Moldtek Continues to Perform With a Sturdy Growth For Second Quarter

1 Nov, 2021 15:25 IST|Sakshi Post

New Plant opened in North region for the first time initiating new opportunities 

Company doubles IML label production capacity in view of high demand for 100% recyclable products 

Hyderabad: “Mold-Tek Packaging Limited today announced their financial results for the quarter and six months ended September 30, 2021. “The Paint business continued to move ahead on its high growth trajectory with 19.43% volume growth in the quarter. There is steep inflation seen in raw material prices, since the beginning of this calendar year. However, Moldtek could pass on the price differential to our clients” said Laxman Rao, Managing Director & CEO of Mold-Tek Packaging Limited.

 Mold-Tek Packaging Limited Consolidated Results, Q2-FY’22: For the quarter ended September 30, 2021, Revenue from operations increased by 34% to ₹159.53 crores from ₹119 crores. EBDIT for the quarter increased by 24.11% to ₹32.26 crores from ₹25.99 crores.  Net Profit increased by 30.72% to ₹17.59 crores as compared to ₹ 13.46 crores in the previous corresponding period.  

Mold-Tek Packaging Limited Consolidated Results, H1-FY’22: For the six months ended September 30, 2021, Revenue from operations increased by 59.07% to ₹ 293.26 crores from ₹184.36 crores. EBDIT for the period increased by 63.90% to ₹57.65 crores from ₹35.18crores. Profit Before Tax on a consolidated basis increased by 95.73% to ₹39.52 crores as compared to ₹20.19 crores. Net Profit on a Standalone basis increased by 98.22% to ₹29.67 crores from ₹14.97 crores in the previous corresponding period.

Mold-Tek Packaging Limited Standalone Results, Q2-FY’22: For the quarter ended September 30, 2021, Revenue from operations increased by 34% to ₹159.53 crores from ₹119 crores. EBDIT for the quarter increased by 24% to ₹32.26 crores from ₹26.03 crores.  Net Profit increased by 30.32% to ₹17.59 crores as compared to ₹13.50 crores in the previous corresponding period. 

Mold-Tek Packaging Limited Standalone Results, H1-FY’22: For the six months ended September 30, 2021, Revenue from operations increased by 59.07% to ₹293.26 crores from ₹184.36 crores. EBDIT for the period increased by 63.49% to ₹57.65 crores from ₹35.27 crores. Profit Before Tax on a standalone basis increased by 94.81% to ₹39.52 crores as compared to ₹20.29 crores. Net Profit on a Standalone basis increased by 96.95% to ₹29.67 crores from ₹15.07 crores in the previous corresponding period

New Customers& developments:

Moldtek has progressed considerably in the last few years with its products, technological and engineering capabilities, keeping in mind the evolving needs of the packaging industry, along with environmental concerns. In spite of Covid, we continue to invest in new technologies and products to ensure that we are future-ready and have sustainable packaging solutions to our esteemed clients.

Moldek has recently bagged orders from new customers like Visakha Dairy, Swagruha Foods, Kumaran Sweets, The Bread Basket and The Cake World etc.

Commercial supply of Pumps:

The Company has successfully started commercial supplies of pumps for all leading Companies and Order booking is gradually improving. Company is also developing new pump with added features for a new client.

QR-coded IML:

The company has successfully developed QR coded IML - a futuristic packaging with complete traceability across the entire supply chain. This innovation is clutter breaking in connecting with end consumer and significantly enhances brand engagement. There is excitement and interest for this new concept from paint, lubricant and FMCG companies. Soon, we expect commercial trials by our customers.

 Additional Capacity:

In view of consistent demand and based on our customer projections, the company has gradually added capacities in the Satara, Mysore, Vizag & Hyderabad plants in the last few months.

Sustainability at the core:

Our IML containers are 100% recyclable thus becoming preferred packaging solutions for customers focusing on sustainability. We have doubled our IML label production capacity by adding an Italian flexo machine in the last year to cater to increasing demand. Company already started utilizing recycled raw material for Paint and Lubricant industries while not compromising on aesthetics with a vision towards offering our clients greener solutions.

New Plant at Unnao, Uttar Pradesh:

We are happy to inform you that Company has inaugurated its 11th Plant at Unnao, Kanpur, Uttar Pradesh on 17th October,2021 mainly to cater to the plastic packaging requirements of Kansai Nerolac Paints Limited. This gives Moldtek transport cost advantage thus opening up a host of opportunities through the FIRST plant in North region.

Pilot project is in leased premises at Unnao, measuring 17500 sft with an installed capacity of 1500 MT PA.  Company has acquired another 2.61 acres of land for setting up a new plant which is fully functional by end of 2023 with an investment of 25 to 30 Cr to cater to the requirements of Berger Paints, Edible Oil and FMCG clients.

The Company has entered into sale agreement for transfer of its holding in Mold-Tek Packaging FZE (Subsidiary Company) on 14.09.2021. Approval was received from Government of Ras AI Khaimah, UAE on 17.10.2021 for transfer of shares.  The Company has received the amount of sale consideration on 21.10.2021.  Accordingly, the Company has already adjusted the provision for loss on impairment of investment.

Fund raising: In anticipation of some short term growth expectations Company is also planning to raise funds to quickly implement such payment as and when they confirmed.  Hence Board of Directors Meeting is planned on 03.11.21 to discuss and take further actions in this regard.

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