutical glass packaging market, in the process rationalizing
products and markets in favour of exports with a view to increase
profitability. The Type I Glass business continues to be gaining
traction with supplies from India. We have recently repaired our Type I
furnace at Kosamba and have invested in the modernization of the plant
and equipment, to further enhance and meet the global standards.
Specialty Food and Beverages Division :
We focus on manufacturing high value SF&B bottles from our operations
in USA and Sri Lanka. This segment revenue remained fat at Rs. 3,759
million as compared to Rs. 3,789 million in FY13. This was mainly due to
discontinuation of a major brand in USA. We have made inroads in the
Australian premium market with supplies began from our Sri Lankan
operations and will build this business over the years.
One Piramal Values and Purpose
Last year we initiated the process for building the ''Piramal Way'' that
brings together its people and stakeholders. We articulated our values
as ''Knowledge, Action, Care''. We defined the One Piramal purpose as
''Doing Well and Doing Good – Making a positive difference, serving
people and living our values''
During this year, we defined our Purpose statement for Piramal Glass,
which is as follows:
Enhance the value of the product by providing specialty glass packaging
to fulfill peoples'' aspirations
We will
- be a reliable partner for specialty glass packaging
- adopt cutting-edge business processes
- have engaged employees in top 5 percentile globally
- be a global leader in terms of market share by 2020
I am particularly pleased with the enthusiastic participation and
efforts put in by all our teams in the Value cascading activities
conducted across all the Piramal Glass locations. I am confident that
our culture driven by our organization Values and a spirit of
continuous improvement by adopting good practices will guide us and
motivate us to achieve our goals. The initiative of measuring Employee
Engagement with the help of the world renowned Tower Watson continued
this year as well. It is a matter of great satisfaction that the
Company as a whole reported overall engagement score at 96% favourable
(with 95% response to survey). Piramal Glass has consistently
maintained score at world class level for 6th year in a row. We believe
that the empowerment of our employees is one of our key factors of
success and helps realise our vision of global leadership.
I sincerely thank all our stakeholders, our customers, employees,
suppliers, bankers and shareholders for their confidence and support.
Warm regards,
Ajay G. Piramal
Chairman
Date : 15th May, 2014
The business environment continued to be challenging this year as well.
While the overcapacity in the domestic market had its impact, sluggish
local demand in Sri Lanka and in the global Nail Polish market added to
the challenge. The relevant international market of Cosmetics &
Perfumery faced an unprecedented recessionary trend, with the number of
new product launches dropping significantly. Amidst these challenges,
our Company continues to move forward on its vision of global
leadership in specialty glass packaging (facconage).
The Company''s consolidated total operating income for the year grew by
9.1% to Rs. 17,931 million. The operating profit before interest
depreciation and tax (EBITDA) grew by 3.1% to Rs. 2,845 million. The
EBIDTA to total operating income was 15.9% a as compared to 16.8% last
year. The net profit for the year was Rs. 558.5 million
Indian operations continue to focus on Cosmetics and Perfumery (C&P)
sector with around 60% sales coming from C&P, with an emphasis on
premium brands in the west. We have successfully executed multiple
projects for marquee global brands from India this year.
Sri Lankan operations impacted due to sluggish local demand and
escalating costs, reported an EBITDA of 18.3%. The land at Rathmalana
was sold during the year. This led to growth in PAT by 56% over FY13.
USA continues to focus on Specialty Food and Beverages (SF&B) segment,
as it builds its own product catalogue. It continues to cater to the C&P
segment and Amber bottle demand in the US, by sourcing most of the
products from India.
Due to capex of Rs. 1,222.5 million in FY14 debt has gone up from Rs.
13,129.7 million to Rs. 14,024.4 million and the Debt to equity ratio was
at 3.1 as against 3.0 in FY13
Cosmetics & Perfumery Division:
Cosmetics & Perfumery business grew by 10% from Rs. 8,232 million to Rs.
9,093 million. We continued servicing most of the leading international
C&P companies. A focused effort to internally build our design and
manufacturing capability was initiated this year, with the development
of bottles with challenging shapes and design. This will help in
showcasing our skill and capability to demand more premium projects
from our customers.
Pharmaceutical Division:
We continued to focus on high value added products in the
pharmaceutical glass packaging market, in the process rationalizing
products and markets in favour of exports with a view to increase
profitability. The Type I Glass business continues to be gaining
traction with supplies from India. We have recently repaired our Type I
furnace at Kosamba and have invested in the modernization of the plant
and equipment, to further enhance and meet the global standards.
Specialty Food and Beverages Division :
We focus on manufacturing high value SF&B bottles from our operations
in USA and Sri Lanka. This segment revenue remained fat at Rs. 3,759
million as compared to Rs. 3,789 million in FY13. This was mainly due to
discontinuation of a major brand in USA. We have made inroads in the
Australian premium market with supplies began from our Sri Lankan
operations and will build this business over the years.
One Piramal Values and Purpose
Last year we initiated the process for building the ''Piramal Way'' that
brings together its people and stakeholders. We articulated our values
as ''Knowledge, Action, Care''. We defined the One Piramal purpose as
''Doing Well and Doing Good – Making a positive difference, serving
people and living our values''
During this year, we defined our Purpose statement for Piramal Glass,
which is as follows:
Enhance the value of the product by providing specialty glass packaging
to fulfill peoples'' aspirations
We will
- be a reliable partner for specialty glass packaging
- adopt cutting-edge business processes
- have engaged employees in top 5 percentile globally
- be a global leader in terms of market share by 2020
I am particularly pleased with the enthusiastic participation and
efforts put in by all our teams in the Value cascading activities
conducted across all the Piramal Glass locations. I am confident that
our culture driven by our organization Values and a spirit of
continuous improvement by adopting good practices will guide us and
motivate us to achieve our goals. The initiative of measuring Employee
Engagement with the help of the world renowned Tower Watson continued
this year as well. It is a matter of great satisfaction that the
Company as a whole reported overall engagement score at 96% favourable
(with 95% response to survey). Piramal Glass has consistently
maintained score at world class level for 6th year in a row. We believe
that the empowerment of our employees is one of our key factors of
success and helps realise our vision of global leadership.
I sincerely thank all our stakeholders, our customers, employees,
suppliers, bankers and shareholders for their confidence and support.
Warm regards,
Ajay G. Piramal
Chairman
Date : 15th May, 2014
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Cash Flow Statement
Half Yearly Results
Capital Structure
Chairman's Speech
Company History
Locations
Dividends
Splits
Competitors
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